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Carlsberg

DB:CBGA
Snowflake Description

Solid track record established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CBGA
DB
DKK148B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

Carlsberg A/S produces and sells beer and other beverage products in Western Europe, Eastern Europe, and Asia. The last earnings update was 59 days ago. More info.


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CBGA Share Price and Events
7 Day Returns
-1.2%
DB:CBGA
-0.5%
DE Beverage
2.8%
DE Market
1 Year Returns
34.8%
DB:CBGA
5.6%
DE Beverage
3%
DE Market
CBGA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Carlsberg (CBGA) -1.2% -0.4% 9.5% 34.8% 56.4% 83%
DE Beverage -0.5% 2.4% -0.7% 5.6% 30% 68%
DE Market 2.8% 0.2% 1.3% 3% 8% 23.6%
1 Year Return vs Industry and Market
  • CBGA outperformed the Beverage industry which returned 5.6% over the past year.
  • CBGA outperformed the Market in Germany which returned 3% over the past year.
Price Volatility
CBGA
Industry
5yr Volatility vs Market

Value

 Is Carlsberg undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Carlsberg to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Carlsberg.

DB:CBGA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 19 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:CBGA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.51
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.508 (1 + (1- 22%) (17.82%))
0.717
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:CBGA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Carlsberg is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:CBGA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (DKK, Millions) Source Present Value
Discounted (@ 5%)
2020 7,671.70 Analyst x15 7,306.66
2021 8,335.23 Analyst x13 7,560.87
2022 9,589.00 Analyst x1 8,284.29
2023 10,213.00 Analyst x1 8,403.54
2024 10,634.75 Est @ 4.13% 8,334.19
2025 10,949.44 Est @ 2.96% 8,172.51
2026 11,183.74 Est @ 2.14% 7,950.19
2027 11,358.90 Est @ 1.57% 7,690.49
2028 11,491.20 Est @ 1.16% 7,409.87
2029 11,592.76 Est @ 0.88% 7,119.66
Present value of next 10 years cash flows DKK78,232.00
DB:CBGA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= DKK11,592.76 × (1 + 0.23%) ÷ (5% – 0.23%)
DKK243,691.01
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= DKK243,691.01 ÷ (1 + 5%)10
DKK149,662.15
DB:CBGA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= DKK78,232.00 + DKK149,662.15
DKK227,894.15
Equity Value per Share
(DKK)
= Total value / Shares Outstanding
= DKK227,894.15 / 148.90
DKK1530.49
DB:CBGA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:CBGA represents 0.12713x of CPSE:CARL B
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.12713x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (DKK) x Listing Adjustment Factor
= DKK 1,530.49 x 0.12713
€194.57
Value per share (EUR) From above. €194.57
Current discount Discount to share price of €127.00
= -1 x (€127.00 - €194.57) / €194.57
34.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Carlsberg is available for.
Intrinsic value
35%
Share price is €127 vs Future cash flow value of €194.57
Current Discount Checks
For Carlsberg to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Carlsberg's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Carlsberg's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Carlsberg's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Carlsberg's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CBGA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in DKK DKK38.90
CPSE:CARL B Share Price ** CPSE (2019-10-11) in DKK DKK999
Germany Beverage Industry PE Ratio Median Figure of 7 Publicly-Listed Beverage Companies 27.57x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Carlsberg.

DB:CBGA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= CPSE:CARL B Share Price ÷ EPS (both in DKK)

= 999 ÷ 38.90

25.68x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carlsberg is good value based on earnings compared to the DE Beverage industry average.
  • Carlsberg is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Carlsberg's expected growth come at a high price?
Raw Data
DB:CBGA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 25.68x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts
7.1%per year
Europe Beverage Industry PEG Ratio Median Figure of 31 Publicly-Listed Beverage Companies 2.84x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.39x

*Line of best fit is calculated by linear regression .

