Heineken FIRST LOOK: Slight beat on 1Q top line trends, FY guidance maintained
1Q organic volume and revenue trends were slightly better than our and consensus forecasts while Heineken reiterated FY26 guidance calling for a 2-6% growth in operating profit (beia). We still appreciate Heineken for the sizeable self-help initiatives which should support organic earnings growth in the coming years, but acknowledge that the bumpier volume evolution of the past few years makes the investment case a bit less predictable and hence also less appealing. We 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.
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