Carlsberg Brewery Malaysia Bhd (2836) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Carlsberg Brewery Malaysia Bhd MYR 16.59, price MYR 12.30, upside +34.9%, quality 73 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range 12.30 MYR – 20.55 MYR · fair‑value band 11.40 MYR – 22.69 MYR · the 12.30 MYR price screens below the 16.59 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Carlsberg Brewery Malaysia Berhad, together with its subsidiaries, engages in the production, distribution, and sale of beer, stout, cider, shandy, liquor, and non-alcoholic beverages in Malaysia, Singapore, and internationally.
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Carlsberg Brewery Malaysia Berhad, together with its subsidiaries, engages in the production, distribution, and sale of beer, stout, cider, shandy, liquor, and non-alcoholic beverages in Malaysia, Singapore, and internationally. The company offers its products under the 1664, Somersby Cider, Somersby Shandy, Connor's Stout Porter, Sapporo, Tuborg Strong, Brooklyn, Jing-A, Birrificio Angelo Poretti, Royal Stout, SKOL, and WuSu, as well as Carlsberg 0.0 Wheat, Carlsberg Special Brew, Carlsberg Smooth Draught, Carlsberg Danish Pilsner brands. The company was incorporated in 1969 and is based in Shah Alam, Malaysia. Carlsberg Brewery Malaysia Berhad operates as a subsidiary of Carlsberg Breweries A/S.
Stock analysis
Carlsberg Brewery Malaysia Bhd (2836) currently trades at 12.30 MYR, while our model-based Fair Value estimate is 16.59 MYR, implying the stock looks roughly 25.9% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 19.88 MYR per share, and 12 of the 24 models we run sit above the 12.30 MYR price.
Bear case: the Economic Profit group reads lowest at 4.29 MYR, and 12 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 11.40 MYR (bear) to 22.69 MYR (bull), the price of 12.30 MYR sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Consumer Defensive sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Carlsberg Brewery Malaysia Bhd reported revenue of 2.3B MYR in FY2025 versus 1.8B MYR in FY2021, a compound +6.3%/yr. Reported net income was 376M MYR in FY2025, compounding +16.9%/yr from FY2021.
Key figures
Market cap 4.9B MYR (≈ $1.2B) · P/E ratio 9.9 · P/S ratio 1.65 · EPS (TTM) 1.24 MYR · Dividend yield 9.0% · Net margin 16.6% · Return on equity 95.6% · Return on assets (EBIT) 37.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 0% fair-value upside, at 35%, 2836 screens cheaper than that median.
Fair Value models
Bear 11.40 MYRFair Value 16.59 MYRBull 22.69 MYR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0951 MYR per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−4.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
Start year 2020 (pandemic). Over 10 years: +3.1% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.8%
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What shareholders gained per year (last 5 years), in MYR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in MYR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+22.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.3%
Dividend (yield on the price)9.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.13% vs 6%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 20%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about −1.2% a year for the price and +1.6% for the forecasts.
Compare Carlsberg Brewery Malaysia Bhd with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Beverages - Brewers · 58 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside+32% · Above median
Profitability
Return on equity (TTM)96% · Top 25%
Return on assets25% · Top 25%
Net margin (TTM)17% · Top 25%
Operating margin (TTM)17% · Top 25%
Growth and dividend
Revenue growth7% · Above median
Dividend yield (TTM)9.0% · Top 25%
Valuation Multiplesvs Beverages - Brewers median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Carlsberg Brewery Malaysia Bhd Fair Value". https://www.fairvalue-calculator.com/stock/2836
Frequently asked questions
Is Carlsberg Brewery Malaysia Bhd (2836) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 16.59 MYR versus a price of 12.30 MYR, about +35% upside (undervalued).
What is the fair value of 2836?
Our model-based fair value for Carlsberg Brewery Malaysia Bhd is 16.59 MYR (as of Sep 23, 2026), built from audited fundamentals. The current price: 12.30 MYR.
What is the quality score of 2836?
Carlsberg Brewery Malaysia Bhd has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Carlsberg Brewery Malaysia Bhd (2836)?
Our model-based price target is the fair value of 16.59 MYR (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 11.40 MYR, optimistic scenario 22.69 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Carlsberg Brewery Malaysia Bhd stock forecast for 2026?
Our models put fair value at 16.59 MYR, about +35% upside versus a price of 12.30 MYR (undervalued). Cautious scenario 11.40 MYR, optimistic scenario 22.69 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Carlsberg Brewery Malaysia Bhd (2836)?
Carlsberg Brewery Malaysia Bhd reported trailing-twelve-month revenue of about 2.3B MYR (latest available figure, as of Sep 23, 2026).
Does Carlsberg Brewery Malaysia Bhd pay a dividend?
Carlsberg Brewery Malaysia Bhd currently shows a dividend yield of about 9.02% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Carlsberg Brewery Malaysia Bhd (2836)?
For today's price to be fair in a discounted-cash-flow model, Carlsberg Brewery Malaysia Bhd would have to grow free cash flow by +0.8 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 2836 use?
Our models discount Carlsberg Brewery Malaysia Bhd at 9.7 %: a base by market capitalisation (mid), damped by beta 0.15, country premium for Malaysia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Carlsberg Brewery Malaysia Bhd that is +0.8 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Carlsberg Brewery Malaysia Bhd (2836) delivered so far?
