Heineken N.V. : TP cut to € 103, Neutral reiterated; shares not seen in favour in short term
>Not much positive to mention about the H1 results - Apart from Heineken’s interim dividend, which is set based on the previous year’s total dividend (40%), Heineken disappointed the market on all key headline metrics in H1 2023. Although Asia Pacific (Vietnam) was the main culprit, the disappointment was broad-based across all divisions. The organic development of volumes, revenue and operating profit all fell short, which led to net profit and EPS some 8% below fore...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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