Heineken : Strong H1 2021, but higher costs lead to gloomier outlook for H2 2021/2022
>Feast in H1 2021 offset by downbeat outlook for H2 2021 and 2022 - Heineken surprised us and the market positively by posting organic beer volume growth of 9.6% and sales growth of 14.1% in H1 2021. However, the main positive surprise came from operating profit, which beat our forecast and consensus by a whopping 32% and 34%, respectively. That said, Heineken maintained its 2021 outlook, which implies a disappointing outlook for H2 2021, including a foreseen decrease...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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