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Carlsberg ASLTS:0AI3 81 Graham Number is krN/A as of Dec. 2025. GuruFocus rates LTS:0AI3 with a GF Score™ of 81/100 and a GF Value™ of kr1,325.87 (Modestly Undervalued). The stock has 9 warning signs investors should review. Among 135 Beverages - Alcoholic companies, Carlsberg AS ranks worse than 740740% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-07-18), the stock price of Carlsberg AS is kr1115.00. Carlsberg AS's graham number for the quarter that ended in Dec. 2025 was krN/A. Therefore, Carlsberg AS's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Carlsberg AS's Graham Number or its related term are showing as below:
LTS:0AI3's Price-to-Graham-Number is not ranked *
in the Beverages - Alcoholic industry.
Industry Median: 1.42 * Ranked among companies with meaningful Price-to-Graham-Number only.
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Carlsberg AS (LTS:0AI3) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Carlsberg AS's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
1115.00
/
N/A
=
N/A
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Carlsberg AS Graham Number Related Terms
Carlsberg AS Graham Number Historical Data
* Premium members only.
The historical data trend for Carlsberg AS's Graham Number 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.
LTS:0AI3 vs BUD, STZ, TAP: Graham Number Comparison
For the Beverages - Brewers subindustry, Carlsberg AS's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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 Price-to-Graham-Number vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Carlsberg AS's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Carlsberg AS's Price-to-Graham-Number falls into.
* 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 (LTS:0AI3) has a Graham Number of krN/A as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Carlsberg AS and its competitors. According to the industry distribution chart, Carlsberg AS ranks #999999 out of 135 companies in the Beverages - Alcoholic industry.
Is Carlsberg AS's Graham Number too high?
Carlsberg AS's current Graham Number is krN/A. Based on the distribution chart, Carlsberg AS ranks #999999 out of 135 companies in the Beverages - Alcoholic industry, which is in the bottom quartile relative to peers. Overall, Carlsberg AS has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carlsberg AS's Graham Number compare to BUD and STZ?
According to the Beverages - Alcoholic industry distribution chart, Carlsberg AS ranks #999999 out of 135 companies for Graham Number. This places Carlsberg AS in the lower half of its industry. The industry median Graham Number is 1.42. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Beverages - Alcoholic company?
The median Graham Number among Beverages - Alcoholic companies is 1.42, based on 135 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Carlsberg AS and its competitors. For the Beverages - Alcoholic industry, the median Graham Number is 1.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carlsberg AS's current Graham Number is krN/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carlsberg AS stock overvalued right now?
Based on GuruFocus' analysis, Carlsberg AS (LTS:0AI3) is currently considered Modestly Undervalued. The stock's GF Value™ is kr1,325.87, compared to a current price of kr1,115.00 — trading 15.9% below its estimated fair value. The current Graham Number is krN/A. Carlsberg AS's overall GF Score™ is 81/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Carlsberg AS (LTS:0AI3), the current Graham Number is krN/A as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Carlsberg AS (LTS:0AI3) Overvalued in 2026?
Based on GuruFocus' analysis, Carlsberg AS stock appears to be undervalued.
The current stock price of kr1,115.00 is trading 15.9% below its estimated GF Value™ of kr1,325.87.
GuruFocus considers Carlsberg AS to be Modestly Undervalued.
Key valuation signals for LTS:0AI3:
Graham Number: krN/A
GF Value™: kr1,325.87 vs. price of kr1,115.00 (15.9% below fair value)
No single metric tells the full story. See the LTS:0AI3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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 2025 beverage volume was split among Western Europe (42%), Eastern Europe and India (28%), and Asia (30%).
81GF Score
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