` Comparison: CARL B, HEIO - Alpha Spread

CARL B
vs
HEIO

Over the past 12 months, CARL B has outperformed HEIO, delivering a return of +16% compared to the HEIO's +5% growth.

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CARL B
HEIO
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Stocks Compared:
CARL B HEIO
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Valuation Comparison

CARL B Intrinsic Value
1 453.43 DKK
Undervaluation 43%
Intrinsic Value
Price
HEIO Intrinsic Value
121.43 EUR
Undervaluation 49%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Carlsberg A/S
CSE:CARL B
834.4 DKK
Heineken Holding NV
AEX:HEIO
61.9 EUR
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Valuation Scenario:
Bear Case
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Growth Comparison

Growth Over Time
CARL B, HEIO

CARL B
HEIO
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Carlsberg A/S
Revenue
Heineken Holding NV
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
CARL B, HEIO

CARL B
HEIO
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Carlsberg A/S
CSE:CARL B
Heineken Holding NV
AEX:HEIO
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What is Free Cash Flow?

Gross Margin

CARL B
45.7%
HEIO
35.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

Operating Margin

CARL B
14.1%
HEIO
11.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

Net Margin

CARL B
10.9%
HEIO
3.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

FCF Margin

CARL B
6.4%
HEIO
9.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

ROE

CARL B
37.2%
HEIO
10.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

ROA

CARL B
6.6%
HEIO
1.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

ROIC

CARL B
9.5%
HEIO
5.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

ROCE

CARL B
13.6%
HEIO
8.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CARL B, HEIO

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CARL B
HEIO
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
CARL B, HEIO

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CARL B
HEIO
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
CARL B, HEIO

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CARL B
HEIO
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