10 Year Financial Data of Carlsberg AS (CABGY)

19.78 (1y: +24%)

Market Cap	15.13 B	P/E(ttm)	16.00
Enterprise Value	21.48 B	P/B	1.22

CABGY- OTCPK (USA)
Carlsberg AS

Currently 1/5

Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$19.78

1 Severe Warning Sign 2 Medium Warning Signs 1 Good Sign

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	-3.6	-1.9	5.7
EBITDA Growth (%)	0.2	4.8	12
Free Cash Flow Growth (%)	0	11.7	7.9
Book Value Growth (%)	9.3	0	2.7

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Dec11	Mar12	Jun12	Sep12	Dec12

Revenue per Share ($)	19.65	17.51	17.23	18.56	20.21	17.43	13.26	13.56	14.37	15.18	15.19	3.34	2.92	4.43	4.26	3.58
EBITDA per Share	3.31	2.87	2.78	2.87	3.09	2.60	2.76	3.22	3.07	3.11	3.43	0.63	0.35	1.33	1.04	0.71
Free Cashflow per Share	1.87	1.20	0.70	0.41	-0.34	0.41	2.34	1.73	1.01	1.08	1.09	0.41	-0.50	0.72	0.54	0.33
Earnings per Share ($)	0.54	0.23	0.50	0.85	1.04	0.77	0.82	1.21	1.16	1.27	1.27	0.21	-0.02	0.76	0.48	0.04
Dividends Per Share	--	--	--	--	--	--	--	0.08	0.11	0.12	0.12	--	0.12	--	--	--
Book Value per Share	10.16	7.84	8.83	8.58	9.01	17.67	14.33	15.73	16.19	16.64	16.54	16.10	16.76	16.91	16.94	16.54
Month End Stock Price	--	--	--	--	--	--	15.00	20.25	14.04	19.70	19.70	14.04	16.82	15.78	17.89	19.70
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Dec11	Mar12	Jun12	Sep12	Dec12

Return on Equity %	9.60	3.90	7.00	11.40	13.00	5.30	6.50	8.60	7.90	7.60	1.20	5.60	0.40	18.80	11.60	1.20
Return on Assets %	3.70	1.10	2.20	3.70	4.20	2.20	3.10	4.10	3.90	3.60	0.40	2.80	--	9.20	5.60	0.40
Return on Capital - Joel Greenblatt %	15.30	15.60	21.60	20.80	20.10	19.10	38.30	50.20	41.70	39.80	34.80	31.20	9.60	82.40	60.80	34.80
Debt to Equity	0.61	1.35	0.91	0.86	0.97	0.71	0.56	0.47	0.48	0.50	0.50	0.48	0.49	0.44	0.46	0.50

Gross Margin %	50.90	50.80	50.40	51.00	49.90	47.90	49.10	51.70	50.00	49.70	49.10	47.80	46.70	50.70	51.10	49.10
Operating Margin %	9.10	8.70	8.20	7.90	8.70	8.60	13.70	17.10	15.40	14.60	13.50	12.30	4.50	25.10	19.10	13.50
Net Margin %	5.00	1.70	3.60	5.30	5.80	5.30	7.00	9.90	9.00	8.30	1.20	6.70	0.30	18.00	11.40	1.20

Days Inventory	57.50	59.30	55.40	58.30	62.10	62.10	43.50	52.80	49.90	49.00	50.90	51.00	171	139	125	50.90
Inventory Turnover	6.40	6.20	6.60	6.30	5.90	5.90	8.40	6.90	7.30	7.50	0.30	0.30	0.10	0.10	0.10	0.30

Debt to Revenue	0.31	0.60	0.47	0.40	0.43	0.72	0.61	0.54	0.54	0.55	2.30	2.31	2.81	1.69	1.84	2.30
COGS to Revenue	0.49	0.49	0.50	0.49	0.50	0.52	0.51	0.48	0.50	0.50	0.51	0.52	0.53	0.49	0.49	0.51
Inventory to Revenue	0.08	0.08	0.08	0.08	0.09	0.09	0.06	0.07	0.07	0.07	0.29	0.29	1.00	0.76	0.67	0.29
Interest Exp. to Revenue %	-1.37	-3.00	-3.26	-2.09	-2.68	-5.77	-5.04	-3.59	-3.18	--	--	-3.30	-3.63	-2.10	--	--

Asset Turnover	0.74	0.63	0.61	0.70	0.73	0.42	0.44	0.42	0.43	0.44	0.10	0.10	0.08	0.13	0.12	0.10
Dividend Payout Ratio	--	--	--	--	--	--	--	0.33	0.49	0.55	--	--	69.34	--	--	--
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Dec11	Mar12	Jun12	Sep12	Dec12

Revenue	5,980	6,215	6,571	7,096	7,729	10,353	10,256	10,372	10,978	11,606	11,606	2,565	2,223	3,383	3,249	2,752
Cost of Goods Sold	2,934	3,060	3,261	3,480	3,873	5,397	5,215	5,006	5,490	5,843	5,843	1,340	1,185	1,669	1,588	1,401
Gross Profit	3,046	3,156	3,311	3,615	3,856	4,956	5,041	5,366	5,488	5,763	5,763	1,226	1,039	1,713	1,661	1,351

Selling, General, &Admin. Expense	2,571	2,711	2,814	2,977	3,049	3,718	3,430	3,661	3,866	4,116	4,116	941	941	1,142	1,051	982
Earnings Before DDA	1,008	1,018	1,061	1,097	1,180	1,542	2,138	2,459	2,348	2,381	2,630	487	268	1,018	797	548

