` Comparison: CARL B, ABEV3 - Alpha Spread

CARL B
vs
ABEV3

Over the past 12 months, CARL B has outperformed ABEV3, delivering a return of +17% compared to the ABEV3's +16% growth.

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CARL B
ABEV3
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Stocks Compared:
CARL B ABEV3
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Valuation Comparison

CARL B Intrinsic Value
1 454.03 DKK
Undervaluation 42%
Intrinsic Value
Price
ABEV3 Intrinsic Value
13.15 BRL
Overvaluation 7%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Carlsberg A/S
CSE:CARL B
838.4 DKK
Ambev SA
BOVESPA:ABEV3
14.17 BRL
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Valuation Scenario:
Bear Case
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Growth Comparison

Growth Over Time
CARL B, ABEV3

CARL B
ABEV3
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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
Ambev SA
Revenue

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

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Profitability Comparison

Free Cash Flow
CARL B, ABEV3

CARL B
ABEV3
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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
Ambev SA
BOVESPA:ABEV3
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What is Free Cash Flow?

Gross Margin

CARL B
45.7%
ABEV3
51.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

Operating Margin

CARL B
14.1%
ABEV3
25.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

Net Margin

CARL B
10.9%
ABEV3
16.1%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

FCF Margin

CARL B
6.4%
ABEV3
23.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

ROE

CARL B
37.2%
ABEV3
15.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

ROA

CARL B
6.6%
ABEV3
10.3%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

ROIC

CARL B
9.5%
ABEV3
16.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

ROCE

CARL B
13.6%
ABEV3
21.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Carlsberg A/S
Ambev SA

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CARL B, ABEV3

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CARL B
ABEV3
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
CARL B, ABEV3

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CARL B
ABEV3
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
CARL B, ABEV3

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CARL B
ABEV3
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