` Comparison: CARL B, HEIO - Alpha Spread

CARL B
vs
HEIO

Over the past 12 months, CARL B has outperformed HEIO, delivering a return of +3% compared to the HEIO's 8% drop.

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CARL B
HEIO
One-click summary across all key metrics.
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One-click summary across all key metrics.
Ranked results with clear takeaways.
No spreadsheets, no guesswork.
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Valuation
Growth
Profitability
Solvency
Comparing Valuation
Running a multi-layered valuation analysis to compare how attractive each stock is.
Comparing Growth
Financial growth, forecasts, volatility, and historical drawdowns.
Comparing Profitability
Margins, returns on capital, and the consistency of profitability.
Comparing Solvency
Debt levels, liquidity, interest coverage, and bankruptcy risk.
Summarizing...
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Valuation Comparison

CARL B Intrinsic Value
1 365.58 DKK
Undervaluation 43%
Intrinsic Value
Price
HEIO Intrinsic Value
149.49 EUR
Undervaluation 59%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Carlsberg A/S
CSE:CARL B
777.2 DKK
Heineken Holding NV
AEX:HEIO
61.5 EUR
Valuation Scenario:
Bear Case
Base Case
Bull Case

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.

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
What is Free Cash Flow?

Gross Margin

CARL B
45.8%
HEIO
35.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

Operating Margin

CARL B
14.3%
HEIO
11.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

Net Margin

CARL B
12.2%
HEIO
3.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

FCF Margin

CARL B
8.4%
HEIO
9.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

ROE

CARL B
35.8%
HEIO
10.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

ROA

CARL B
8.1%
HEIO
1.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

ROIC

CARL B
11.3%
HEIO
5.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

ROCE

CARL B
16.3%
HEIO
8.8%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Heineken Holding NV

Solvency Comparison

Balance Sheet Comparison

Stocks Performance

Stocks Performance
CARL B, HEIO

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CARL B
HEIO
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Performance Gap
CARL B, HEIO

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CARL B
HEIO
Difference
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Performance By Year
CARL B, HEIO

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CARL B
HEIO
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