Carlsberg A/S (CARL-B.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+63.4%

DKK 1,628.49

vs DKK 996.80 price

Levered DCF

DKK 1,837.06

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.47

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.54×	13.34×	-2.82×	15.78×	23.73×	23.63×	22.76×	20.07×
P/B	3.97×	3.3×	4.95×	4.05×	3.7×	3.62×	3.44×	2.35×
P/S	1.24×	1.22×	1.56×	1.84×	2.44×	2.43×	2.27×	1.7×
EV / EBITDA	10.42×	7.48×	9.37×	10.73×	12.11×	12.03×	11.12×	9.32×
Gross margin	42.3%	45.8%	44.6%	45.6%	47.0%	48.4%	49.5%	49.9%
Operating margin	13.4%	15.2%	15.1%	16.0%	16.3%	16.6%	15.9%	14.9%
Net margin	6.7%	12.2%	-55.4%	11.6%	10.3%	10.3%	10.0%	8.5%
Current ratio	0.6×	0.57×	0.64×	0.7×	0.53×	0.67×	0.54×	0.52×
Debt / equity	2.54×	1.37×	1.68×	0.9×	0.66×	0.77×	0.58×	0.53×
Interest coverage	4.52×	7.88×	10.59×	16.22×	14.18×	11.29×	13.88×	11.65×
Dividend yield	3.2%	3.9%	3.2%	2.6%	2.0%	2.2%	1.8%	2.3%
Payout ratio	60.0%	39.5%	-9.1%	41.4%	46.6%	51.3%	41.7%	45.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.4%	32.8%	-175.6%	25.7%	15.6%	15.3%	15.1%	11.7%
Return on invested capital	8.0%	11.7%	12.3%	12.8%	9.5%	8.0%	8.1%	7.4%
Return on assets	3.9%	8.0%	-36.5%	7.1%	5.4%	5.1%	5.3%	4.5%
Free cash flow yield	6.8%	6.9%	6.4%	6.9%	5.6%	4.6%	5.1%	7.5%
Earnings yield	5.4%	10.0%	-35.5%	6.3%	4.2%	4.2%	4.4%	5.0%
Enterprise value	DKK 171.4B	DKK 118.1B	DKK 140.7B	DKK 149.6B	DKK 183.1B	DKK 164.6B	DKK 169.2B	DKK 124.9B
Net debt / EBITDA	3.71×	1.68×	1.71×	1.47×	1.36×	1.62×	1.3×	1.37×
Cash conversion cycle (days)	-97	-121	-121	-114	-113	-111	-96	-95