CARLSBERG AS-B (CBGB.DE) Fundamental Analysis & Valuation

FRA:CBGB • DK0010181759

Current stock price

115.45 EUR
+4.85 (+4.39%)
Last:

This CBGB.DE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

5

1. CBGB.DE Profitability Analysis

1.1 Basic Checks

  • In the past year CBGB was profitable.
  • CBGB had a positive operating cash flow in the past year.
  • In multiple years CBGB reported negative net income over the last 5 years.
  • CBGB had a positive operating cash flow in each of the past 5 years.
CBGB.DE Yearly Net Income VS EBIT VS OCF VS FCFCBGB.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B -10B -20B -30B -40B

1.2 Ratios

  • CBGB has a better Return On Assets (3.87%) than 62.96% of its industry peers.
  • Looking at the Return On Equity, with a value of 21.42%, CBGB belongs to the top of the industry, outperforming 88.89% of the companies in the same industry.
  • CBGB has a better Return On Invested Capital (9.47%) than 85.19% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for CBGB is above the industry average of 7.03%.
Industry RankSector Rank
ROA 3.87%
ROE 21.42%
ROIC 9.47%
ROA(3y)-8.19%
ROA(5y)-4.01%
ROE(3y)-40.44%
ROE(5y)-21.81%
ROIC(3y)11.57%
ROIC(5y)11.28%
CBGB.DE Yearly ROA, ROE, ROICCBGB.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -50 -100 -150

1.3 Margins

  • The Profit Margin of CBGB (6.68%) is comparable to the rest of the industry.
  • CBGB's Profit Margin has declined in the last couple of years.
  • CBGB has a Operating Margin (14.25%) which is comparable to the rest of the industry.
  • CBGB's Operating Margin has declined in the last couple of years.
  • CBGB has a Gross Margin (45.16%) which is in line with its industry peers.
  • CBGB's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 14.25%
PM (TTM) 6.68%
GM 45.16%
OM growth 3Y-1.76%
OM growth 5Y-2.35%
PM growth 3YN/A
PM growth 5Y-8.29%
GM growth 3Y-0.35%
GM growth 5Y-1.39%
CBGB.DE Yearly Profit, Operating, Gross MarginsCBGB.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40 -40

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1

2. CBGB.DE Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so CBGB is creating value.
  • Compared to 1 year ago, CBGB has about the same amount of shares outstanding.
  • The number of shares outstanding for CBGB has been reduced compared to 5 years ago.
  • The debt/assets ratio for CBGB is higher compared to a year ago.
CBGB.DE Yearly Shares OutstandingCBGB.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M
CBGB.DE Yearly Total Debt VS Total AssetsCBGB.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50B 100B 150B

2.2 Solvency

  • CBGB has an Altman-Z score of 1.50. This is a bad value and indicates that CBGB is not financially healthy and even has some risk of bankruptcy.
  • With a Altman-Z score value of 1.50, CBGB is not doing good in the industry: 81.48% of the companies in the same industry are doing better.
  • CBGB has a debt to FCF ratio of 10.33. This is a negative value and a sign of low solvency as CBGB would need 10.33 years to pay back of all of its debts.
  • CBGB has a Debt to FCF ratio of 10.33. This is in the lower half of the industry: CBGB underperforms 62.96% of its industry peers.
  • CBGB has a Debt/Equity ratio of 2.21. This is a high value indicating a heavy dependency on external financing.
  • The Debt to Equity ratio of CBGB (2.21) is worse than 92.59% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.21
Debt/FCF 10.33
Altman-Z 1.5
ROIC/WACC2.31
WACC4.1%
CBGB.DE Yearly LT Debt VS Equity VS FCFCBGB.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B

2.3 Liquidity

  • CBGB has a Current Ratio of 0.60. This is a bad value and indicates that CBGB is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Current ratio, with a value of 0.60, CBGB is doing worse than 96.30% of the companies in the same industry.
  • CBGB has a Quick Ratio of 0.60. This is a bad value and indicates that CBGB is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Quick ratio value of 0.46, CBGB is not doing good in the industry: 77.78% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.6
Quick Ratio 0.46
CBGB.DE Yearly Current Assets VS Current LiabilitesCBGB.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

