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Equity research Heineken - the world connected brewer
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| 1.31 MB | Adobe PDF |
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Resumo(s)
The Heineken N.V. is a multinational brewery operating in 4 regions worldwide.
Being the second largest, by revenues, operating in the Beer Market, it is expected
that Heineken follows the main global trends shifting towards low and non alcoholic beers. However, there are some factors that can impact this growth,
especially in the short-term. Inflationary pressures, higher energy costs caused by
the war in Ukraine. The war in Israel is also impacting and dividing the world, rising
operating costs, and reducing consumer’s disposable income. These factors were
taken in consideration when developing expectation about Heineken’s future
performance in each region it operates. It was performed a DCF valuation for
Heineken in May 2024, reaching a price per share of €99.97 (Capital gain of 6.4%
and 2% dividend yield.) As such, a “Hold” recommendation is the outcome of this
Valuation.
Descrição
Palavras-chave
Beer market Brewing industry Euity valuation Sustainability