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Heineken NV HEIA

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Heineken's Consolidation of Distell and NBL Neutral to Valuation but Makes Strategic Sense

Analyst Note

| Philip Gorham, CFA, FRM |

Heineken confirmed it is to acquire South Africa's Distell in a series of transactions that will give it greater control over some of its assets in Africa. Heineken will pay EUR 1.3 billion in cash for the remaining equity of Distell and Namibia Breweries, or NBL, it does not already own, and will contribute its existing export and South African assets into a new Southern Africa drinks company, of which it will own at least 65%. In our opinion, Heineken has paid a reasonable price, and the deal is neutral to our EUR 84 per-share valuation. Strategically, we see some advantages, and we think there is modest upside to Heineken's structural organic growth rate and margin expansion opportunities.

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Company Profile

Business Description

Heineken is Western Europe's largest beer producer, and following the Anheuser-Busch InBev acquisition of SABMiller, it is the world's second-largest brewer. 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. Its brand portfolio spans nonalcoholic, Belgian, and craft beer. Heineken is the world's biggest cider producer.

Tweede Weteringplantsoen 21, P.O. Box 28
Amsterdam, NH, 1000 AA, Netherlands
T +31 205239239
Sector Consumer Defensive
Industry Beverages - Brewers
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 84,394