Heineken FIRST LOOK: FY23 almost in line, FY24 guidance lower than expected
FY23 operating profit (beia) grew by 1.7% organically which was in line with company guidance whilst the actual operating profit figure was less than 1% below our and consensus forecasts. FY24 operating profit (beia) guidance of a low to high single digit growth is slightly disappointing given that our and consensus forecasts are at the high end of that range. We still appreciate Heineken for its steady growth trajectory in the past decade and continue to believe beer is a resilient category with further underlying growth potential. We maintain our Accumulate 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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