Financials Heineken N.V. OTC Markets

Equities

HEINY

US4230123014

Brewers

Market Closed - OTC Markets Other stock markets 01:29:43 26/06/2024 am IST			5-day change	1st Jan Change
50.07 ^USD	+1.23%		+0.91%	-1.79%

25/06	Dutch Brewer Heineken Places EUR900 Million of Notes	MT
24/06	Heineken N.V. Successfully Places EUR 900 Million of 12 Year Notes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	54,121	52,480	56,918	50,583	52,101	52,716	-	-
Enterprise Value (EV) ¹	69,352	69,201	70,543	64,114	67,936	67,758	66,640	65,470
P/E ratio	25.2 x	-253 x	17.1 x	18.9 x	22.5 x	20.9 x	17.9 x	15.7 x
Yield	1.77%	0.77%	1.25%	1.97%	1.88%	1.86%	2.1%	2.26%
Capitalization / Revenue	2.27 x	2.66 x	2.6 x	1.76 x	1.72 x	1.66 x	1.59 x	1.51 x
EV / Revenue	2.9 x	3.51 x	3.22 x	2.23 x	2.24 x	2.14 x	2.01 x	1.88 x
EV / EBITDA	12.2 x	13.8 x	13.9 x	10.6 x	9.5 x	9.94 x	9.16 x	8.45 x
EV / FCF	28.6 x	42.3 x	24.7 x	23.7 x	34 x	30.6 x	24.9 x	20.4 x
FCF Yield	3.49%	2.36%	4.05%	4.22%	2.94%	3.27%	4.02%	4.91%
Price to Book	3.37 x	3.92 x	3.28 x	2.59 x	2.58 x	2.48 x	2.31 x	2.13 x
Nbr of stocks (in thousands)	5,70,180	5,75,308	5,75,740	5,75,595	5,66,680	5,63,449	-	-
Reference price ²	94.92	91.22	98.86	87.88	91.94	93.56	93.56	93.56
Announcement Date	12/02/20	10/02/21	16/02/22	15/02/23	14/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,894	19,724	21,901	28,694	30,308	31,727	33,191	34,813
EBITDA ¹	5,670	5,022	5,087	6,055	7,154	6,819	7,272	7,749
EBIT ¹	4,020	2,421	3,414	4,502	4,443	4,680	5,074	5,453
Operating Margin	16.82%	12.27%	15.59%	15.69%	14.66%	14.75%	15.29%	15.66%
Earnings before Tax (EBT) ¹	3,284	157	4,334	4,170	2,522	3,817	4,449	4,877
Net income ¹	2,166	-204	3,324	2,682	2,304	2,456	2,900	3,182
Net margin	9.07%	-1.03%	15.18%	9.35%	7.6%	7.74%	8.74%	9.14%
EPS ²	3.770	-0.3600	5.770	4.650	4.090	4.474	5.240	5.953
Free Cash Flow ¹	2,422	1,635	2,857	2,705	1,996	2,215	2,681	3,217
FCF margin	10.14%	8.29%	13.05%	9.43%	6.59%	6.98%	8.08%	9.24%
FCF Conversion (EBITDA)	42.72%	32.56%	56.16%	44.67%	27.9%	32.48%	36.87%	41.52%
FCF Conversion (Net income)	111.82%	-	85.95%	100.86%	86.63%	90.15%	92.43%	101.1%
Dividend per Share ²	1.680	0.7000	1.240	1.730	1.730	1.743	1.960	2.116
Announcement Date	12/02/20	10/02/21	16/02/22	15/02/23	14/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	12,448	9,243	10,481	9,971	-	5,966	11,930	6,742	13,485	9,415	5,794	15,209	7,632	9,804	17,436	8,015	7,779	15,794	8,184	8,405	15,262	8,468	8,121	16,187	7,156	15,524	17,104
