Heineken : Full-year results above forecasts
>Very cautious guidance for 2019 - Despite the good 2018 results, the group’s mid-single digit forecasts for organic operating profit growth for 2019 seems extremely cautious given the anticipated improvement in profitability in Brazil. This implies continued pressure on logistics costs and raw material prices. That said, the group’s key markets (Vietnam, Mexico, etc.) are raising no major concerns in the short term. Buy recommendation maintained, the group should nar...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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