Report
Philip Gorham, CFA, FRM
EUR 98.48 For Business Accounts Only

Heineken is well positioned for premiumisation.

Heineken’s first-quarter trading update was broadly in line with our forecasts, although the composition of the firm’s 0.6% organic volume growth was slightly more skewed to Asia than we had expected. With limited granularity in the release, and because the group-level performance in the first quarter keeps Heineken on track to meet our full-year forecasts, we are maintaining our narrow moat rating and our EUR 79 fair value estimate for the Amsterdam-traded ordinary shares.
Reported first-quarte...
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Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Philip Gorham, CFA, FRM

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