EBITDA	-	-	2,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	2,239	827	1,594	1,628	-	802.5	1,786	-	2,155	-	-	2,347	-	-	1,939	-	-	2,504	-	-	2,092	-	-	2,619	-	-	-
Operating Margin	17.99%	8.95%	15.21%	16.33%	-	13.45%	14.97%	-	15.98%	-	-	15.43%	-	-	11.12%	-	-	15.85%	-	-	13.7%	-	-	16.18%	-	-	-
Earnings before Tax (EBT)	1,808	-221	378	1,609	-	-	2,725	-	2,002	-	-	2,168	-	-	1,276	-	-	1,246	-	-	1,514	-	-	2,055	-	1,972	2,488
Net income	1,230	-297	93	1,034	2,048	242	2,290	-	1,265	-	-	1,417	-	-	1,156	-	-	1,148	-	-	908	-	-	1,285	-	1,370	1,729
Net margin	9.88%	-3.21%	0.89%	10.37%	-	4.06%	19.2%	-	9.38%	-	-	9.32%	-	-	6.63%	-	-	7.27%	-	-	5.95%	-	-	7.94%	-	8.83%	10.11%
EPS	-	-	-	1.800	-	-	-	-	2.200	-	-	-	-	-	2.040	-	-	-	-	-	2.160	-	-	2.820	-	2.430	3.070
Dividend per Share	1.040	-	0.7000	0.2800	-	-	0.9600	-	0.5000	-	-	1.230	-	-	0.6900	-	-	1.040	-	-	0.7400	-	-	0.9900	-	-	-
Announcement Date	12/02/20	03/08/20	10/02/21	02/08/21	27/10/21	16/02/22	16/02/22	01/08/22	01/08/22	26/10/22	15/02/23	15/02/23	19/04/23	31/07/23	31/07/23	25/10/23	14/02/24	14/02/24	24/04/24	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15,231	16,721	13,625	13,531	15,835	15,042	13,924	12,754
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.686 x	3.33 x	2.678 x	2.235 x	2.213 x	2.206 x	1.915 x	1.646 x
Free Cash Flow ¹	2,422	1,635	2,857	2,705	1,996	2,215	2,681	3,217
ROE (net income / shareholders' equity)	14.1%	7.81%	13.3%	14.5%	13.3%	12.7%	13.9%	14.4%
ROA (Net income/ Total Assets)	4.89%	2.59%	4.46%	5.3%	4.89%	4.77%	5.63%	6.37%
Assets ¹	44,327	-7,879	74,494	50,628	47,077	51,552	51,541	49,952
Book Value Per Share ²	28.10	23.30	30.20	34.00	35.60	37.70	40.60	43.90
Cash Flow per Share ²	7.550	10.90	7.260	7.810	7.860	8.900	9.310	9.790
Capex ¹	1,915	1,501	1,324	1,791	2,434	2,741	2,766	2,834
Capex / Sales	8.01%	7.61%	6.05%	6.24%	8.03%	8.64%	8.33%	8.14%
Announcement Date	12/02/20	10/02/21	16/02/22	15/02/23	14/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Heineken N.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

93.56 EUR

Average target price

100.3 EUR

Spread / Average Target

+7.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Brewers

	1st Jan change	Capi.
CONSTELLATION BRANDS, INC.	+8.24%	47.72B
AMBEV S.A.	-17.12%	32.88B
HEINEKEN HOLDING N.V.	+0.07%	23.12B
ASAHI GROUP HOLDINGS, LTD.	+10.73%	18.38B
CARLSBERG A/S	+2.50%	17.69B
BUDWEISER BREWING COMPANY APAC LIMITED	-34.88%	15.45B
TSINGTAO BREWERY COMPANY LIMITED	+2.00%	11.67B
CHINA RESOURCES BEER (HOLDINGS) COMPANY LIMITED	-17.84%	11.63B
MOLSON COORS BEVERAGE COMPANY	-16.57%	10.84B

Other Brewers