Heineken N.V. : Neutral recommendation and € 100 TP reiterated after solid start to the year
>Beer volume growth recovered to 5.2% in Q1 2022 - Compared with the flat volumes of Q1 2021, beer volumes recovered in Q1 2022, with organic volume growth of 5.2%. Europe contributed strongly to this recovery due to its comparison with the fully locked-down quarter of Q1 2021. Beer volume growth was 90bp lower than our forecast but 170bp ahead of consensus. Compared with consensus, all regions, except the Americas, reported better-than-expected volume growth. Organic...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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