Financials Carlsberg A/S Deutsche Boerse AG

Equities

CBGA

DK0010181676

Brewers

Market Closed - Deutsche Boerse AG Other stock markets 15:50:03 2024-07-16 EDT			5-day change	1st Jan Change
142.5 ^EUR	-1.38%		+3.64%	-7.77%

07-11	Putin decree puts assets of Austria's Silgan under temporary management	RE
07-10	Deutsche Bank raises its price target on Carlsberg	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	145,805	142,676	163,149	133,594	122,775	120,676	-	-
Enterprise Value (EV) ¹	164,584	163,939	182,311	152,920	145,126	146,347	149,203	148,485
P/E ratio	22.7 x	23.7 x	23.8 x	-121 x	-2.83 x	16 x	14.2 x	12.8 x
Yield	2.11%	2.26%	2.12%	2.92%	3.19%	3.16%	3.52%	3.83%
Capitalization / Revenue	2.21 x	2.44 x	2.45 x	1.9 x	1.67 x	1.57 x	1.5 x	1.44 x
EV / Revenue	2.5 x	2.8 x	2.74 x	2.18 x	1.97 x	1.9 x	1.86 x	1.77 x
EV / EBITDA	11 x	11.6 x	11.8 x	9.77 x	9.56 x	9.23 x	8.83 x	8.2 x
EV / FCF	17.5 x	32.4 x	20.5 x	15.5 x	29.8 x	20.1 x	15.3 x	15.1 x
FCF Yield	5.72%	3.08%	4.87%	6.46%	3.36%	4.99%	6.52%	6.64%
Price to Book	3.39 x	3.6 x	3.65 x	3.97 x	4.89 x	4.7 x	4.49 x	4.29 x
Nbr of stocks (in thousands)	147,996	145,102	141,892	137,341	134,114	132,079	-	-
Reference price ²	993.8	975.2	1,130	923.2	846.8	858.4	858.4	858.4
Announcement Date	20-02-04	21-02-05	22-02-04	23-02-07	24-02-07	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	65,902	58,541	66,634	70,265	73,585	76,911	80,413	84,012
EBITDA ¹	15,007	14,085	15,474	15,657	15,179	15,857	16,899	18,107
EBIT ¹	10,465	9,699	10,862	11,470	11,105	11,491	12,363	13,300
Operating Margin	15.88%	16.57%	16.3%	16.32%	15.09%	14.94%	15.37%	15.83%
Earnings before Tax (EBT) ¹	10,228	9,041	10,228	9,961	9,830	10,429	11,384	12,259
Net income ¹	6,569	6,030	6,846	-1,063	-40,788	7,207	7,935	8,642
Net margin	9.97%	10.3%	10.27%	-1.51%	-55.43%	9.37%	9.87%	10.29%
EPS ²	43.70	41.10	47.40	-7.600	-299.7	53.68	60.50	67.32
Free Cash Flow ¹	9,415	5,057	8,876	9,884	4,878	7,298	9,730	9,855
FCF margin	14.29%	8.64%	13.32%	14.07%	6.63%	9.49%	12.1%	11.73%
FCF Conversion (EBITDA)	62.74%	35.9%	57.36%	63.13%	32.14%	46.02%	57.58%	54.43%
FCF Conversion (Net income)	143.32%	83.86%	129.65%	-	-	101.27%	122.61%	114.03%
Dividend per Share ²	21.00	22.00	24.00	27.00	27.00	27.11	30.20	32.88
Announcement Date	20-02-04	21-02-05	22-02-04	23-02-07	24-02-07	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 S2	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	32,912	28,830	29,711	31,687	19,739	15,208	34,947	-	20,511	35,447	-	-	34,818	16,405	21,383	37,788	35,797	22,325	39,476	21,417	16,153	37,532	17,836	41,267	38,896
EBITDA	-	6,797	7,288	7,245	-	-	8,229	-	-	7,705	-	-	7,087	-	-	8,060	7,119	-	8,426	-	-	7,282	-	-	-
EBIT	5,294	4,615	5,084	5,111	-	-	5,751	-	-	6,442	-	-	5,028	-	-	6,272	4,833	-	6,414	-	-	5,262	-	6,586	6,194
Operating Margin	16.09%	16.01%	17.11%	16.13%	-	-	16.46%	-	-	18.17%	-	-	14.44%	-	-	16.6%	13.5%	-	16.25%	-	-	14.02%	-	15.96%	15.92%
Earnings before Tax (EBT)	5,375	4,404	4,637	4,674	-	-	5,554	-	-	5,069	-	-	-	-	-	5,771	-	-	5,801	-	-	4,647	-	6,307	5,676
Net income ¹	3,490	2,855	3,175	3,027	1,910	1,910	3,819	-2,638	-2,638	-5,276	2,106	-	-	-	-	3,495	-44,283	2,469	3,947	2,469	1,058	3,213	-	4,289	3,860
Net margin	10.6%	9.9%	10.69%	9.55%	9.67%	12.56%	10.93%	-	-12.86%	-14.88%	-	-	-	-	-	9.25%	-123.71%	11.06%	10%	11.53%	6.55%	8.56%	-	10.39%	9.92%
EPS ²	23.40	19.30	21.80	20.90	13.26	13.26	26.50	-	-	-37.40	15.11	-	-	-	-	25.50	-	18.66	28.62	18.58	8.068	24.95	-	31.50	28.30
Dividend per Share ²	-	-	-	-	-	24.00	24.00	-	-	-	-	27.00	-	-	-	-	-	6.800	28.13	6.800	6.800	-	7.418	31.47	-
Announcement Date	20-02-04	20-08-13	21-02-05	21-08-18	21-10-28	22-02-04	22-02-04	22-08-17	22-08-17	22-08-17	23-02-07	23-02-07	23-02-07	23-05-16	23-08-16	23-08-16	24-02-07	-	-	-	-	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	18,779	21,263	19,162	19,326	22,351	25,671	28,528	27,810
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.251 x	1.51 x	1.238 x	1.234 x	1.472 x	1.619 x	1.688 x	1.536 x
Free Cash Flow ¹	9,415	5,057	8,876	9,884	4,878	7,298	9,730	9,855
ROE (net income / shareholders' equity)	13.9%	15.4%	16.7%	25%	26.9%	29.9%	30.8%	31.7%
ROA (Net income/ Total Assets)	5.46%	4.99%	5.66%	-0.88%	6.54%	6.42%	6.91%	7.22%
Assets ¹	120,411	120,939	120,886	120,864	-623,965	112,247	114,879	119,652
Book Value Per Share ²	294.0	271.0	310.0	232.0	173.0	183.0	191.0	200.0
Cash Flow per Share ²	81.40	74.80	91.90	92.40	85.10	82.60	81.80	99.20
Capex ¹	4,588	4,396	4,221	4,018	4,243	5,031	5,373	5,495
Capex / Sales	6.96%	7.51%	6.33%	5.72%	5.77%	6.54%	6.68%	6.54%
Announcement Date	20-02-04	21-02-05	22-02-04	23-02-07	24-02-07	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Carlsberg A/S

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

858.4 DKK

Average target price

1,081 DKK

Spread / Average Target

+25.96%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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