Harboes Bryggeri A/S (HARB-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of Harboes Bryggeri A/S stock DKK 128, price DKK 121, upside +6.2%, quality 46 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range kr 58.77 – kr 271.91 · fair‑value band kr 96.19 – kr 155.82 · the kr 120.80 price screens below the kr 128.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Harboes Bryggeri A/S produces and markets beverages and malt-based ingredients worldwide. The company offers beers and soda, energy drinks, and malt beverages under the Harboe, NAILED, Caribia, XRAY, Mecklenburger, Bear Beer, Viiking, Darguner, and Hyper Malt brands.
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It serves supermarket chains and other retail companies, food and beverage manufacturers, and local and international distributors. The company was founded in 1883 and is based in Skælskør, Denmark.
Stock analysis
Harboes Bryggeri A/S (HARB-B) currently trades at kr 120.80, while our model-based Fair Value estimate is kr 128.25, so the stock looks roughly fairly valued today (gap 5.8%).
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Valuation
Bull case: the Asset-Based group reads highest at a median of kr 146.51 per share, and 6 of the 14 models we run sit above the kr 120.80 price.
Bear case: the Dividend Discount group reads lowest at kr 20.45, and 8 of the 14 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 96.19 (bear) to kr 155.82 (bull), the price of kr 120.80 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 46/100 (below-average quality), in the Consumer Defensive sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Harboes Bryggeri A/S reported revenue of 1.7B DKK in FY2026 versus 1.4B DKK in FY2022, a compound +5.3%/yr. Reported net income was 27.0M DKK in FY2026, compounding +427.2%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap 510M DKK (≈ $76.5M) Micro · P/E ratio 33.5 · P/S ratio 0.29 · EPS (TTM) kr 3.56 · Dividend yield 1.7% · Net margin 0.9% · Return on equity 1.9% · Return on assets (EBIT) 2.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).
What moves the price
The share trades about 10% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −2% fair-value upside, at 6%, HARB-B screens cheaper than that median.
Fair Value models
Bearkr 96.19Fair Value kr 128.25Bullkr 155.82
Price kr 120.80 · Upside +6.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (kr 0.7394 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−4.4%
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.
+2.4%
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.
+5.6%
Start year 2021 (pandemic). Over 10 years: +2.4% a year
Revenue growth 20 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.
+1.2%
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What shareholders gained per year (last 5 years) ⓘ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.
+61.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+59.4%
Dividend (yield on the price)1.7%
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.59.4% vs −0.8%, picking up
Profit margin 2021 to 2026 ⓘ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.1% → 3%
Price, fair value, quality and upside side by side.
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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 · 54 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score46 · Bottom 25%
Fair Value upside+6.2% · Above median
Profitability
Return on equity (12 months)1.9% · Below median
Return on assets1.8% · Bottom 25%
Net margin (12 months)0.9% · Bottom 25%
Operating margin (12 months)2.3% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)4.6% · Above median
Dividend yield (12 months)1.7% · Below median
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Beverages - Brewers median · lower = cheaper
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Is Harboes Bryggeri A/S (HARB-B) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of kr 128.25 versus a price of kr 120.80, about +6% upside (fairly valued).
What is the fair value of HARB-B?
Our model-based fair value for Harboes Bryggeri A/S is kr 128.25 (as of Oct 2, 2026), built from audited fundamentals. The current price: kr 120.80.
What is the quality score of HARB-B?
Harboes Bryggeri A/S has a Quality Score of 46/100. 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 Harboes Bryggeri A/S (HARB-B)?
Our model-based price target is the fair value of kr 128.25 (as of Oct 2, 2026) from 14 valuation models. Cautious scenario kr 96.19, optimistic scenario kr 155.82. It is a calculation from audited fundamentals, not an analyst target.
What is the Harboes Bryggeri A/S stock forecast for 2026?
Our models put fair value at kr 128.25, about +6% upside versus a price of kr 120.80 (fairly valued). Cautious scenario kr 96.19, optimistic scenario kr 155.82. The calculation is refreshed regularly with new filings.
What is the revenue of Harboes Bryggeri A/S (HARB-B)?
Harboes Bryggeri A/S reported trailing-twelve-month revenue of about 1.8B DKK (latest available figure, as of Oct 2, 2026).
Does Harboes Bryggeri A/S pay a dividend?
Harboes Bryggeri A/S currently shows a dividend yield of 1.66% relative to its recent price (as of Oct 2, 2026).
What is the intrinsic value of Harboes Bryggeri A/S (HARB-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Harboes Bryggeri A/S it is kr 128.25 per share (as of Oct 2, 2026), against a price of kr 120.80. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Harboes Bryggeri A/S stock overvalued or undervalued in 2026?