DB:CBGA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 25.68x ÷ 7.1%

3.63x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carlsberg is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Carlsberg's assets?
Raw Data
DB:CBGA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in DKK DKK293.83
CPSE:CARL B Share Price * CPSE (2019-10-11) in DKK DKK999
Germany Beverage Industry PB Ratio Median Figure of 8 Publicly-Listed Beverage Companies 1.56x
Germany Market PB Ratio Median Figure of 598 Publicly-Listed Companies 1.74x
DB:CBGA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= CPSE:CARL B Share Price ÷ Book Value per Share (both in DKK)

= 999 ÷ 293.83

3.4x

* Primary Listing of Carlsberg.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carlsberg is overvalued based on assets compared to the DE Beverage industry average.
X
Value checks
We assess Carlsberg's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Beverage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Beverage industry average (and greater than 0)? (1 check)
  5. Carlsberg has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Carlsberg expected to perform in the next 1 to 3 years based on estimates from 19 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Carlsberg expected to grow at an attractive rate?
  • Carlsberg's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Carlsberg's earnings growth is positive but not above the Germany market average.
  • Carlsberg's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CBGA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CBGA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 19 Analysts 7.1%
DB:CBGA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 19 Analysts 4.1%
Germany Beverage Industry Earnings Growth Rate Market Cap Weighted Average -0.6%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:CBGA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below
All numbers in DKK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CBGA Future Estimates Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 78,107 14,871 8,448 4
2022-12-31 74,970 14,121 7,949 4
2021-12-31 70,645 13,163 6,994 18
2020-12-31 68,170 12,407 6,492 19
2019-12-31 65,871 11,990 6,129 19
2019-10-13
DB:CBGA Past Financials Data
Date (Data in DKK Millions) Revenue Cash Flow Net Income *
2019-06-30 64,527 11,276 5,917
2019-03-31 63,515 11,662 5,613
2018-12-31 62,503 12,047 5,309
2018-09-30 61,474 12,081 3,368
2018-06-30 60,445 12,115 1,426
2018-03-31 60,550 11,975 1,343
2017-12-31 60,655 11,834 1,259
2017-09-30 61,601 11,428 3,091
2017-06-30 62,547 11,022 4,923
2017-03-31 62,581 10,176 4,705
2016-12-31 62,614 9,329 4,486
2016-09-30 61,585 9,394 3,255

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Carlsberg's earnings are expected to grow by 7.1% yearly, however this is not considered high growth (20% yearly).
  • Carlsberg's revenue is expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:CBGA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below

All data from Carlsberg Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CBGA Future Estimates Data
Date (Data in DKK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 62.72 63.24 62.20 2.00
2022-12-31 57.34 57.88 56.80 2.00
2021-12-31 49.18 52.63 45.50 14.00
2020-12-31 44.41 47.10 42.00 16.00
2019-12-31 40.82 44.02 37.40 17.00
2019-10-13
DB:CBGA Past Financials Data
Date (Data in DKK Millions) EPS *
2019-06-30 38.90
2019-03-31 36.86
2018-12-31 34.83
2018-09-30 22.09
2018-06-30 9.36
2018-03-31 8.81
2017-12-31 8.26
2017-09-30 20.27
2017-06-30 32.27
2017-03-31 30.84
2016-12-31 29.41
2016-09-30 21.33

