Heineken FIRST LOOK: 1H operating profit beia +7.4%, FY guidance of +4-8% kept
1H organic operating profit (beia) growth of +7.4% beat our and consensus expectations (of c. 3%), on solid progress with efficiency measures (over €300m). Heineken did reiterate FY organic operating profit (beia) growth guidance of 4-8% (KBCS 4%, CSS 5%). We still appreciate Heineken for the organic earnings recovery potential in coming years (c. 6% organic operating profit beia CAGR estimate over 2024-2027), supported by sizeable cost savings initiatives (€ 400m/y) and payback from gradually increasing marketing spend. We maintain our Accumulate rating and € 100 target price.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.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.