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Carlsberg Valuation Multiples

Discover revenue and EBITDA valuation multiples for Carlsberg and other public comps.

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Carlsberg Overview

About Carlsberg

Carlsberg is the fourth-largest brewer in the world following the combination of Anheuser-Busch InBev and SABMiller, with major operations in Europe and Asia. It holds leading share in Scandinavia, Switzerland, Portugal, Laos, Nepal, and parts of western China. Its key brands include Carlsberg, 1664, Tuborg, Holsten, and Somersby. The company's 2023 beverage volume, excluding Russia, was split among Northern and Western Europe (35%), Eastern Europe (26%), and Asia (39%).


Founded

1847

HQ

Denmark
Employees

32.6K+

Sectors

Alcohol

Financials

LTM Revenue n/a

LTM EBITDA n/a

EV

$18.9B

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Carlsberg Financials

Carlsberg has a last 12-month revenue of n/a and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Carlsberg achieved revenue of $10.5B and an EBITDA of $2.2B.

Carlsberg expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Carlsberg P&L

FY 2022 FY 2023 FY 2024 LTM NTM
Revenue $9.8B $10.3B $10.5B n/a XXX
Gross Profit $4.5B $4.6B $4.8B XXX XXX
Gross Margin 46% 45% 46% XXX XXX
EBITDA $2.1B $2.1B $2.2B n/a XXX
EBITDA Margin 21% 20% 21% NaN% XXX
Net Profit -$148M -$5.7B $1.3B XXX XXX
Net Margin -2% -55% 12% XXX XXX
Net Debt $2.6B $3.3B $3.4B XXX XXX

Financial data powered by Morningstar, Inc.

Carlsberg Stock Performance

As of February 10, 2025, Carlsberg's stock price is DKK 823 (or $115).

Carlsberg has current market cap of DKK 109B (or $15.2B), and EV of DKK 135B (or $18.9B).

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Carlsberg Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$18.9B $15.2B XXX XXX XXX XXX n/a

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Carlsberg Valuation Multiples

As of February 10, 2025, Carlsberg has market cap of $15.2B and EV of $18.9B.

Carlsberg's trades at n/a LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate Carlsberg's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Carlsberg Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $18.9B XXX XXX XXX
EV/Revenue n/a XXX XXX XXX
EV/EBITDA n/a XXX XXX XXX
P/E n/a XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF n/a XXX XXX XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Carlsberg Valuation Multiples

Carlsberg's NTM/LTM revenue growth is n/a

Carlsberg's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Carlsberg's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Carlsberg's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Carlsberg Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 2% XXX XXX XXX XXX
EBITDA Margin n/a XXX XXX XXX XXX
EBITDA Growth 5% XXX XXX XXX XXX
Rule of 40 (SaaS-only) n/a XXX XXX XXX XXX
Revenue per Employee $0.3M XXX XXX XXX XXX
Opex per Employee $0.1M XXX XXX XXX XXX
S&M Expenses to Revenue 26% XXX XXX XXX XXX
G&A Expenses to Revenue 6% XXX XXX XXX XXX
R&D Expenses to Revenue 0% XXX XXX XXX XXX
Opex to Revenue 32% XXX XXX XXX XXX

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Carlsberg Public Comps

See valuation multiples for Carlsberg public comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Heineken XXX XXX XXX XXX XXX XXX
Endeavour Group XXX XXX XXX XXX XXX XXX
Treasury Wine Estates XXX XXX XXX XXX XXX XXX
United Spirits XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Carlsberg M&A and Investment Activity

Carlsberg acquired  XXX companies to date.

Last acquisition by Carlsberg was  XXXXXXXX, XXXXX XXXXX XXXXXX . Carlsberg acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Carlsberg

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Carlsberg

When was Carlsberg founded? Carlsberg was founded in 1847.
Where is Carlsberg headquartered? Carlsberg is headquartered in Denmark.
How many employees does Carlsberg have? As of today, Carlsberg has 32.6K+ employees.
Who is the CEO of Carlsberg? Carlsberg's CEO is Mr. Jacob Aarup-Andersen.
Is Carlsberg publicy listed? Yes, Carlsberg is a public company listed on CSE.
What is the stock symbol of Carlsberg? Carlsberg trades under CARL B ticker.
When did Carlsberg go public? Carlsberg went public in 1993.
Who are competitors of Carlsberg? Similar companies to Carlsberg include e.g. Heineken, Endeavour Group, Treasury Wine Estates, United Spirits.
What is the current market cap of Carlsberg? Carlsberg's current market cap is $15.2B
What is the current revenue growth of Carlsberg? Carlsberg revenue growth between 2023 and 2024 was 2%.
Is Carlsberg profitable? Yes, Carlsberg is EBITDA-positive (as of the last 12 months).

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