In-Line 4Q for Heineken; Shares Fairly Valued
Heineken reported fourth-quarter and full-year 2018 results that were very close to our forecasts, with a modest beat on the top line thanks to upside in the Africa and Middle East segment, and a near-miss on the EBIT line. Guidance for next year is slightly below our estimates, and although we are likely to lower our near-term forecasts, this is unlikely to have a material impact on our EUR 85 fair value estimate for the Amsterdam-traded ordinary shares. Heineken appears fairly valued at curren...
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