Heineken: Strong Performance Above Consensus; 2024 Outlook Maintained

Heineken reported strong performance in its first-quarter trading update. Organic growth in beer volume was 4.7% across all regions and organic revenue was up by 9.4%. The volume was boosted by calendar and one-off effects. Pricing also played a significant role with a 6.0% increase in price/mix on a consistent geographical basis. Results were above our estimates and company-compiled consensus. However, shares remained stable at the time of writing. Despite the solid results, management maintained its outlook for 2024, with operating profit growth in low- to high single digits. This remains broadly in line with our estimates and therefore, we maintain our EUR 100 fair value estimate.