` 4H5 (Heineken Holding NV) vs CARL B (Carlsberg A/S) Comparison - Alpha Spread
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4H5
vs
CARL B

Over the past 12 months, 4H5 has outperformed CARL B, delivering a return of -5% compared to the CARL B's 6% drop.

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4H5
CARL B
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Stocks Compared:
4H5 CARL B
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Valuation Comparison

4H5 Intrinsic Value
123.91 EUR
Undervaluation 49%
Intrinsic Value
Price €63
CARL B Intrinsic Value
1 393.63 DKK
Undervaluation 39%
Intrinsic Value
Price kr843.2
Company Last Price Intrinsic Value DCF Value Multiples-Based Value Wall St Target
Heineken Holding NV
DUS:4H5
63 EUR
Carlsberg A/S
CSE:CARL B
843.2 DKK
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Valuation Scenario:
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Growth Comparison

Growth Over Time
4H5, CARL B

4H5
CARL B
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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
Heineken Holding NV
Revenue
Carlsberg A/S
Revenue

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

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Profitability Comparison

Free Cash Flow
4H5, CARL B

4H5
CARL B
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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
Heineken Holding NV
DUS:4H5
Carlsberg A/S
CSE:CARL B
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What is Free Cash Flow?

Gross Margin

4H5
66%
CARL B
45.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken Holding NV
Carlsberg A/S

Operating Margin

4H5
13.2%
CARL B
14.2%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken Holding NV
Carlsberg A/S

Net Margin

4H5
3.3%
CARL B
6.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken Holding NV
Carlsberg A/S

FCF Margin

4H5
9.1%
CARL B
7.7%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken Holding NV
Carlsberg A/S

ROE

4H5
10.5%
CARL B
21.4%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken Holding NV
Carlsberg A/S

ROA

4H5
1.8%
CARL B
4.5%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken Holding NV
Carlsberg A/S

ROIC

4H5
6.8%
CARL B
9.9%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken Holding NV
Carlsberg A/S

ROCE

4H5
9.7%
CARL B
14.6%
LTM 3Y Avg 5Y Avg 10Y Avg
Heineken Holding NV
Carlsberg A/S

Solvency Comparison

Heineken Holding NV
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Carlsberg A/S
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
4H5, CARL B

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Performance Gap
4H5, CARL B

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4H5
CARL B
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
4H5, CARL B

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4H5
CARL B
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