End of coverage

From 6 October 2023, we will no longer include in our research universe:AB InbevCarlsbergHeinekenMolson CoorsRoyal Unibrew

Updated model after H1 results

Following this morning's poor first half results and full year outlook, we lower our revenue forecasts by 5% and operating profit forecasts by 8%. We lower Heineken's price target to EUR95 from EUR105 and downgrade our recommendation to Hold from Buy.

Poor first half results

First half operating profit declined by 8.8% organic (22.2% decline reported) leading to a downward revision to the full year operating profit outlook.

Q1 revenue per hl up by 12.3%

Heineken’s first quarter revenues of EUR6.38bn were in line with consensus estimates, however the organic volume decline of 3.1% was sharper than the expected 1.9% decline. On the positive side, this means that growth in revenue per hl (+12.3%) was stronger than expected and that should be a key dr

Bryan, Garnier & Co Consumer Daily | Carrefour, Fnac Darty, Casino

Brewers: FY results review and key themes for 2023

The two key investment themes for brewers in 2023 are the re-opening of on-trade in China and sliding production costs in the second half of the year:The re-opening of Chinese on-trade (after the Covid lockdown-policy was abolished) and souring consumer confidence, could spell good news for brewers

Distell acquisition to create Southern African beverages leader

We have updated our model to take account of Heineken’s acquisition of Distell and the purchase of Heineken shares sold by Femsa. With the acquisition of Distell and Namibia Breweries, Heineken not only strengthens its route-to-market in South Africa but also creates a strong beverages player in So