Solid Year of Profitable Growth for Heineken in 2016, but Shares Fairly Valued
Heineken’s fourth-quarter and full-year results were a touch light on the top line relative to our forecasts, owing to unfavourable foreign exchange movements; on an organic basis, however, the company is tracking our medium-term assumptions. We do not expect to adjust our fair value estimate by more than the impact of the time value of money, and we are reiterating our narrow moat rating. As the second-largest brewer globally, Heineken has a cost advantage over smaller players and is well posit...
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