Heineken N.V. : € 102 TP, Neutral recommendation maintained following decent 2022
>On balance, Heineken reported a decent set of results for 2022 - Heineken modestly beat both our and consensus estimates on most items in 2022, including organic revenue and operating profit growth and the operating profit margin. EPS came in c. 2% higher than expected, and Heineken surprised positively with its total dividend proposal of € 1.73, which was 5% higher than our forecast. The regions showed a mixed picture, with strong operating profit in the Americas an...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.
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