Heineken - Organic growth beating, absolute figures in line
Organic volume growth came in at 4.3% with beer volumes up 4.7% beating our and CSS expectations. Thanks to the strong volume growth also organic revenue growth exceeded. However, absolute figures were in line and company maintained its full year 2024 guidance for organic operating profit growth. Hence, based on the Q1 trading update we do not expect material changes to the absolute figures. Organic growth estimates could move up a bit.We maintain our Hold rating, raising our TP from EUR 94 to EUR 96Heineken 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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