Heineken: Strong H1 topline but disappointing operating profit
Heineken: (BUY, Fair Value EUR95 vs. EUR99 (+3%))Strong H1 topline but disappointing operating profit
Heineken published this morning strong H1 organic revenue growth of 5.6%, but disappointed at the operating profit level with organic growth of only 1.3%. Although for the full year, the company expects stronger operating profit performance (and same top line growth), we lower our full year operating profit forecasts by 4%. We also lower our fair value by 4% to EUR95 from EUR99.
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.
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.
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