Mixed Quarter for Heineken in 3Q: Miss in Asia Is a Concern but Looks Priced In
Heineken reported third-quarter volumes that were bang in line with our forecast for the second half of the year, but volumes skewed more to the Americas segment and less to Asia than we had anticipated. We are making no material changes to our forecasts, and we retain our narrow moat rating and EUR 85 fair value estimate for Heineken. The stock is down by 10% year-to-date and by over 16% from the peak in July, and we think the market valuation now offers modest upside.Third-quarter consolidate...
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