Heineken Feedback conference call
Below are the highlights from the conference call. FY24 operating profit beia grew by 8.3% organically, about 3 pp better than expected. FY25 guidance of 4-8% operating profit beia growth is no surprise and in line with our and consensus forecasts. We still appreciate Heineken for the further savings potential (€ 400m per year), whilst a number of the emerging market businesses offer either recovery (Vietnam, Nigeria) or further growth potential (Latam, Africa, India). Valuation is attractive and prompts us to reiterate our Accumulate rating.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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