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STOCK COMPARISON

Anheuser Busch Inbev SA vs Carlsberg A/S: Fair Value & Quality

Both stocks run through our valuation models. Here is how Anheuser Busch Inbev SA (ABI) and Carlsberg A/S (CARL-B) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Anheuser Busch Inbev SA as the less overvalued of the two: Anheuser Busch Inbev SA trades at €69.04 versus a fair value of €60.24 (-13%), while Carlsberg A/S trades at DKK 875 versus DKK 607 (-31%).
Anheuser Busch Inbev SA
ABI.BR · EUR · Consumer Staples
-13%
upside to fair value
overvalued
Price€69.04
Fair Value€60.24
Quality62/100
Carlsberg A/S
CARL-B.CO · DKK · Consumer Staples
-31%
upside to fair value
overvalued
PriceDKK 875
Fair ValueDKK 607
Quality55/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Anheuser Busch Inbev SACarlsberg A/S
Valuation
22.4×P/E (TTM)20.2×
2.62×P/S (TTM)1.35×
1.83×P/B4.32×
11.2×EV/EBITDA9.7×
1.87×PEG1.91×
−12.7%Fair value upside−30.6%
1.7%Dividend yield3.3%
—Dividend per shareDKK 29.00
Profitability
27%Operating margin13%
1.29×EBIT margin trend (5Y)0.81×
9%Return on equity23%
5%Return on assets6%
Growth
12%Revenue growth (YoY)18%
0.9%Avg. growth/yr (3Y)8.2%
4.8%Avg. growth/yr (5Y)8.8%
+9.7%Value creation/yr+4.0%
Balance & size
3.9×Interest coverage (EBIT/interest)4.5×
0.83×Debt / equity2.13×
$160BMarket cap$19B
mixedGrowth qualityhealthy

Carlsberg A/S leads: 7 to 9 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Anheuser Busch Inbev SAof which business quality 59 · market factors 71 Carlsberg A/Sof which business quality 51 · market factors 61
ProfitabilityMargins and returns on capital today
32
46
Quality GrowthAre margins and returns improving?
46
27
CashflowEarnings quality: real cash, not paper profit
85
59
Fin. StrengthBalance sheet, leverage, solvency risk
35
23
InvestmentDisciplined investing over empire-building
80
75
Low VolatilityCalm price path (market factor)
80
85
MomentumPrice trend over the last 3–12 months (market factor)
61
49
52W MomentumDistance to the 52-week high (market factor)
77
56
Net IssuanceBuybacks instead of dilution
96
92

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyAnheuser Busch Inbev SAPrice €69.04Carlsberg A/SPrice DKK 875
DCF Models-15%below the price€58.57-37%below the priceDKK 551
Earnings-Based-31%below the price€47.80-48%below the priceDKK 452
Dividend Discountn/a-54%below the priceDKK 400
Multiples+10%close to the price€75.97-2%close to the priceDKK 854
Asset-Based-50%below the price€34.20-84%below the priceDKK 141
Growth DCF-21%below the price€54.60-36%below the priceDKK 557
Economic Profit-33%below the price€46.53-50%below the priceDKK 436
Growth Earnings+2%close to the price€70.50-12%close to the priceDKK 767
Minimum-50%below the price€34.20-84%below the priceDKK 141
Maximum+10%close to the price€75.97-2%close to the priceDKK 854
Median-21%below the price€54.60-43%below the priceDKK 502
Geometric mean-22%below the price€53.79-47%below the priceDKK 466

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Anheuser Busch Inbev SA: 14 of 23 models see the stock below the current price.

Carlsberg A/S: 20 of 25 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Anheuser Busch Inbev SA
Bear €36.14Fair Value €60.24Bull €78.91
€69.04 = current price (white tick)
Carlsberg A/S
Bear DKK 306Fair Value DKK 607Bull DKK 1,096
DKK 875 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Anheuser Busch Inbev SA · Consumer Staples

Quality score62 · above median
Fair value upside-13% · below median

Carlsberg A/S · Consumer Staples

Quality score55 · below median
Fair value upside-31% · below median

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Anheuser Busch Inbev SA as the less overvalued of the two: Anheuser Busch Inbev SA trades at €69.04 versus a fair value of €60.24 (-13%), while Carlsberg A/S trades at DKK 875 versus DKK 607 (-31%).

Anheuser Busch Inbev SA has the higher quality score (62/100).

See the full analysis →
Anheuser Busch Inbev SA · Carlsberg A/S

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.