Over the past 5 years revenue at Carlsberg Brewery Malaysia Bhd grew +4.8 % a year. The price currently implies +0.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Carlsberg Brewery Malaysia Bhd (2836) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Carlsberg Brewery Malaysia Bhd (+0.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Carlsberg Brewery Malaysia Bhd (2836)?
The free-cash-flow yield on the price is 8.04 %: that much free cash flow Carlsberg Brewery Malaysia Bhd produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Carlsberg Brewery Malaysia Bhd (2836)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Carlsberg Brewery Malaysia Bhd it is 16.59 MYR per share (as of Sep 23, 2026), against a price of 12.30 MYR. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Carlsberg Brewery Malaysia Bhd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2836 trades below its calculated fair value: price 12.30 MYR, fair value 16.59 MYR, a gap of about +35% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2836?
No. The price is what the market pays today (12.30 MYR); the fair value is what the company's own numbers justify (16.59 MYR). For Carlsberg Brewery Malaysia Bhd the two are 4.29 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Carlsberg Brewery Malaysia Bhd worth?
The market values Carlsberg Brewery Malaysia Bhd at about 4.9B MYR (market capitalisation, as of Sep 23, 2026). Per share that is 12.30 MYR; our models calculate a fair value of 16.59 MYR per share.
What do the bullish and bearish scenarios say about 2836?
Our models span a range for Carlsberg Brewery Malaysia Bhd: cautious scenario 11.40 MYR, base 16.59 MYR, optimistic 22.69 MYR per share (as of Sep 23, 2026, price 12.30 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2836?
Carlsberg Brewery Malaysia Bhd trades at a price-to-earnings ratio of 9.9 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 16.59 MYR is built from several models across several years. Other multiples: PEG 7.8, P/B 3.8, P/S 0.5, EV/EBITDA 2.3.
What is the PEG ratio of 2836?
The PEG ratio of Carlsberg Brewery Malaysia Bhd is 7.76 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Carlsberg Brewery Malaysia Bhd (2836)?
Balance-sheet figures for Carlsberg Brewery Malaysia Bhd (as of Sep 23, 2026): return on equity 95.6%. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is 2836 from its 52-week high?
Carlsberg Brewery Malaysia Bhd trades at 12.30 MYR, about 30% below its 52-week high of 17.59 MYR and at the low of 12.30 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 16.59 MYR is for.
Which stocks are comparable to Carlsberg Brewery Malaysia Bhd?
From the same area (Consumer Defensive) we also value Anheuser-Busch InBev SA, Heineken N.V, Fomento Económico Mexicano, S.A., Constellation Brands, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Carlsberg Brewery Malaysia Bhd stock attractive at the current price?
The data as of Sep 23, 2026: price 12.30 MYR, calculated fair value 16.59 MYR (+35%), Quality Score 73/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2836 calculated?
We run Carlsberg Brewery Malaysia Bhd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 16.59 MYR, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Carlsberg Brewery Malaysia Bhd currently trades 35 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Carlsberg Brewery Malaysia Bhd (2836)?
The closing price on Sep 23, 2026 was 12.30 MYR. Our model-based fair value is 16.59 MYR, about +35% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Carlsberg Brewery Malaysia Bhd right now?
The rarer combination: high quality (73/100) AND below fair value. That earns a closer look rather than a quick verdict. A fairly wide model range (11.40 MYR to 22.69 MYR) leaves room in how you read the outcome.
Key figures of Carlsberg Brewery Malaysia Bhd
How large is the market capitalisation of Carlsberg Brewery Malaysia Bhd (2836)?
The market capitalisation of Carlsberg Brewery Malaysia Bhd is 4.9B MYR (≈ $1.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Carlsberg Brewery Malaysia Bhd (2836)?
The price-to-sales ratio of Carlsberg Brewery Malaysia Bhd is 1.65 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Carlsberg Brewery Malaysia Bhd (2836)?
Earnings per share at Carlsberg Brewery Malaysia Bhd are 1.24 MYR (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Carlsberg Brewery Malaysia Bhd (2836)?
The dividend yield of Carlsberg Brewery Malaysia Bhd is 9.0% (payout 89.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Carlsberg Brewery Malaysia Bhd (2836)?
The net margin of Carlsberg Brewery Malaysia Bhd is 16.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Carlsberg Brewery Malaysia Bhd (2836)?
The return on equity (ROE) of Carlsberg Brewery Malaysia Bhd is 95.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Carlsberg Brewery Malaysia Bhd (2836)?
On an EBIT basis the return on assets of Carlsberg Brewery Malaysia Bhd is 37.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Carlsberg Brewery Malaysia Bhd (2836)?
The operating margin of Carlsberg Brewery Malaysia Bhd is 17.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Carlsberg Brewery Malaysia Bhd (2836)?
Revenue at Carlsberg Brewery Malaysia Bhd is growing +6.5% versus a year earlier (3y avg −2.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Carlsberg Brewery Malaysia Bhd (2836)?
Earnings per share at Carlsberg Brewery Malaysia Bhd are growing +4.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Carlsberg Brewery Malaysia Bhd (2836) carry?
The net debt of Carlsberg Brewery Malaysia Bhd is 16.0M MYR (fiscal year 2025, ≈ 0.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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