Heineken FIRST LOOK: 3Q beer volume -4.3%, now guiding for low end of FY range
3Q beer volume dropped by 4.3% which was in line with our and consensus forecasts. Heineken now guides towards the low end of the 4-8% organic operating profit (beia) growth range for FY25 which is no surprise. We still appreciate Heineken for the organic earnings growth potential in the coming year, supported by ongoing cost savings and payback from gradually increasing marketing spend, but acknowledge that the bumpier volume evolution makes the investment case a bit more difficult. We look forward to the upcoming CMD tomorrow where we expect Heineken to present its ambitions until 2030 and maintain our Accumulate rating and € 85 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.
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.