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Carlsberg is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Carlsberg's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Carlsberg has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Carlsberg performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Carlsberg's growth in the last year to its industry (Beverage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Carlsberg's year on year earnings growth rate has been positive over the past 5 years.
  • Carlsberg's 1-year earnings growth exceeds its 5-year average (314.9% vs 8.6%)
  • Carlsberg's earnings growth has exceeded the DE Beverage industry average in the past year (314.9% vs -2%).
Earnings and Revenue History
Carlsberg's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Carlsberg Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CBGA Past Revenue, Cash Flow and Net Income Data
Date (Data in DKK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 64,527.00 5,917.00 22,063.00
2019-03-31 63,515.00 5,613.00 22,114.50
2018-12-31 62,503.00 5,309.00 22,166.00
2018-09-30 61,474.00 3,367.50 21,935.50
2018-06-30 60,445.00 1,426.00 21,705.00
2018-03-31 60,550.00 1,342.50 21,755.00
2017-12-31 60,655.00 1,259.00 21,805.00
2017-09-30 61,601.00 3,091.00 22,404.00
2017-06-30 62,547.00 4,923.00 23,003.00
2017-03-31 62,580.50 4,704.50 23,411.00
2016-12-31 62,614.00 4,486.00 23,819.00
2016-09-30 61,584.50 3,254.50 23,676.00
2016-06-30 64,195.00 -2,554.00 24,001.00
2016-03-31 67,504.50 -1,902.50 24,663.50
2015-12-31 65,354.00 -2,926.00 24,212.00
2015-09-30 65,026.00 -2,836.00 24,038.00
2015-06-30 64,850.00 3,766.00 23,914.00
2015-03-31 65,081.00 4,391.00 23,603.00
2014-12-31 64,506.00 4,414.00 23,454.00
2014-09-30 65,347.00 5,373.00 23,486.00
2014-06-30 64,646.00 5,478.00 23,200.00
2014-03-31 64,542.00 5,342.00 22,977.00
2013-12-31 64,350.00 5,471.00 22,711.00
2013-09-30 64,951.00 4,536.00 22,853.00
2013-06-30 66,119.00 4,464.00 23,072.00
2013-03-31 66,397.00 5,745.00 23,124.00
2012-12-31 66,468.00 5,607.00 23,155.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Carlsberg has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Carlsberg used its assets more efficiently than the DE Beverage industry average last year based on Return on Assets.
  • Carlsberg has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Carlsberg's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Beverage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Carlsberg has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Carlsberg's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Carlsberg's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Carlsberg's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Carlsberg's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Carlsberg's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Carlsberg Company Filings, last reported 3 months ago.

DB:CBGA Past Debt and Equity Data
Date (Data in DKK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 46,683.00 24,579.00 6,125.00
2019-03-31 46,683.00 24,579.00 6,125.00
2018-12-31 47,889.00 23,983.00 5,589.00
2018-09-30 47,889.00 23,983.00 5,589.00
2018-06-30 48,466.00 24,087.00 5,722.00
2018-03-31 48,466.00 24,087.00 5,722.00
2017-12-31 49,525.00 24,189.00 3,462.00
2017-09-30 49,525.00 24,189.00 3,462.00
2017-06-30 51,098.00 28,704.00 5,719.00
2017-03-31 51,098.00 28,704.00 5,719.00
2016-12-31 53,650.00 30,204.00 3,502.00
2016-09-30 53,650.00 30,204.00 3,502.00
2016-06-30 48,826.00 33,322.00 3,642.00
2016-03-31 48,826.00 33,322.00 3,642.00
2015-12-31 47,231.00 36,028.00 3,131.00
2015-09-30 49,097.00 37,658.00 3,024.00
2015-06-30 60,633.00 40,889.00 2,826.00
2015-03-31 59,484.00 44,158.00 2,309.00
2014-12-31 55,997.00 40,525.00 2,418.00
2014-09-30 69,459.00 39,230.00 3,358.00
2014-06-30 70,001.00 41,096.00 3,406.00
2014-03-31 64,784.00 43,220.00 3,052.00
2013-12-31 71,001.00 39,656.00 3,612.00
2013-09-30 71,507.00 36,666.00 3,417.00
2013-06-30 71,123.00 39,011.00 3,279.00
2013-03-31 73,680.00 42,979.00 4,898.00
2012-12-31 73,650.00 40,058.00 5,760.00
  • Carlsberg's level of debt (52.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (58.3% vs 52.7% today).
  • Debt is well covered by operating cash flow (45.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 23.4x coverage).
X
Financial health checks
We assess Carlsberg's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Carlsberg has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Carlsberg's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.8%
Current annual income from Carlsberg dividends. Estimated to be 2.23% next year.
If you bought €2,000 of Carlsberg shares you are expected to receive €36 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Carlsberg's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Carlsberg's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:CBGA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 19 Analyst Estimates (S&P Global) See Below
Germany Beverage Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 1.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:CBGA Future Dividends Estimate Data
Date (Data in DKK) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 32.00 1.00
2022-12-31 29.00 2.00
2021-12-31 23.83 18.00
2020-12-31 21.81 19.00
2019-12-31 19.85 18.00
2019-10-13
DB:CBGA Past Annualized Dividends Data
Date (Data in DKK) Dividend per share (annual) Avg. Yield (%)
2019-03-13 18.000 1.979
2018-02-12 16.000 2.159
2018-02-07 16.000 2.266
2017-02-24 10.000 1.423
2017-02-08 10.000 1.627
2016-02-24 9.000 1.453
2016-02-10 9.000 1.508
2015-03-26 9.000 1.568
2014-02-27 8.000 1.501
2014-02-19 8.000 1.376
2013-02-18 6.000 1.068
2012-08-15 5.500 1.016
2012-02-28 5.500 1.178
2012-02-20 5.500 1.244
2011-03-24 5.000 1.128
2010-03-01 3.500 0.674
2010-02-23 3.500 0.839
2009-02-23 3.500 1.076
2009-02-18 3.500 1.731

