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Carlsberg A/S Class B CARL B

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DKK 943.20 −9.60 (1.01%)
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Company Report

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Carlsberg Earnings: Reported Revenue Growth in Line With Consensus; New Buyback of DKK 1 Billion

Diana Radu, Victoria Franco

No-moat Carlsberg reported revenue growth of 4.4%, broadly in line with our estimates and company-compiled consensus. Results were driven by volume growth and revenue per hectoliter growth, partially offset by negative currency effects. The outlook for 2024 remains unchanged, with organic operating profit growth expected to be between 1% and 5%. Management plans to increase the marketing investment for the full year by more than 10% to support its long-term growth initiatives while keeping the overall ratio of selling, general, and administrative expenses flat as a percentage of revenue. Due to the group's strong financial position, the company also announced a new quarterly buyback program amounting to DKK 1 billion, running from April 30 to Aug. 9. The share price remained broadly stable at the time of writing. We make no change to our DKK 970 fair value estimate.

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Price vs Fair Value

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CARL B is trading at a 2% discount.
Price
DKK 952.80
Fair Value
DKK 879.00
Uncertainty
Medium
1-Star Price
DKK 9,941.40
5-Star Price
DKK 875.00
Economic Moat
Lcpj
Capital Allocation
Bnnmrrznb

Bulls Say, Bears Say

Bulls

Although Carlsberg is underindexed in premium segments, it does have a presence with brands such as Tuborg, 1664 Blanc and Brooklyn, and the premiumization of the portfolio could be seen as a long-term opportunity.

Bears

The shift to low and no-alcohol beer creates uncertainty around volume and the crossover of brand equity into these categories.

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Trading Information

Previous Close Price
DKK 952.80
Day Range
DKK 934.40–953.80
52-Week Range
DKK 809.00–1,148.00
Bid/Ask
DKK 943.80 / DKK 944.60
Market Cap
DKK 125.25 Bil
Volume/Avg
320,560 / 204,359

Key Statistics

Price/Earnings (Normalized)
17.04
Price/Sales
1.77
Dividend Yield (Trailing)
2.83%
Dividend Yield (Forward)
2.83%
Total Yield
7.98%

Company Profile

Carlsberg is the fourth-largest brewer in the world following the combination of Anheuser-Busch InBev and SABMiller, with major operations in Europe and Asia. It holds leading share in Scandinavia, Switzerland, Portugal, Laos, Nepal, and parts of western China. Its key brands include Carlsberg, 1664, Tuborg, Holsten, and Somersby. The company's 2023 beverage volume, excluding Russia, was split among Northern and Western Europe (35%), Eastern Europe (26%), and Asia (39%).
Sector
Consumer Defensive
Industry
Beverages - Brewers
Stock Style Box
Large Core
Total Number of Employees
32,982
Website
https://www.carlsberggroup.com

Competitors

Valuation

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Metric
CARL B
600600
HEIA
Price/Earnings (Normalized)
 17.0429.0619.51
Price/Book Value
 5.503.852.56
Price/Sales
 1.773.351.69
Price/Cash Flow
 11.1229.2711.17
Price/Earnings
CARL B
600600
HEIA

Financial Strength

Metric
CARL B
600600
HEIA
Quick Ratio
 0.501.520.48
Current Ratio
 0.641.830.77
Interest Coverage
 9.20281.314.61
Quick Ratio
CARL B
600600
HEIA

Profitability

Metric
CARL B
600600
HEIA
Return on Assets (Normalized)
 6.40%7.71%4.80%
Return on Equity (Normalized)
 26.70%14.05%13.38%
Return on Invested Capital (Normalized)
 12.03%12.40%7.87%
Return on Assets
CARL B
600600
HEIA
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Carlsberg A/S ADRVtcltlmDcyz$19.2 Bil
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