Fairly Valued Heineken Posts Strong End to the Year, But Integration Will Dampen Near-Term Growth
Heineken reported a strong end to the year, slightly beating our estimates thanks to a strong volume performance. Management guided below our estimate for EBIT margin expansion next year, and we estimate the two factors to be largely offsetting. We do not, therefore, expect to make material changes to our EUR 83 fair value estimate beyond the time value of money, and we regard Heineken as being fairly valued. These results confirm our thesis that this narrow moat company is set to benefit from m...
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