Carlsberg has a reasonably strong namesake brand and a portfolio of superpremium brands that position it well for ongoing premiumisation. It has strong positions in a cluster of generally small markets, notably Scandinavia and western China, but is a second-tier player in other larger markets such as the UK, Germany and Vietnam.
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.
The shift to low and no-alcohol beer creates uncertainty around volume and the crossover of brand equity into these categories.
|
Metric
|
CARL B
|
HEIA
|
ABI
|
|---|---|---|---|
Price/Earnings (Normalized) | 16.73 | 19.39 | 19.16 |
Price/Book Value | 5.40 | 2.55 | 1.50 |
Price/Sales | 1.73 | 1.68 | 2.10 |
Price/Cash Flow | 10.92 | 11.10 | 8.41 |
|
Metric
|
CARL B
|
HEIA
|
ABI
|
|---|---|---|---|
Quick Ratio | 0.50 | 0.48 | 0.45 |
Current Ratio | 0.64 | 0.77 | 0.63 |
Interest Coverage | 9.20 | 4.61 | 2.83 |
|
Metric
|
CARL B
|
HEIA
|
ABI
|
|---|---|---|---|
Return on Assets (Normalized) | 6.40% | 4.80% | 2.85% |
Return on Equity (Normalized) | 26.70% | 13.38% | 7.94% |
Return on Invested Capital (Normalized) | 12.03% | 7.87% | 5.38% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
FMX
| Fomento Economico Mexicano SAB de CV ADR | Crqgvkpy | Dlshyzl | — | |
BUDFF
| Anheuser-Busch InBev SA/NV | DH | Jfh | $117.3 Bil | |
BUD
| Anheuser-Busch InBev SA/NV ADR | Wbqlgdfw | Bsxfw | $117.3 Bil | |
HINKF
| Heineken NV | — | Hvrqwyz | $54.4 Bil | |
HEINY
| Heineken NV ADR | Kmvwjgbzn | Ynhgg | $54.4 Bil | |
ABEV
| Ambev SA ADR | Fxvzbqbrvw | Vpb | $36.9 Bil | |
HKHHY
| Heineken Holding NV ADR | — | Krrd | $23.6 Bil | |
CABGY
| Carlsberg A/S ADR | Mfndfkfvb | Wpqrr | $18.8 Bil | |
TAP
| Molson Coors Beverage Co Shs -B- Non-Voting | Hxtdjxrd | Khmm | $13.7 Bil | |
SAM
| Boston Beer Co Inc Class A | Zcmfssjb | Qtqbd | $3.5 Bil |
