Carlsberg AS Class B CARL B

Morningstar Rating
DKK 842.00 −9.80 (1.15%)
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Company Report

Carlsberg’s Diversification Efforts Should Support Growth

Carlsberg is the third-largest brewer globally, with strong positions in several markets including western China and Scandinavia. Through its strong market share, the firm has built up regional cost advantages, enabling superior procurement, manufacturing, and distribution efficiencies. Carlsberg’s scale benefits coupled with its entrenched relationships and route-to-market strategy should enable the firm to continue to earn excess economic profits over the next decade.

Price vs Fair Value

CARL B is trading at a LOCK|R%>&Pg? premium.
Price
DKK 842.00
Fair Value
HLW
Uncertainty
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1-Star Price
LOCK|CY.$C
5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Carlsberg operates in several markets with attractive volume growth prospects and a premiumization runway.

Bears

Beer is a competitive industry, particularly in developed markets, and returns may be squeezed by price competition across categories.

Trading Information

Previous Close Price
DKK 851.80
Day Range
DKK 842.00–857.60
52-Week Range
DKK 737.40–1,015.00
Bid/Ask
DKK 842.40 / DKK 843.40
Shares Outstanding
132.17M
Market Cap
DKK 111.29B
Volume/Avg
176,940 / 200,880

Key Statistics

Price/Earnings (Normalized)
14.06
Price/Sales
1.25
Dividend Yield (Trailing)
3.44%
Dividend Yield (Forward)
3.44%
Dividend Payment Schedule
Mar
Total Yield
6.73%

Company Profile

Carlsberg is the third-largest brewer in the world after Anheuser-Busch InBev and Heineken. It holds leading share in Scandinavia, western China, and several other markets in Asia. Its key brands include Carlsberg, 1664, Tuborg, Holsten, and Somersby. The company's 2025 beverage volume was split among Western Europe (42%), Eastern Europe and India (28%), and Asia (30%).
Sector
Consumer Defensive
Industry
Beverages - Brewers
Stock Style Box
Mid Core
Total Number of Employees
36,964

Competitors

Valuation

Metric
CARL B
00291
600600
Price/Earnings (Normalized)
14.0619.2415.58
Price/Book Value
2.691.482.18
Price/Sales
1.251.432.16
Price/Cash Flow
8.017.2913.59
Price/Earnings
CARL B
00291
600600

Financial Strength

Metric
CARL B
00291
600600
Quick Ratio
0.510.681.20
Current Ratio
0.660.971.51
Interest Coverage
4.0347.82390.78
Quick Ratio
CARL B
00291
600600

Profitability

Metric
CARL B
00291
600600
Return on Assets (Normalized)
5.21%7.04%7.81%
Return on Equity (Normalized)
25.97%14.52%13.59%
Return on Invested Capital (Normalized)
9.53%12.07%12.37%
Return on Assets
CARL B
00291
600600

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LOCK|s^Fm&<LOCK|k<K!—
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LOCK|wb$$@GlhLOCK|<%r$144B
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LOCK|NlP^&sLOCK|!xr$144B
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LOCK|<l@L%&$zLOCK|^z^$45B
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LOCK|r%D$?TBLOCK|?>$43B
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