Analyst Note
| Philip Gorham, CFA, FRM |Heineken reported first-half results that were bang in line with our forecasts on volume, but a little light on price/mix and margins, resulting in a similar, if slightly weaker, first half performance as AB InBev. We have tweaked out volume assumptions for the latter half of the year to reflect the likelihood of a prolonged period of on-trade disruption, but we retain our narrow moat rating and EUR 82 fair value estimate. We continue to like Heineken's business model and think it is a well-managed business, but the shares are currently fairly valued.