Heineken - Q4 volumes light, EBIT in line, outlook cautious
Q4 volumes missed our and CSS expectations, primarily due to Asia Pacific. Operating profit BEIA was in line with expectations, but guidance is cautious. Based on the outlook we expect to lower our estimates by some 3% on operating profit. EPS estimates could come down double digit.We maintain our Hold rating, and our TP of EUR 94. Valuation is not demanding but we see no short-term triggers for a re-ratingHeineken 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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