Heineken's 3Q Indicates Full Year On Track, but Weakness in U.K. Points to Pricing Power Erosion
Heineken’s third-quarter trading update revealed organic volume growth of 2.5%, which missed consensus but put the firm exactly on track to meet our full-year assumption of 2.2% organic volume growth. Management reiterated its full-year guidance, although currency may remain a drag on reported results. We are reiterating our EUR 83 fair value estimate for the ordinary shares. The volume weakness occurred in Europe, and we think the implications are more profound for the competitive advantages of...
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