Market Closed -
London S.E.
08:25:00 03/07/2024 pm IST
|
5-day change
|
1st Jan Change
|
564
DKK
|
+0.45%
|
|
-0.70%
|
+24.17%
|
Fiscal Period: December |
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
---|
Capitalization
1 |
30,022
|
34,414
|
35,326
|
24,578
|
22,579
|
28,055
|
-
|
-
|
Enterprise Value (EV)
1 |
32,727
|
36,607
|
38,862
|
29,038
|
29,005
|
34,104
|
33,918
|
33,810
|
P/E ratio
|
26.5
x
|
29.3
x
|
27.8
x
|
21.4
x
|
20.6
x
|
21.3
x
|
18.9
x
|
17.2
x
|
Yield
|
2%
|
1.91%
|
1.97%
|
2.93%
|
-
|
3.18%
|
2.82%
|
3.07%
|
Capitalization / Revenue
|
3.9
x
|
4.55
x
|
4.04
x
|
2.14
x
|
1.75
x
|
1.84
x
|
1.76
x
|
1.7
x
|
EV / Revenue
|
4.25
x
|
4.84
x
|
4.44
x
|
2.53
x
|
2.24
x
|
2.24
x
|
2.12
x
|
2.05
x
|
EV / EBITDA
|
18
x
|
19.7
x
|
19.2
x
|
14.5
x
|
13.1
x
|
12.7
x
|
11.8
x
|
11.1
x
|
EV / FCF
|
28.2
x
|
25.1
x
|
29.3
x
|
44
x
|
24.7
x
|
28.5
x
|
23.3
x
|
20.9
x
|
FCF Yield
|
3.54%
|
3.98%
|
3.41%
|
2.27%
|
4.05%
|
3.51%
|
4.3%
|
4.78%
|
Price to Book
|
9.87
x
|
10.6
x
|
10.8
x
|
4.82
x
|
3.94
x
|
4.26
x
|
3.95
x
|
3.68
x
|
Nbr of stocks (in thousands)
|
49,216
|
48,704
|
47,919
|
49,623
|
50,053
|
50,053
|
-
|
-
|
Reference price
2 |
610.0
|
706.6
|
737.2
|
495.3
|
451.1
|
560.5
|
560.5
|
560.5
|
Announcement Date
|
10/03/20
|
03/03/21
|
01/03/22
|
01/03/23
|
28/02/24
|
-
|
-
|
-
|
Fiscal Period: December |
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
---|
Net sales
1 |
7,692
|
7,557
|
8,746
|
11,487
|
12,927
|
15,258
|
15,973
|
16,478
|
EBITDA
1 |
1,814
|
1,861
|
2,020
|
1,997
|
2,208
|
2,675
|
2,879
|
3,060
|
EBIT
1 |
1,469
|
1,515
|
1,652
|
1,516
|
1,638
|
1,998
|
2,170
|
2,326
|
Operating Margin
|
19.1%
|
20.05%
|
18.89%
|
13.2%
|
12.67%
|
13.1%
|
13.59%
|
14.12%
|
Earnings before Tax (EBT)
1 |
1,458
|
1,505
|
1,647
|
1,785
|
1,406
|
1,655
|
1,869
|
2,040
|
Net income
1 |
1,140
|
1,198
|
1,298
|
1,492
|
1,095
|
1,316
|
1,478
|
1,617
|
Net margin
|
14.82%
|
15.85%
|
14.84%
|
12.99%
|
8.47%
|
8.63%
|
9.26%
|
9.82%
|
EPS
2 |
23.00
|
24.10
|
26.50
|
23.10
|
21.90
|
26.35
|
29.62
|
32.65
|
Free Cash Flow
1 |
1,159
|
1,458
|
1,327
|
660
|
1,175
|
1,197
|
1,458
|
1,615
|
FCF margin
|
15.06%
|
19.29%
|
15.17%
|
5.75%
|
9.09%
|
7.85%
|
9.13%
|
9.8%
|
FCF Conversion (EBITDA)
|
63.87%
|
78.34%
|
65.69%
|
33.05%
|
53.22%
|
44.75%
|
50.64%
|
52.78%
|
FCF Conversion (Net income)
|
101.63%
|
121.7%
|
102.23%
|
44.24%
|
107.31%
|
90.94%
|
98.63%
|
99.84%
|
Dividend per Share
2 |
12.20
|
13.50
|
14.50
|
14.50
|
-
|
17.84
|
15.80
|
17.20
|
Announcement Date
|
10/03/20
|
03/03/21
|
01/03/22
|
01/03/23
|
28/02/24
|
-
|
-
|
-
|
Fiscal Period: December |
2019 S2
|
2020 S1
|
2020 S2
|
2021 S1
|
2021 Q4
|
2021 S2
|
2022 Q1
|
2022 Q2
|
2022 Q3
|
2022 Q4
|
2023 Q1
|
2023 Q2
|
2023 S1
|
2023 Q3
|
2023 Q4
|
2023 S2
|
2024 Q1
|
2024 Q2
|
2024 S1
|
2024 Q3
|
2024 Q4
|
2024 S2
|
2025 Q1
|
---|
Net sales
1 |
3,901
|
3,566
|
3,991
|
3,905
|
2,407
|
4,841
|
2,162
|
3,211
|
3,296
|
2,818
|
2,552
|
3,595
|
6,147
|
3,336
|
3,444
|
-
|
3,199
|
4,352
|