1

3. CBGB.DE Growth Analysis

3.1 Past

  • CBGB shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -26.75%.
  • The Revenue has grown by 18.72% in the past year. This is quite good.
EPS 1Y (TTM)-26.75%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-56.28%
Revenue 1Y (TTM)18.72%
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-47.3%

3.2 Future

  • Based on estimates for the next years, CBGB will show a quite strong growth in Earnings Per Share. The EPS will grow by 8.50% on average per year.
  • Based on estimates for the next years, CBGB will show a decrease in Revenue. The Revenue will decrease by -1.86% on average per year.
EPS Next Y7.55%
EPS Next 2Y11.68%
EPS Next 3Y10.06%
EPS Next 5Y8.5%
Revenue Next Year-2.58%
Revenue Next 2Y-2.06%
Revenue Next 3Y-1.48%
Revenue Next 5Y-1.86%

3.3 Evolution

CBGB.DE Yearly Revenue VS EstimatesCBGB.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 20B 40B 60B 80B 100B
CBGB.DE Yearly EPS VS EstimatesCBGB.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 20 40 60 80 100

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1

4. CBGB.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 32.71, which means the current valuation is very expensive for CBGB.
  • 81.48% of the companies in the same industry are cheaper than CBGB, based on the Price/Earnings ratio.
  • CBGB is valuated rather expensively when we compare the Price/Earnings ratio to 26.91, which is the current average of the S&P500 Index.
  • CBGB is valuated quite expensively with a Price/Forward Earnings ratio of 26.20.
  • CBGB's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. CBGB is more expensive than 74.07% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 23.68, CBGB is valued at the same level.
Industry RankSector Rank
PE 32.71
Fwd PE 26.2
CBGB.DE Price Earnings VS Forward Price EarningsCBGB.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • CBGB's Enterprise Value to EBITDA ratio is in line with the industry average.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as CBGB.
Industry RankSector Rank
P/FCF 16.73
EV/EBITDA 9.68
CBGB.DE Per share dataCBGB.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 50 -50

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates CBGB does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)4.33
PEG (5Y)N/A
EPS Next 2Y11.68%
EPS Next 3Y10.06%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. CBGB.DE Dividend Analysis

5.1 Amount

  • CBGB has a Yearly Dividend Yield of 3.64%.
  • Compared to an average industry Dividend Yield of 2.89, CBGB pays a bit more dividend than its industry peers.
  • CBGB's Dividend Yield is rather good when compared to the S&P500 average which is at 1.89.
Industry RankSector Rank
Dividend Yield 3.64%

5.2 History

  • The dividend of CBGB has a limited annual growth rate of 5.08%.
Dividend Growth(5Y)5.08%
Div Incr Years0
Div Non Decr Years0
CBGB.DE Yearly Dividends per shareCBGB.DE Yearly Dividends per shareYearly Dividends per share 2026 5 10 15 20 25

5.3 Sustainability

  • CBGB pays out 60.00% of its income as dividend. This is not a sustainable payout ratio.
  • CBGB's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP60%
EPS Next 2Y11.68%
EPS Next 3Y10.06%
CBGB.DE Yearly Income VS Free CF VS DividendCBGB.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -10B -20B -30B -40B
CBGB.DE Dividend Payout.CBGB.DE Dividend Payout, showing the Payout Ratio.CBGB.DE Dividend Payout.PayoutRetained Earnings

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CBGB.DE Fundamentals: All Metrics, Ratios and Statistics

CARLSBERG AS-B

FRA:CBGB (4/8/2026, 7:00:00 PM)

