Harboes Bryggeri A/S (HARB-B) Fair Value & Analysis
Consumer Defensive · DK · Market cap 464M DKK (≈ $72.1M) · ISIN DK0060014751
What is Harboes Bryggeri A/S really worth?
Below-average quality, currently priced close to our fair value of kr 128.25.
Risks
For context
Fair value as of: Aug 27, 2026
From 14 valuation models · updated 9 days ago
Share price +11.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- The price sits in the upper half of our model range, so the margin of safety is thin.
- The data supports the verdict: every model runs on fully documented inputs.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 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 130.00 price screens above 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 Aug 27, 2026.
Analysis
Harboes Bryggeri A/S (HARB-B) currently trades at kr 130.00, while our model-based Fair Value estimate is kr 128.25, implying the stock looks roughly 1.4% fairly valued today. The Quality Score stands at 46/100 (below-average quality), in the Consumer Defensive sector. Bull case: the Asset-Based group reads highest at a median of kr 147.19 per share, and 5 of the 14 models we run sit above the kr 130.00 price. Bear case: the Dividend Discount group reads lowest at kr 22.33, and 9 of the 14 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Harboes Bryggeri A/S generated revenue of 1.7B DKK at a net margin of 1.6%. Revenue declined 8.3% year over year. It earns a return on equity of 3.6%. Net debt stands at 343M DKK. Fundamentals as of Aug 27, 2026
Our scenario range runs from kr 96.19 (bear case) to kr 155.82 (bull case); at kr 130.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 33% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −5% fair-value upside, at −1%, HARB-B screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 4 months have passed since. In that time the company retained roughly kr 1.60 per share, which is 1.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 14 models by family
Widest divergence: Asset-Based (kr 147.19) versus Dividend Discount (kr 22.33). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 56
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
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.
of which total revenue +2.8 % · buybacks/dilution +0.9 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Beverages - Brewers · 56 stocks
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.
Valuation Multiples vs Beverages - Brewers median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Beverages - Brewers stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Anheuser-Busch InBev SA ABI | €68.28 | €60.24 | −12% |
| Heineken N.V HEIA | €72.70 | €65.06 | −11% |
| Ambev S.A ABEV | $2.86 | $4.05 | +42% |
| Fomento Económico Mexicano, S.A. FMX | $120.41 | $54.74 | −55% |
| Constellation Brands, Inc STZ | $129.09 | $173.19 | +34% |
| Carlsberg A/S CARLA | kr 1,115 | kr 607.30 | −46% |
| Heineken Holding HEIO | €68.25 | €60.55 | −11% |
| Tsingtao Brewery Company 600600 | ¥51.63 | ¥63.65 | +23% |
| Budweiser Brewing Company 1876 | HK$6.35 | HK$6.05 | −5% |
| China Resources Beer (Holdings) Company 0291 | HK$22.16 | HK$25.38 | +15% |
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Frequently asked questions
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