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Heineken NV ADR HEINY

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Heineken Reports Decent First Half, but Cost Pressures Loom

Analyst Note

| Philip Gorham, CFA, FRM |

Heineken reported interim 2021 results that were bang in line with our forecasts on the top line. Margins were ahead of our forecasts but are likely to come under pressure in the second half of the year as raw material inflation bites. Although we are only making very minor changes to our near-term estimates, we have rolled our model and are raising our fair value estimate to EUR 84/$50 per share from EUR 82/$49. We recognize Heineken’s long-term growth opportunities in emerging markets and through its premium portfolio, but we continue to regard the stock as being somewhat overvalued.

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Company Profile

Business Description

Heineken is Western Europe's largest beer producer, and following the Anheuser-Busch InBev acquisition of SABMiller, it is the world's second-largest brewer. It has the leading position in many European markets, including the Netherlands, Austria, Greece, and Italy. Its flagship brand, Heineken, is the world's leading international premium lager. Its brand portfolio spans nonalcoholic, Belgian, and craft beer. Heineken is the world's biggest cider producer.

Contact
Tweede Weteringplantsoen 21, P.O. Box 28
Amsterdam, NH, 1000 AA, Netherlands
T +31 205239239
Sector Consumer Defensive
Industry Beverages - Brewers
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 84,394

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