Depreciation, Depletion and Amortization	462	475	520	540	506	651	732	689	653	689	689	170	169	169	175	176

Operating Income	546	542	541	557	674	891	1,406	1,770	1,695	1,691	1,941	317	99.14	849	621	372
Interest Income/Expense	-82.04	-186	-214	-148	-207	-597	-516	-372	-349	--	-152	-84.63	-80.66	-70.98	--	--
Net Income	297	108	237	375	448	554	720	1,029	983	968	1,020	172	7.60	610	369	33.16

Earnings per Share ($)	0.54	0.23	0.50	0.85	1.04	0.77	0.82	1.21	1.16	1.27	1.27	0.21	-0.02	0.76	0.48	0.04
Total Shares Outstanding	304	355	381	382	382	594	773	765	764	764	769	769	763	763	763	769
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Dec11	Mar12	Jun12	Sep12	Dec12

Cash and cash equivalents	892	304	387	430	388	493	472	472	543	995	995	543	591	780	1,025	995
Inventory	462	497	495	556	659	918	622	724	751	784	784	751	2,228	2,555	2,183	784
Other Current Assets	2,277	1,684	2,016	1,783	1,848	2,298	1,860	1,876	2,399	2,694	2,694	2,399	1,168	1,439	1,613	2,694
Total Current Assets	2,893	2,234	2,578	2,413	2,575	3,302	2,563	2,681	3,245	3,650	3,650	3,245	3,497	4,128	3,973	3,650

Property, Plant and Equipment	3,304	3,544	3,516	3,518	3,818	5,880	5,497	5,599	5,501	5,525	5,525	5,501	5,621	5,547	5,624	5,525
Intangible Assets	949	3,192	3,570	3,675	3,662	14,625	14,095	15,166	15,378	15,754	15,754	15,378	15,903	15,497	15,812	15,754
Other Long Term Assets	921	829	1,106	489	518	944	1,077	1,464	1,388	1,662	1,662	1,388	1,477	1,490	1,473	1,662
Total Assets	8,068	9,798	10,770	10,095	10,573	24,751	23,232	24,911	25,512	26,592	26,592	25,512	26,499	26,662	26,883	26,592

Current Portion of Long-Term Debt	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Other Current Liabilities	2,478	2,249	3,524	3,173	2,973	4,421	4,311	4,671	4,584	4,756	4,756	4,584	4,834	5,422	5,338	4,756
Total Current Liabilities	2,478	2,249	3,524	3,173	2,973	4,421	4,311	4,671	4,584	4,756	4,756	4,584	4,834	5,422	5,338	4,756

Long-Term Debt	1,880	3,749	3,068	2,805	3,348	7,466	6,231	5,628	5,935	6,340	6,340	5,935	6,253	5,731	5,978	6,340
Other Long-Term Liabilities	617	1,019	811	838	808	2,370	1,612	2,585	2,621	2,776	2,776	2,621	2,633	2,614	2,645	2,776
Total Liabilities	4,975	7,016	7,403	6,816	7,129	14,258	12,153	12,885	13,141	13,871	13,871	13,141	13,720	13,768	13,961	13,871

Retained Earnings	1,415	2,160	2,467	2,718	2,970	10,485	10,983	11,788	12,358	12,726	12,726	12,358	--	12,758	--	12,726
Total Equity	3,093	2,782	3,367	3,279	3,445	10,492	11,079	12,026	12,371	12,720	12,720	12,371	12,779	12,894	12,922	12,720
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Dec11	Mar12	Jun12	Sep12	Dec12

Depreciation, Depletion and Amortization	462	475	520	540	506	651	732	689	653	689	689	170	169	169	175	176
Cash Flow from Others	318	182	298	232	329	698	1,623	1,215	869	1,016	1,016	403	-362	592	417	369
Cash Flow from Operations	780	657	818	772	835	1,349	2,354	1,903	1,522	1,705	1,705	573	-194	761	592	545

Investment for Property, Plant & Equipement	-210	-232	-550	-615	-966	-1,107	-545	-583	-754	-876	-876	-257	-184	-215	-184	-293
Cash Flow from Acquisitions	-24.70	-734	-127	3.11	-30.92	-8,935	6.91	-435	-55.27	-147	-147	-91.19	-31.61	-12.95	6.74	-109
Cash Flow from Investing	-329	-396	-407	11.23	-851	-9,871	-532	-1,009	-843	-686	-686	-341	-220	105	-156	-416

Net Issuance of Stock	-2.07	581	-56.13	-68.57	-87.74	5,092	-93.26	-100	-140	-149	-149	0.86	-146	-126	--	122
Net Issuance of Debt	-85.15	812	-14.51	-620	134	3,653	-1,531	-682	-173	--	-47.32	-100	625	-673	--	--
Cash Flow for Dividends	-52.50	-52.50	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Other Financing	-126	-2,070	-273	-121	-77.89	-94.82	-102	-152	-324	-471	-423	8.29	-83.94	83.94	-373	-50.60
Cash Flow from Financing	-266	-730	-344	-810	-31.78	8,650	-1,726	-934	-637	-620	-620	-91.19	396	-715	-373	71.50

Net Change in Cash	185	-469	67.36	-26.77	-47.32	128	96.03	-39.72	41.28	399	399	141	-17.79	151	64.08	201

Free Cash Flow	570	425	267	157	-131	242	1,809	1,320	768	829	829	316	-378	545	408	253
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Dec11	Mar12	Jun12	Sep12	Dec12

PE Ratio(ttm)
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Dec11	Mar12	Jun12	Sep12	Dec12

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
Median PS (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score
Beneish M-Score

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