Heineken FIRST LOOK: 1Q beer volume light, pricing solid, FY guidance kept
1Q23 consolidated beer volume dropped by 3.0% organically which was below our and consensus forecasts of respectively +1% and -1.9%. Pricing was stronger than expected and the 8.9% organic net revenue growth was in line with consensus while still lagging our forecasts. Importantly, the FY23 guidance calling for mid to high single digit organic operating profit (beia) growth was maintained. We continue to believe beer is a resilient category with further underlying growth potential. Heineken's performance should be supported by profit improvement initiatives of € 400m/y in the following years. We maintain our Accumulate rating and € 110 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.
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