Heineken N.V. : Too much optimism about 2023 and 2024; TP cut to € 95 (from € 103)
>Operating profit growth guidance likely to be missed in 2023 - Heineken is set to report its Q3 2023 trading update on 25 October (volumes and sales only). Following Heineken’s comments at earlier investor conferences and based on our recent contact with the group, we cut our 2023-2025 estimates. Our assumed recovery scenarios in several regions faced with headwinds (i.e., Nigeria, Vietnam, Europe) were overly optimistic, in our view. Also, the price deflation in som...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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