Heineken N.V. : Decent Q3 2023; reiterate 2023 outlook; uncertainties remain for 2024
>Volume and revenue growth a tad better than our forecast - Organically, beer volumes dropped by 4.2% in Q3 2023, which was in line with consensus and ahead of our forecast. Revenue/hl was up 9.7% in Q3 2023, which was ahead of our estimate. That said, Heineken confirmed that pricing was generally up in line with inflation (with no further material in-quarter price increases). Revenue came in at € 8,015m, which was a notch better than our estimate and slightly below c...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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