Heineken Misses 2Q EBIT Estimates; Shows Challenge of Competing Against Ambev's Wide Moat in Brazil
Heineken missed even our below-consensus second-quarter estimates at the EBIT margin, blaming a negative mix effect from expansion in the lower-margin market of Brazil. The market has reacted negatively to the news, but although we believed Heineken's recent valuation had been a little frothy, we are not unduly concerned about the mix effect from Brazil because we like the market for its long-term potential. Nevertheless, the more cautious guidance highlights the challenge of competing in Brazil...
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