Heineken Well Positioned to Benefit From Premiumization

After a period of industry consolidation, we think the future of the brewing industry lies in premiumization at scale, nonalcoholic beer, and portfolio proliferation. We believe Heineken has strategies to deliver against all of these themes. The company's approach to value creation is its "green diamond," which focuses on four metrics: growth, profitability, capital efficiency, and sustainability and responsibility, and its five strategic priorities under the "EverGreen" umbrella are: shape the future of beer and beyond, digital, productivity, sustainability, and people.