Heineken FIRST LOOK: 1H24 operating profit (beia) +12.5%, finetuned FY guidance
1H operating profit (beia) jumped by 12.5% which was close to our and consensus forecasts of respectively +13.6% and +13.2%, despite some regional surprises (Americas strong, rest below expectations). FY operating profit beia organic growth guidance is finetuned to a 4-8% range with KBCS (+8.1%) and CSS (+8.2%) already at the high end. We appreciate the beer category for the demonstrated pricing discipline, while premiumization and the exposure towards emerging economies offer further structural growth opportunities. Together with further savings potential (€ 400m pa in the coming years), we expect Heineken to demonstrate decent earnings growth in the next few years. Valuation remains attractive and we reiterate 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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