Heineken : COVID-19 related worries not over yet, 2023 ambition unexciting
>We downgrade Heineken to Underperform (from Neutral) - Heineken’s 2020 EBIT came in as expected, albeit following a stronger-than-expected volume and revenue drop. We found the EverGreen Strategy Review disappointing, and not overly ambitious, and Heineken’s wording on fiscal year 2021 is also downbeat. As such, we expect newsflow to remain gloomy in 1H21. With Heineken’s uncompelling valuation compared with peers and its DCF/share of EUR 84, we set our price target ...Heineken is an international brewer and engaged in the production and distribution of beer brands in 178 countries. Co. is committed to the marketing and consumption of its more than 250 international premium, regional, local and specialty beers and ciders. These include Heineken®, Amstel, Anchor, Biere Larue, Bintang, Birra Moretti, Cruzcampo, Desperados, Dos Equis, Foster's, Newcastle Brown Ale, Ochota, Primus, Sagres, Sol, Star, Strongbow, Tecate, Tiger and Zywiec. In addition, Co. is the cider maker with brands such as Strongbow® and Bulmer's®. Some of its wholesalers also distribute wine, spirits and soft drinks.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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