Heineken - 2023 close call, 2024 warning likely
• Q3 volumes are expected to be down some 4%, depressed by weakness in Europe and Asia. More important, will Heineken warn on 2023 or 2024? • We believe 2023 is going to be a close call, and that consensus is too optimistic on 2024. • We cut our TP from EUR 102 to EUR 94 to reflect our cautious stance. Hold maintained.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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