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Carlsberg's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Carlsberg's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Carlsberg afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Carlsberg has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Carlsberg's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Cees ´t Hart
COMPENSATION DKK52,500,000
AGE 61
TENURE AS CEO 4.3 years
CEO Bio

Mr. Cees C. 't Hart has been the Chief Executive Officer and President of Carlsberg A/S since February 2015. Mr. 't Hart serves as Global Chief Executive Officer at Frieslandcampina Wamco Nigeria Plc. He served as the Chief Executive Officer at FrieslandCampina Cheese & Butter B.V. and has been its Member of Executive Board since January 1, 2009. He is responsible for Cooperative Affairs, Corporate Communication, Corporate Human Resources, Corporate Legal & Company Secretary, Corporate Public Affairs & Quality Affairs, Corporate Research and Corporate Strategy. He serves as Global Chief Executive Officer at Friesland Campina Wamco Nigeria Plc. He has been the Chief Executive Officer of Royal FrieslandCampina NV. since December 31, 2008. He is an Employee of Friesland Foods. From 2006 to 2008, he served as Senior Vice President of Marketing Operations Foods Europe & Member of the Executive Board Unilever Europe. Mr. 't Hart has a 25 year international career at Unilever across Eastern and Western Europe and Asia. Mr. 't Hart served as the Chief Executive Officer at Koninklijke FrieslandCampina NV from January 1, 2009 to June 1, 2015 and served as its President of the Board of Management since May 2008. From 1998 to 2002, he served as Chief Executive officer of Poland and Member of the Executive Board of Unilever Central and Eastern Europe. From 2002 to 2006, he served as Chief Executive officer of Lever Fabergé Italy and Member of the Executive Board of Home and Personal Care Europe (Unilever). He served as the Chairman of Global Dairy Platform from January 1, 2015 to April 16, 2015 and has been its Director since January 1, 2015. He serves as a Member of Executive Board at Carlsberg A/S. He has been Chairman of Supervisory Board at KLM Royal Dutch Airlines since 2019. He has been a Member of Supervisory Board at KLM Royal Dutch Airlines since April 23, 2014. He serves as a Member of Supervisory Board at Carlsberg Breweries A/S. He served as a Member of The Supervisory Board at Carlsberg Breweries A/S since June 25, 2015.

CEO Compensation
  • Cees's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Cees's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Carlsberg management team in years:

3.2
Average Tenure
53
Average Age
  • The tenure for the Carlsberg management team is about average.
Management Team

Cees ´t Hart

TITLE
CEO, President & Member of Executive Board
COMPENSATION
DKK53M
AGE
61
TENURE
4.3 yrs

Heine Dalsgaard

TITLE
CFO & Member of Executive Board
COMPENSATION
DKK28M
AGE
48
TENURE
3.8 yrs

Nancy Cruickshank

TITLE
Senior Vice President of Digital Business Transformation
AGE
49
TENURE
1.4 yrs

Peter Kondrup

TITLE
Vice President of Investor Relations
TENURE
10.8 yrs

Lars Lehmann

TITLE
Executive Vice President of Eastern Europe
AGE
53
TENURE
0.4 yrs

Jacek Pastuszka

TITLE
Executive Vice President of Eastern Europe
AGE
56
TENURE
4.8 yrs

Chris Warmoth

TITLE
Executive Vice President of Western Europe
AGE
60
TENURE
1.8 yrs

Graham Fewkes

TITLE
Executive Vice President of Asia
AGE
51
TENURE
4.8 yrs

Phil Hodges

TITLE
Executive Vice President of Supply Chain
AGE
53
TENURE
2.7 yrs

Jessica Alice Spence

TITLE
Executive Vice President of Group Commercial
AGE
44
TENURE
1.6 yrs
Board of Directors Tenure

