Valuation of Carlsberg Group A/S

Abstract

This bachelor thesis aims to assess Carlsberg's equity as of December 31, 2023. We will conduct a thorough analysis of the company's financial standing, employing both qualitative strategic analysis and quantitative accounting calculations performed in Excel. Following this analysis, we will compare our estimated market value against the stock traded on the Danish Stock Exchange to determine if the stock is appropriately priced. Our valuation methods will include the Dividend (DDM) model, Discounted Cash Flow (DCF) model, Enterprise Value (EV), and Price-to-Book (P/B) model. We selected Carlsberg for examination due to the significant role of the brewing industry in the Danish economy, which is expected to grow in importance as other sectors decline.