7,592
|
4,120
|
3,645
|
7,889
|
3,447
|
EBITDA
1 |
-
|
-
|
-
|
-
|
397
|
-
|
317
|
623
|
612
|
445
|
302
|
674
|
-
|
651
|
581
|
-
|
376
|
836.3
|
-
|
750.2
|
558.9
|
-
|
222.6
|
EBIT
1 |
759
|
663
|
852
|
750
|
306
|
902
|
209
|
511
|
490
|
307
|
174
|
536
|
710
|
507
|
421
|
928
|
210
|
708.9
|
875.2
|
628.3
|
445.4
|
1,052
|
222.6
|
Operating Margin
|
19.46%
|
18.59%
|
21.35%
|
19.21%
|
12.71%
|
18.63%
|
9.67%
|
15.91%
|
14.87%
|
10.89%
|
6.82%
|
14.91%
|
11.55%
|
15.2%
|
12.22%
|
-
|
6.56%
|
16.29%
|
11.53%
|
15.25%
|
12.22%
|
13.33%
|
6.46%
|
Earnings before Tax (EBT)
1 |
758
|
648
|
857
|
749
|
298
|
898
|
195
|
851
|
474
|
265
|
123
|
480
|
603
|
461
|
342
|
-
|
126
|
588.5
|
705
|
516
|
381.3
|
892
|
132.3
|
Net income
1 |
599
|
505
|
693
|
594
|
230
|
704
|
155
|
772
|
381
|
184
|
98
|
388
|
486
|
363
|
246
|
609
|
100
|
490.1
|
557
|
451
|
269.2
|
704
|
102.5
|
Net margin
|
15.36%
|
14.16%
|
17.36%
|
15.21%
|
9.56%
|
14.54%
|
7.17%
|
24.04%
|
11.56%
|
6.53%
|
3.84%
|
10.79%
|
7.91%
|
10.88%
|
7.14%
|
-
|
3.13%
|
11.26%
|
7.34%
|
10.95%
|
7.39%
|
8.92%
|
2.97%
|
EPS
2 |
12.10
|
10.10
|
14.00
|
12.30
|
4.440
|
14.20
|
3.200
|
15.60
|
7.700
|
-
|
2.000
|
7.800
|
9.800
|
7.300
|
4.800
|
12.10
|
2.000
|
9.804
|
11.20
|
9.021
|
5.396
|
14.20
|
2.042
|
Dividend per Share
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Announcement Date
|
10/03/20
|
18/08/20
|
03/03/21
|
23/08/21
|
01/03/22
|
01/03/22
|
28/04/22
|
17/08/22
|
18/10/22
|
01/03/23
|
27/04/23
|
22/08/23
|
22/08/23
|
08/11/23
|
28/02/24
|
28/02/24
|
18/04/24
|
-
|
-
|
-
|
-
|
-
|
-
|
Fiscal Period: December |
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
---|
Net Debt
1 |
2,705
|
2,193
|
3,536
|
4,460
|
6,426
|
6,049
|
5,863
|
5,755
|
Net Cash position
1 |
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Leverage (Debt/EBITDA)
|
1.491
x
|
1.178
x
|
1.75
x
|
2.233
x
|
2.91
x
|
2.261
x
|
2.037
x
|
1.881
x
|
Free Cash Flow
1 |
1,159
|
1,458
|
1,327
|
660
|
1,175
|
1,197
|
1,458
|
1,615
|
ROE (net income / shareholders' equity)
|
38%
|
37%
|
40%
|
35%
|
20%
|
21.4%
|
21.8%
|
22.6%
|
ROA (Net income/ Total Assets)
|
13.8%
|
14.3%
|
13.5%
|
11.8%
|
6.79%
|
7.05%
|
7.33%
|
7.71%
|
Assets
1 |
8,263
|
8,399
|
9,610
|
12,694
|
16,126
|
18,673
|
20,156
|
20,972
|
Book Value Per Share
2 |
61.80
|
67.00
|
68.20
|
103.0
|
115.0
|
132.0
|
142.0
|
152.0
|
Cash Flow per Share
2 |
28.20
|
35.40
|
35.90
|
22.60
|
35.70
|
41.30
|
43.70
|
46.40
|
Capex
1 |
344
|
280
|
426
|
475
|
602
|
959
|
891
|
907
|
Capex / Sales
|
4.47%
|
3.71%
|
4.87%
|
4.14%
|
4.66%
|
6.28%
|
5.58%
|
5.5%
|
Announcement Date
|
10/03/20
|
03/03/21
|
01/03/22
|
01/03/23
|
28/02/24
|
-
|
-
|
-
|
Last Close Price
560.5
DKK Average target price
559.5
DKK Spread / Average Target -0.18% Consensus |
1st Jan change
|
Capi.
|
---|
| -4.72% | 119B | | -2.15% | 54.46B | | +3.57% | 47.22B | | -17.12% | 31.77B | | -3.66% | 22.46B | | +6.26% | 17.54B | | +0.14% | 16.96B | | -35.09% | 15.89B | | -5.82% | 11.13B |
Other Brewers
|