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Heineken NV ADR HEINY

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Stock PINX Rating as of
$46.92 +0.93 (2.02%)
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Company Report

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Heineken Positioning Itself for Growth Beyond Beer

Philip Gorham

After a period of industry consolidation, we think the future of the brewing industry lies in premiumisation 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.

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Price vs Fair Value

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HEINY is trading at a 2% premium.
Price
$46.92
Fair Value
$11.00
Uncertainty
Medium
1-Star Price
$48.10
5-Star Price
$49.50
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The premium portfolio includes Heineken, the only truly global premium lager brand, Affligem, Lagunitas, and Birra Moretti. It is well positioned to capture market share through premiumisation.

Bears

Europe accounts for one third of Heineken’s EBIT, but pricing is weak in the highly competitive Western European market, while unfavorable demographics are putting pressure on volume in Eastern Europe.

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Trading Information

Previous Close Price
$45.99
Day Range
$46.69–47.03
52-Week Range
$42.92–58.23
Bid/Ask
$46.89 / $47.29
Market Cap
$53.99 Bil
Volume/Avg
62,794 / 150,097

Key Statistics

Price/Earnings (Normalized)
19.80
Price/Sales
1.72
Dividend Yield
2.25%
Dividend Yield (Forward)
2.25%
Total Yield
4.09%

Company Profile

Heineken sold 257 million hectolitres of beer in 2022, and is the world's second-largest brewer behind Anheuser-Busch InBev. It has the leading position in many European markets, including the Netherlands, Austria, Greece, and Italy. Its flagship brand, Heineken, is the world's leading international premium lager by volume and has spawned several brand extensions including Heineken 0.0 and Heineken Silver. Heineken is the world's biggest cider producer, and its portfolio also includes brands in the nonalcoholic, Belgian, and craft beer categories.
Sector
Consumer Defensive
Industry
Beverages - Brewers
Stock Style Box
Large Core
Total Number of Employees
90,000
Website
https://www.theheinekencompany.com

Competitors

Valuation

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Metric
HEINY
DGE
CARL B
Price/Earnings (Normalized)
 19.8016.1015.01
Price/Book Value
 2.567.923.99
Price/Sales
 1.723.671.58
Price/Cash Flow
 10.7514.9410.03
Price/Earnings
HEINY
DGE
CARL B

Financial Strength

Metric
HEINY
DGE
CARL B
Quick Ratio
 0.480.570.39
Current Ratio
 0.771.630.66
Interest Coverage
 6.906.7514.24
Quick Ratio
HEINY
DGE
CARL B

Profitability

Metric
HEINY
DGE
CARL B
Return on Assets (Normalized)
 4.94%10.02%6.15%
Return on Equity (Normalized)
 13.74%46.73%23.96%
Return on Invested Capital (Normalized)
 7.72%15.82%11.71%
Return on Assets
HEINY
DGE
CARL B

Beverages - Brewers Industry Comparables

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Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
FMX
Fomento Economico Mexicano SAB de CV ADRYlznv—
BUDFF
Anheuser-Busch InBev SA/NVJrknv$124.6 Bil
BUD
Anheuser-Busch InBev SA/NV ADRZds$124.6 Bil
HINKF
Heineken NVTxhtm$53.8 Bil
ABEV
Ambev SA ADRGfnf$45.2 Bil
HKHHY
Heineken Holding NV ADRRfd$22.6 Bil
CABGY
Carlsberg A/S ADRJflyl$17.4 Bil
TAP
Molson Coors Beverage Co Shs -B- Non-VotingXgsv$13.4 Bil
SAM
Boston Beer Co Inc Class ATxhlql$4.3 Bil