Heineken Conference call feedback
Below are the highlights from the conference call. 3Q volumes declined organically by mid single digits, impacted mainly by poor summer weather in Europe and tough conditions in Vietnam and Nigeria. Importantly, Heineken reiterated guidance for a stable to mid single digit operating profit (beia) growth in FY23, with consensus a tad below (-0.4%). We still appreciate Heineken for its steady growth trajectory in the past decade and continue to believe beer is a resilient category with further underlying growth potential. We maintain our Accumulate rating and € 110 TP.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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