Solid Start to 2018, but Heineken's Opportunities Look Priced In
Heineken reported a solid start to 2018, with first-quarter volume growth that slightly beat our estimates thanks to a strong performance in the Americas segment. We are raising our fair value estimate slightly to EUR 85 from EUR 83 due to the impact of the time value of money. We have slightly raised our near-term volume assumptions for the Americas and Asia segments, but the impact of this is offset by slightly lower volume forecasts in Europe and the continued strength in the euro. This volum...
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