Heineken Holding N.V.

Heineken Holding is a holding company based in the Netherlands. Through its subsidiaries, Co. promotes the continuity, independence and stability of the Heineken group. This creates the conditions which enable Heineken N.V. to pursue its long-term policy in the interest of the shareholders, the staff and other stakeholders. Co. does not engage in operational activities itself. These have been assigned within the Heineken group to Heineken N.V. and its subsidiaries and associated companies. Through Heineken N.V., Co. is involved in the brewing and selling of beer.
  • TickerHEIO
  • ISINNL0000008977
  • ExchangeEuronext Amsterdam
  • SectorBeverages
  • CountryNetherlands
Olivier Pauchaut

HEINEKEN: Follow up from pre-released figures | SELL | EUR87(+6%)

HEINEKEN - SELL | EUR87(+6%) Follow up from pre-released figures By far the worst first half figure from all main brewers Four reasons for its weaker performance Negative free cash flow Investors should take note of the increased uncertainty

Nikolaas Faes

HEINEKEN: First half pre-release reads grim | SELL | EUR87(0%)

HEINEKEN - SELL | EUR87(0%) First half pre-release reads grim First half operating profit down 52.5% Significant negative operating leverage Impairment charge of EUR550m No outlook

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

Olivier Pauchaut

HEINEKEN: Follow up from pre-released figures | SELL | EUR87(+6%)

HEINEKEN - SELL | EUR87(+6%) Follow up from pre-released figures By far the worst first half figure from all main brewers Four reasons for its weaker performance Negative free cash flow Investors should take note of the increased uncertainty

Nikolaas Faes

HEINEKEN: First half pre-release reads grim | SELL | EUR87(0%)

HEINEKEN - SELL | EUR87(0%) First half pre-release reads grim First half operating profit down 52.5% Significant negative operating leverage Impairment charge of EUR550m No outlook

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: Cutting costs as beer sales slide 14% in March | NEUTRAL | EUR82 vs. EUR86 (+9%)

HEINEKEN - NEUTRAL | EUR82 vs. EUR86 (+9%) Cutting costs as beer sales slide 14% in March Q2 will be worse and Covid-19 impact will linger on in H2 Mitigating actions to compensate margin pressure EM currency weakness to further erode profits

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Oussema Denguir
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/31/2018

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Oussema Denguir
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/07/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Pierre Tegner
  • Sven Edelfelt
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/30/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Pierre Tegner
  • Sven Edelfelt
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/07/2018

...

Fatma Agnès Hamdani ...
  • Johanna Jourdain
  • Matthias Desmarais
  • Oussema Denguir
  • Pierre Tegner
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/10/2018

The market will be tempted to play a 40bp contraction (i.e. 5% on the basis of share prices on 6 July) in the risk premium linked to the temporary allaying of concerns about political risk in Europe and a trade war. Opt for 1/ the oil sector, via integrated oil companies, for which 2018 growth is visible (+39% estimated), accelerating and for which the valuation remains reasonable (P/CF 5.9x) and 2/ “defensive” segments overlooked during the period of market stress: food and beer for...

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

The general evaluation of HEINEKEN HOLDING PLC. (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 June 16, 2020, the closing price was EUR 74.90 and its potential was estimated at EUR 82.19.

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 Holding NV - 25 April AGM

In general, Heineken Holding is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.  Under ITEM 7a, it is proposed to re-appoint Ms. Charlene de Carvalho-Heineken as Member of the board of directors. Ms. de Carvalho-Heineken is NOT considered independent as she is an executive member of the board as well as a representative of major shareholder L'Arche Green N.V. The independence ratio on the board will under normal circumstances only be 13%, indicating that there is insufficient independent representation on the board. In view o...

Heineken – Proxinvest Corporate Governance Rating ® : E

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 19/04/2018

We note that shareholders are not requested to vote on the proposed dividend in this meeting. We consider this to be deviating from market practise and we urge the Company to put proposed dividend up for shareholders approval. Under agenda item 8, it is proposed to amend the Articles of Association of the Company. The proposal to amend the Articles of Association is in particular driven by the wish to abolish the priority shares from the capital structure of Heineken Holding N.V. and brining the Articles of Association in line with the Code and current provisions in statutory Dutch law. Altho...

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