Uneventful First Half for Heineken; Raising FVE to EUR 83 for Time Value of Money
Heineken’s first-half results were in line with our forecasts, and we are reiterating our narrow moat rating but raising our fair value estimate to EUR 83 from EUR 79 for the Amsterdam-traded ordinary shares, and to $49 from $44 for the ADRs, to account for the impact of the time value of money since our last update. We still regard the shares as being slightly overvalued.After a fairly soft first quarter, Heineken's volume growth accelerated in the second quarter, putting the firm back on trac...
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