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Carlsberg AS (OCSE:CARL A) Cyclically Adjusted PB Ratio : 2.65 (As of Jul. 14, 2025)


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What is Carlsberg AS Cyclically Adjusted PB Ratio?

As of today (2025-07-14), Carlsberg AS's current share price is kr960.00. Carlsberg AS's Cyclically Adjusted Book per Share for the fiscal year that ended in Dec24 was kr362.81. Carlsberg AS's Cyclically Adjusted PB Ratio for today is 2.65.

The historical rank and industry rank for Carlsberg AS's Cyclically Adjusted PB Ratio or its related term are showing as below:

OCSE:CARL A' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 1.06   Med: 1.97   Max: 3.17
Current: 2.95

During the past 13 years, Carlsberg AS's highest Cyclically Adjusted PB Ratio was 3.17. The lowest was 1.06. And the median was 1.97.

OCSE:CARL A's Cyclically Adjusted PB Ratio is ranked worse than
67.9% of 162 companies
in the Beverages - Alcoholic industry
Industry Median: 1.83 vs OCSE:CARL A: 2.95

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

Carlsberg AS's adjusted book value per share data of for the fiscal year that ended in Dec24 was kr210.261. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is kr362.81 for the trailing ten years ended in Dec24.

Shiller PE for Stocks: The True Measure of Stock Valuation


Carlsberg AS Cyclically Adjusted PB Ratio Historical Data

The historical data trend for Carlsberg AS's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Carlsberg AS Cyclically Adjusted PB Ratio Chart

Carlsberg AS Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.09 3.19 2.61 2.63 2.24

Carlsberg AS Semi-Annual Data
Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.61 - 2.63 - 2.24

Competitive Comparison of Carlsberg AS's Cyclically Adjusted PB Ratio

For the Beverages - Brewers subindustry, Carlsberg AS's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Carlsberg AS's Cyclically Adjusted PB Ratio Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Carlsberg AS's Cyclically Adjusted PB Ratio falls into.


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Carlsberg AS Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Carlsberg AS's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=960.00/362.81
=2.65

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Carlsberg AS's Cyclically Adjusted Book per Share for the fiscal year that ended in Dec24 is calculated as:

For example, Carlsberg AS's adjusted Book Value per Share data for the fiscal year that ended in Dec24 was:

Adj_Book=Book Value per Share/CPI of Dec24 (Change)*Current CPI (Dec24)
=210.261/118.9000*118.9000
=210.261

Current CPI (Dec24) = 118.9000.

Carlsberg AS Annual Data

Book Value per Share CPI Adj_Book
201512 285.077 99.800 339.636
201612 333.073 100.300 394.839
201712 307.960 101.300 361.465
201812 297.146 102.100 346.040
201912 293.576 102.900 339.224
202012 270.899 103.400 311.508
202112 320.645 106.600 357.643
202212 232.283 115.900 238.296
202312 173.241 116.700 176.507
202412 210.261 118.900 210.261

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.


Carlsberg AS  (OCSE:CARL A) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Carlsberg AS Cyclically Adjusted PB Ratio Related Terms

Thank you for viewing the detailed overview of Carlsberg AS's Cyclically Adjusted PB Ratio provided by GuruFocus.com. Please click on the following links to see related term pages.


Carlsberg AS Business Description

Address
J.C. Jacobsens Gade 1, Copenhagen, DNK, 1799
Carlsberg is the third-largest brewer in the world after Anheuser-Busch InBev and Heineken. It holds leading share in Scandinavia, western China, and several other markets in Asia. Its key brands include Carlsberg, 1664, Tuborg, Holsten, and Somersby. The company's 2024 beverage volume was split among Western Europe (34%), Eastern Europe and India (30%), and Asia (36%).

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