As of Oct 2, 2026, HARB-B trades below its calculated fair value: price kr 120.80, fair value kr 128.25, a gap of about +6% (fairly valued). 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 HARB-B?
No. The price is what the market pays today (kr 120.80); the fair value is what the company's own numbers justify (kr 128.25). For Harboes Bryggeri A/S the two are kr 7.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is Harboes Bryggeri A/S worth?
The market values Harboes Bryggeri A/S at about 510M DKK (market capitalisation, as of Oct 2, 2026). Per share that is kr 120.80; our models calculate a fair value of kr 128.25 per share.
What do the bullish and bearish scenarios say about HARB-B?
Our models span a range for Harboes Bryggeri A/S: cautious scenario kr 96.19, base kr 128.25, optimistic kr 155.82 per share (as of Oct 2, 2026, price kr 120.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HARB-B?
Harboes Bryggeri A/S trades at a price-to-earnings ratio of 33.5 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 128.25 is built from several models across several years. Other multiples: PEG 2.9, P/B 0.7, P/S 0.3, EV/EBITDA 5.4.
What is the PEG ratio of HARB-B?
The PEG ratio of Harboes Bryggeri A/S is 2.94 (P/E divided by earnings growth, as of Oct 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Harboes Bryggeri A/S (HARB-B)?
Balance-sheet figures for Harboes Bryggeri A/S (as of Oct 2, 2026): return on equity 1.9%, debt of 0.15 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is HARB-B from its 52-week high?
Harboes Bryggeri A/S trades at kr 120.80, about 10% below its 52-week high of kr 134.20 and 21% above the low of kr 100.00 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 128.25 is for.
Which stocks are comparable to Harboes Bryggeri A/S?
From the same area (Consumer Defensive) we also value Anheuser-Busch InBev SA, Heineken N.V, Fomento Económico Mexicano, S.A., Heineken Holding, 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 Harboes Bryggeri A/S stock attractive at the current price?
The data as of Oct 2, 2026: price kr 120.80, calculated fair value kr 128.25 (+6%), Quality Score 46/100, from 14 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 HARB-B calculated?
We run Harboes Bryggeri A/S through 14 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 kr 128.25, 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 13.9 % above its aggregate fair value. Harboes Bryggeri A/S currently trades 6 % 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 Harboes Bryggeri A/S (HARB-B)?
The closing price on Oct 19, 2026 was kr 120.80. Our model-based fair value is kr 128.25, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Harboes Bryggeri A/S right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Harboes Bryggeri A/S (HARB-B) come from?
Earnings per share at Harboes Bryggeri A/S grew +4.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share +3.8 %, EBIT margin −0.5 %, tax rate +1.3 %, residual (interest, one-offs) +0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Harboes Bryggeri A/S
How large is the market capitalisation of Harboes Bryggeri A/S (HARB-B)?
The market capitalisation of Harboes Bryggeri A/S is 510M DKK (≈ $76.5M). 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 Harboes Bryggeri A/S (HARB-B)?
The price-to-sales ratio of Harboes Bryggeri A/S is 0.29 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Harboes Bryggeri A/S (HARB-B)?
Earnings per share at Harboes Bryggeri A/S are kr 3.56 (price ÷ EPS = P/E 33.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Harboes Bryggeri A/S (HARB-B)?
The dividend yield of Harboes Bryggeri A/S is 1.7% (payout 56.2%). 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 Harboes Bryggeri A/S (HARB-B)?
The net margin of Harboes Bryggeri A/S is 0.9% (last twelve months). 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 Harboes Bryggeri A/S (HARB-B)?
The return on equity (ROE) of Harboes Bryggeri A/S is 1.9% (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 Harboes Bryggeri A/S (HARB-B)?
On an EBIT basis the return on assets of Harboes Bryggeri A/S is 2.6% (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 Harboes Bryggeri A/S (HARB-B)?
The operating margin of Harboes Bryggeri A/S is 2.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Harboes Bryggeri A/S (HARB-B)?
Revenue at Harboes Bryggeri A/S is growing +4.6% versus a year earlier (3y avg +2.4%). 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 Harboes Bryggeri A/S (HARB-B)?
Earnings per share at Harboes Bryggeri A/S are growing −35.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Harboes Bryggeri A/S (HARB-B) generate?
The free cash flow of Harboes Bryggeri A/S is −65.6M DKK (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Harboes Bryggeri A/S (HARB-B) carry?
The net debt of Harboes Bryggeri A/S is 343M DKK (fiscal year 2026). 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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Broad data
Oct 2, 2026