Average tenure and age of the Carlsberg board of directors in years:

7.6
Average Tenure
63.5
Average Age
  • The tenure for the Carlsberg board of directors is about average.
Board of Directors

Flemming Besenbacher

TITLE
Chairman of Supervisory Board
AGE
67
TENURE
7.6 yrs

Lars Jørgensen

TITLE
Deputy Chair of Supervisory Board
AGE
53
TENURE
0.6 yrs

Richard George Burrows

TITLE
Non-Executive Independent Member of the Supervisory Board
AGE
73
TENURE
10.8 yrs

Eva Decker

TITLE
Employee Representative Member of Supervisory Board
AGE
55
TENURE
5.8 yrs

Hans Andersen

TITLE
Employee Representative Member of Supervisory Board
AGE
64
TENURE
21.8 yrs

Peter Petersen

TITLE
Employee Representative Member of Supervisory Board
AGE
50
TENURE
9.6 yrs

Lars Stemmerik

TITLE
Non-Executive Non-Independent Member of Supervisory Board
AGE
63
TENURE
9.8 yrs

Søren-Peter Olesen

TITLE
Non-Executive Non-Independent Member of Supervisory Board
AGE
64
TENURE
7.6 yrs

Finn Lok

TITLE
Employee Representative Member of Supervisory Board
AGE
61
TENURE
5.6 yrs

Carl Bache

TITLE
Non-Executive Non-Independent Member of Supervisory Board
AGE
66
TENURE
5.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Carlsberg's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Carlsberg has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Carlsberg A/S produces and sells beer and other beverage products in Western Europe, Eastern Europe, and Asia. The company provides craft and specialty, and non-alcoholic beers; and soft drinks. It offers its products primarily under the Carlsberg, Baltika, Tuborg, birell, Ringnes, and other local brand names. Carlsberg A/S also exports its products to approximately 100 countries worldwide. The company was founded in 1847 and is based in Copenhagen, Denmark.

Details
Name: Carlsberg A/S
CBGA
Exchange: DB
Founded: 1847
DKK19,749,371,039
148,902,627
Website: http://www.carlsberggroup.com
Address: Carlsberg A/S
100 Ny Carlsberg Vej,
Copenhagen V,
Copenhagen,
Capital Region of Denmark, 1799,
Denmark
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
CPSE CARL B Class B Shares OMX Nordic Exchange Copenhagen DK DKK 01. Jan 1992
OTCPK CABJ.F Class B Shares Pink Sheets LLC US USD 01. Jan 1992
DB CBGB Class B Shares Deutsche Boerse AG DE EUR 01. Jan 1992
LSE 0AI4 Class B Shares London Stock Exchange GB DKK 01. Jan 1992
SWX CARLB Class B Shares SIX Swiss Exchange CH CHF 01. Jan 1992
WBAG CARL Class B Shares Wiener Boerse AG AT EUR 01. Jan 1992
BATS-CHIXE CARLBC Class B Shares BATS 'Chi-X Europe' GB DKK 01. Jan 1992
OTCPK CABG.Y SPONSORED ADR Pink Sheets LLC US USD 23. Mar 2009
CPSE CARL A Class A Shares OMX Nordic Exchange Copenhagen DK DKK 02. Jan 1992
OTCPK CABH.F Class A Shares Pink Sheets LLC US USD 02. Jan 1992
DB CBGA Class A Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0AI3 Class A Shares London Stock Exchange GB DKK 02. Jan 1992
BATS-CHIXE CARLAC Class A Shares BATS 'Chi-X Europe' GB DKK 02. Jan 1992
Number of employees
Current staff
Staff numbers
40,000
Carlsberg employees.
Industry
Brewers
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 21:16
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/10
Last earnings filing: 2019/08/15
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.