115.45

+4.85 (+4.39%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)02-04
Earnings (Next)08-12
Inst Owners49.86%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap15.32B
Revenue(TTM)89.09B
Net Income(TTM)5.96B
Analysts78.67
Price Target136.24 (18.01%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.64%
Yearly Dividend3.62
Dividend Growth(5Y)5.08%
DP60%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-1.92%
Min Revenue beat(2)-2.26%
Max Revenue beat(2)-1.59%
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0.89%
EPS NQ rev (1m)0%
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)3.9%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.2%
Valuation
Industry RankSector Rank
PE 32.71
Fwd PE 26.2
P/S 1.28
P/FCF 16.73
P/OCF 9.21
P/B 4.12
P/tB N/A
EV/EBITDA 9.68
EPS(TTM)3.53
EY3.06%
EPS(NY)4.41
Fwd EY3.82%
FCF(TTM)6.9
FCFY5.98%
OCF(TTM)12.54
OCFY10.86%
SpS89.87
BVpS28.05
TBVpS-55.91
PEG (NY)4.33
PEG (5Y)N/A
Graham Number47.2
Profitability
Industry RankSector Rank
ROA 3.87%
ROE 21.42%
ROCE 12.04%
ROIC 9.47%
ROICexc 10.42%
ROICexgc 79.27%
OM 14.25%
PM (TTM) 6.68%
GM 45.16%
FCFM 7.68%
ROA(3y)-8.19%
ROA(5y)-4.01%
ROE(3y)-40.44%
ROE(5y)-21.81%
ROIC(3y)11.57%
ROIC(5y)11.28%
ROICexc(3y)14.12%
ROICexc(5y)13.35%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)14.72%
ROCE(5y)14.34%
ROICexgc growth 3Y-4.2%
ROICexgc growth 5Y11.72%
ROICexc growth 3Y-9.83%
ROICexc growth 5Y3.02%
OM growth 3Y-1.76%
OM growth 5Y-2.35%
PM growth 3YN/A
PM growth 5Y-8.29%
GM growth 3Y-0.35%
GM growth 5Y-1.39%
F-Score4
Asset Turnover0.58
Health
Industry RankSector Rank
Debt/Equity 2.21
Debt/FCF 10.33
Debt/EBITDA 3.39
Cap/Depr 103.02%
Cap/Sales 6.28%
Interest Coverage 7.59
Cash Conversion 68.59%
Profit Quality 114.85%
Current Ratio 0.6
Quick Ratio 0.46
Altman-Z 1.5
F-Score4
WACC4.1%
ROIC/WACC2.31
Cap/Depr(3y)107.42%
Cap/Depr(5y)102.07%
Cap/Sales(3y)6.25%
Cap/Sales(5y)6.19%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-26.75%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-56.28%
EPS Next Y7.55%
EPS Next 2Y11.68%
EPS Next 3Y10.06%
EPS Next 5Y8.5%
Revenue 1Y (TTM)18.72%
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-47.3%
Revenue Next Year-2.58%
Revenue Next 2Y-2.06%
Revenue Next 3Y-1.48%
Revenue Next 5Y-1.86%
EBIT growth 1Y18.18%
EBIT growth 3Y6.33%
EBIT growth 5Y6.21%
EBIT Next Year48.83%
EBIT Next 3Y18.29%
EBIT Next 5Y14.61%
FCF growth 1Y8.87%
FCF growth 3Y-8.51%
FCF growth 5Y0.92%
OCF growth 1Y9.89%
OCF growth 3Y-1.35%
OCF growth 5Y2.61%

CARLSBERG AS-B / CBGB.DE Fundamental Analysis FAQ

What is the fundamental rating for CBGB stock?

ChartMill assigns a fundamental rating of 3 / 10 to CBGB.DE.


What is the valuation status of CARLSBERG AS-B (CBGB.DE) stock?

ChartMill assigns a valuation rating of 1 / 10 to CARLSBERG AS-B (CBGB.DE). This can be considered as Overvalued.


How profitable is CARLSBERG AS-B (CBGB.DE) stock?

CARLSBERG AS-B (CBGB.DE) has a profitability rating of 5 / 10.


What is the expected EPS growth for CARLSBERG AS-B (CBGB.DE) stock?

The Earnings per Share (EPS) of CARLSBERG AS-B (CBGB.DE) is expected to grow by 7.55% in the next year.


How sustainable is the dividend of CARLSBERG AS-B (CBGB.DE) stock?

The dividend rating of CARLSBERG AS-B (CBGB.DE) is 6 / 10 and the dividend payout ratio is 60%.