` Comparison: CARL B, 1NBA - Alpha Spread

CARL B
vs
1NBA

Over the past 12 months, CARL B has outperformed 1NBA, delivering a return of +21% compared to the 1NBA's +16% growth.

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CARL B
1NBA
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Valuation Comparison

CARL B Intrinsic Value
1 454.03 DKK
Undervaluation 42%
Intrinsic Value
Price
1NBA Intrinsic Value
70.46 EUR
Undervaluation 21%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Carlsberg A/S
CSE:CARL B
839.8 DKK
Anheuser Busch Inbev SA
XETRA:1NBA
55.98 EUR
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Valuation Scenario:
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Growth Comparison

Growth Over Time
CARL B, 1NBA

CARL B
1NBA
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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
Anheuser Busch Inbev 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, 1NBA

CARL B
1NBA
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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
Anheuser Busch Inbev SA
XETRA:1NBA
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What is Free Cash Flow?

Gross Margin

CARL B
45.7%
1NBA
55.9%

Operating Margin

CARL B
14.1%
1NBA
26.7%

Net Margin

CARL B
10.9%
1NBA
10.4%

FCF Margin

CARL B
6.4%
1NBA
19.9%

ROE

CARL B
37.2%
1NBA
7.7%

ROA

CARL B
6.6%
1NBA
2.9%

ROIC

CARL B
9.5%
1NBA
6.2%

ROCE

CARL B
13.6%
1NBA
8.7%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
CARL B, 1NBA

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CARL B
1NBA
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Performance Gap
CARL B, 1NBA

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CARL B
1NBA
Difference
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Performance By Year
CARL B, 1NBA

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CARL B
1NBA
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