Heineken N.V.

Heineken is an international brewer and engaged in the production and distribution of beer brands in 178 countries. Co. is committed to the marketing and consumption of its more than 250 international premium, regional, local and specialty beers and ciders. These include Heineken®, Amstel, Anchor, Biere Larue, Bintang, Birra Moretti, Cruzcampo, Desperados, Dos Equis, Foster's, Newcastle Brown Ale, Ochota, Primus, Sagres, Sol, Star, Strongbow, Tecate, Tiger and Zywiec. In addition, Co. is the cider maker with brands such as Strongbow® and Bulmer's®. Some of its wholesalers also distribute wine, spirits and soft drinks.
  • TickerHEIA
  • ISINNL0000009165
  • ExchangeEuronext Amsterdam
  • SectorBeverages
  • CountryNetherlands
ING
Alyssa Gammoudy

Heineken/Interim results: a slippery slope

Today Heineken (HEIANA) published its interim results which, in our view, emphasises the strong operational leverage in the brewer's business model. Net revenue (beia) was €9,243m down 19.2% of which 16.4% on an organic basis. The net revenue was mainly impacted by the decline in volume (13.4% on an organic basis) but also on value as the net revenue (beia) per hl was down 3.6%. Consolidated beer volumes dropped 11.5%, organically of which 19.4% in the second quarter, in line with earlier expectations. The Heineken® volume was down only 2.5%, emphasising the strength of the brand and supportin...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Heineken and EnBW

Consumers - Heineken interim results: well at least there is operational leverage… Credit metrics deteriorated Utilities - EnBW: 1H20 results are credit positive – Curve expensive but fairly priced

ING
ING Helpdesk

Benelux Morning Notes

ALD: Navigating through Covid-19 crisis – new guidance 2020 Heineken: Bitter pill IBA: Siemens Healthineers buys competitor Varian PostNL: Nice beat on 2Q20 mainly due to Parcels, strong FCF (upgrade) and strong trends into Q3; door for 2020 dividend opens a bit more

HEINEKEN sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of HEINEKEN (NL), a company active in the Brewers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 31, 2020, the closing price was EUR 82.24 and its potential was estimated at EUR 94.27.

Matthieu DRIOL

Short term view - HEINEKEN : Rising consolidation.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €82.42. The next target is at €76.60, then €75.31. Passing €82.42 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - HEINEKEN : La reprise est une consolidation.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 82,42 € prochainement. Le prochain objectif est à 76,60 €, puis 75,31 €. Le franchissement de 82,42 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Analyse court terme - HEINEKEN : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 76,60 €. La tendance de fond serait remise en cause en cas de franchissement de 82,42 €.

Matthieu DRIOL

Short term view - HEINEKEN : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €76.60. The background trend would be questioned should prices rise above €82.42.

Matthieu DRIOL

Medium term view - HEINEKEN : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

ING
ING Helpdesk

Benelux Morning Notes

ALD: Navigating through Covid-19 crisis – new guidance 2020 Heineken: Bitter pill IBA: Siemens Healthineers buys competitor Varian PostNL: Nice beat on 2Q20 mainly due to Parcels, strong FCF (upgrade) and strong trends into Q3; door for 2020 dividend opens a bit more

ING
ING Helpdesk

Benelux Morning Notes

Barco: 1H20 results; Covid-19 managed well Heineken: Taking its medicine

Guy Sips ...
  • Joachim Vansanten
  • Michiel Declercq
  • Wido Jongman
  • Wim Hoste

Morning Note: BAR BB, HEIO NA, HEIA NA, WDP BB

Barco: Solid Healthcare partially offsets Covid-19 impact Heineken: 1H beer volume -11.5%, operating profit(beia) -52.5% Heineken Holding: 1H Heineken WDP: € 150m of additional financing to grow in Romania

Nikolaas Faes

SECTOR UPDATE | Beverages | Back to basics

In this research we examine the brewer’s return on invested capital. In the first place, ROIC is an indication of how well past management has allocated capital to profitable investments. AB InBev’s decline in ROIC to 6.4% in 2019, demonstrates the destruction of value that has occurred owing to the 2016 SABMiller acquisition. Also Carlsberg’s previous management destroyed value with its Scottish & Newcastle and Baltika acquisitions leading to a ROIC hovering around 6% in the period until 2016, when new management came in and improved the ratio to 9.4%. Royal Unibrew’s 18.9% ROIC reveals the z...

Nikolaas Faes

HEINEKEN: Key points from our virtual meeting | NEUTRAL | EUR82(+9%)

HEINEKEN - NEUTRAL | EUR82(+9%) Key points from our virtual meeting Covid-19 impacts competitive positions Trading down in emerging markets likely Significant volatility on profit outcomes

ING
Alyssa Gammoudy

Heineken/Interim results: a slippery slope

Today Heineken (HEIANA) published its interim results which, in our view, emphasises the strong operational leverage in the brewer's business model. Net revenue (beia) was €9,243m down 19.2% of which 16.4% on an organic basis. The net revenue was mainly impacted by the decline in volume (13.4% on an organic basis) but also on value as the net revenue (beia) per hl was down 3.6%. Consolidated beer volumes dropped 11.5%, organically of which 19.4% in the second quarter, in line with earlier expectations. The Heineken® volume was down only 2.5%, emphasising the strength of the brand and supportin...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Heineken and EnBW

Consumers - Heineken interim results: well at least there is operational leverage… Credit metrics deteriorated Utilities - EnBW: 1H20 results are credit positive – Curve expensive but fairly priced

Heineken N.V.: Update to credit analysis

Our credit view of Heineken, reflecting its strong business profile as the second-largest brewer globally and strong cash flow, the key mitigants to the likely decide in profit in 2020.

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Handelsbanken, Heineken, Telenor and EDP

Financials - Handelsbanken: strong capital position and better credit quality. Consumers - Heineken issues preliminary interim results, HEIANA2.875 8/25 preferred. TMT - Telenor: soft top-line performance, but costs saving support EBITDA growth. Utilities - EDP to buy Viesgo for €2bn with a plan of issuing rights – credit neutral

ING
Alyssa Gammoudy

Beverages/The unprecedented impact on beer

We consider the Covid-19 pandemic as credit negative for the beer segment. We expect consumption in general will slow, while the re-opening of the global economy is already positively impacting the on-trade channel. However, we foresee that off-trade will also be negatively impacted in the wake of the pandemic. It is not only doom and gloom. We also believe that the longer-term trends like premiumisation, are still valid and will lead to growth in the sector over time, albeit with a delay. We also believe that, as soon as the trade environment becomes more benign, a speedy recovery is likely.

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Philippe Ourpatian
  • Pierre Tegner

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/14/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Philippe Ourpatian
  • Pierre Tegner

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/02/2019

...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/04/2018

...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/10/2018

...

HEINEKEN sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of HEINEKEN (NL), a company active in the Brewers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 31, 2020, the closing price was EUR 82.24 and its potential was estimated at EUR 94.27.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Heineken NV – AGM 23 April 2020

In general, Heineken is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.   Under ITEM 1b an advisory vote on the Company's executive remuneration report is requested. ECGS notes that the total variable salary granted in the year under review, corresponding to 346% of annual base salary, exceeds the maximum threshold under its guidelines. Accordingly, ECGS recommends to vote OPPOSE.   Under ITEM 3 approval is sought of the Company's executive remuneration policy. Although no material changes to the policy are proposed, ECGS ...

Expert Corporate Governance Service (ECGS)

Heineken NV - AGM 25 April 2019

In general, Heineken is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. ECGS recommends to vote FOR all proposals. There are no further peculiarities.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch