Report
Wim Hoste

Heineken FIRST LOOK: EverGreen 2030 financial ambitions offer no major surprise

Heineken's EverGreen 2030 financial ambitions that will be presented further at today's CMD include a mid single digit organic net revenue growth with operating profit (beia) growing ahead, ao supported by € 400-500m annual gross savings. We believe these ambitions are not materially different from the EverGreen 2025 targets (4-8% operating profit beia growth) and are also incorporated in our forecasts. We still appreciate Heineken for the organic earnings growth potential, supported by ongoing cost savings and payback from gradually increasing marketing spend, but acknowledge that the bumpier volume evolution of the past few years makes the investment case a bit less appealing. We maintain our Accumulate rating and € 85 TP.
Underlying
Heineken NV

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.

Provider
KBC Securities
KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

 

Analysts
Wim Hoste

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