Heineken NV

HEIA: XAMS (NLD)

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Heineken: Premium Beer Growth Drives Confidence

Verushka Shetty

Apr 16, 2025

We maintain our EUR 92 fair value estimate for wide-moat Heineken after the firm reported its first-quarter trading update, which was in line with our expectations. Anemic volumes in the United States and Europe continue to be a drag on results. However, we remain optimistic over Heineken’s premium portfolio expansion. We continue to believe Heineken has one of the strongest premium beer portfolios globally and is well positioned to take share in strategic markets. Despite recessionary concerns and currency volatility, management maintained its 2025 guidance, including 4%-8% organic operating profit growth. While shares rose 4% following the release, we continue to view the stock as undervalued.

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Heineken NV

Heineken: Premium Beer Growth Drives Confidence

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