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HEIA

Heineken ENXTAM:HEIA Stock Report

Last Price

€90.14

Market Cap

€51.9b

7D

1.0%

1Y

0.7%

Updated

27 Sep, 2022

Data

Company Financials +
HEIA fundamental analysis
Snowflake Score
Valuation5/6
Future Growth2/6
Past Performance4/6
Financial Health3/6
Dividends3/6

HEIA Stock Overview

Heineken N.V. engages in the brewing and selling of beer and cider.

Heineken Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Heineken
Historical stock prices
Current Share Price€90.14
52 Week High€104.60
52 Week Low€77.50
Beta0.76
1 Month Change-1.55%
3 Month Change0.85%
1 Year Change0.69%
3 Year Change-7.32%
5 Year Change7.06%
Change since IPO1,514.21%

Recent News & Updates

Sep 13
Is Heineken (AMS:HEIA) A Risky Investment?

Is Heineken (AMS:HEIA) A Risky Investment?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Shareholder Returns

HEIANL BeverageNL Market
7D1.0%-0.4%-3.2%
1Y0.7%-3.4%-25.2%

Return vs Industry: HEIA exceeded the Dutch Beverage industry which returned -4% over the past year.

Return vs Market: HEIA exceeded the Dutch Market which returned -27.7% over the past year.

Price Volatility

Is HEIA's price volatile compared to industry and market?
HEIA volatility
HEIA Average Weekly Movement2.9%
Beverage Industry Average Movement3.4%
Market Average Movement4.7%
10% most volatile stocks in NL Market7.8%
10% least volatile stocks in NL Market2.9%

Stable Share Price: HEIA is less volatile than 75% of Dutch stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: HEIA's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
186485,000Dolf van den Brinkhttps://www.theheinekencompany.com

Heineken N.V. engages in the brewing and selling of beer and cider. It also provides soft drinks and water. It offers its beers under the Heineken, Amstel, Desperados, Sol, Tiger, Birra Moretti, Affligem, Lagunitas, and Mort Subite brands, as well as under various other regional and local brands; and cider under the Strongbow Apple Ciders, Orchard Thieves, Follow The Fox, Cidrerie Stassen, Bulmers, Old Mout, and Blind Pig brands.

Heineken Fundamentals Summary

How do Heineken's earnings and revenue compare to its market cap?
HEIA fundamental statistics
Market Cap€51.88b
Earnings (TTM)€3.56b
Revenue (TTM)€25.42b

14.6x

P/E Ratio

2.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
HEIA income statement (TTM)
Revenue€25.42b
Cost of Revenue€15.93b
Gross Profit€9.48b
Other Expenses€5.93b
Earnings€3.56b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Feb 15, 2023

Earnings per share (EPS)6.18
Gross Margin37.31%
Net Profit Margin13.99%
Debt/Equity Ratio71.7%

How did HEIA perform over the long term?

See historical performance and comparison

Dividends

1.6%

Current Dividend Yield

24%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is HEIA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HEIA?

Other financial metrics that can be useful for relative valuation.

HEIA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.7x
Enterprise Value/EBITDA12.9x
PEG Ratio1.9x

Price to Earnings Ratio vs Peers

How does HEIA's PE Ratio compare to its peers?

HEIA PE Ratio vs Peers
The above table shows the PE ratio for HEIA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average19.1x
HEIO Heineken Holding
11.4xn/a€20.3b
CCEP Coca-Cola Europacific Partners
14.7x5.8%€20.7b
JDEP JDE Peet's
16.8x3.8%€15.0b
1876 Budweiser Brewing Company APAC
32.7x13.9%HK$282.9b
HEIA Heineken
14.6x7.5%€51.9b

Price-To-Earnings vs Peers: HEIA is good value based on its Price-To-Earnings Ratio (14.6x) compared to the peer average (19.1x).


Price to Earnings Ratio vs Industry

How does HEIA's PE Ratio compare vs other companies in the European Beverage Industry?

Price-To-Earnings vs Industry: HEIA is good value based on its Price-To-Earnings Ratio (14.6x) compared to the European Beverage industry average (17.2x)


Price to Earnings Ratio vs Fair Ratio

What is HEIA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HEIA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.6x
Fair PE Ratio37.8x

Price-To-Earnings vs Fair Ratio: HEIA is good value based on its Price-To-Earnings Ratio (14.6x) compared to the estimated Fair Price-To-Earnings Ratio (37.8x).


Share Price vs Fair Value

What is the Fair Price of HEIA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HEIA (€90.14) is trading below our estimate of fair value (€186.88)

Significantly Below Fair Value: HEIA is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


Discover undervalued companies

Future Growth

How is Heineken forecast to perform in the next 1 to 3 years based on estimates from 22 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


7.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HEIA's forecast earnings growth (7.5% per year) is above the savings rate (0.1%).

Earnings vs Market: HEIA's earnings (7.5% per year) are forecast to grow faster than the Dutch market (3.7% per year).

High Growth Earnings: HEIA's earnings are forecast to grow, but not significantly.

Revenue vs Market: HEIA's revenue (6.5% per year) is forecast to grow slower than the Dutch market (9.1% per year).

High Growth Revenue: HEIA's revenue (6.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: HEIA's Return on Equity is forecast to be low in 3 years time (14.7%).


Discover growth companies

Past Performance

How has Heineken performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


4.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: HEIA has a large one-off gain of €1.2B impacting its June 30 2022 financial results.

Growing Profit Margin: HEIA's current net profit margins (14%) are higher than last year (5.5%).


Past Earnings Growth Analysis

Earnings Trend: HEIA's earnings have grown by 4.5% per year over the past 5 years.

Accelerating Growth: HEIA's earnings growth over the past year (215.4%) exceeds its 5-year average (4.5% per year).

Earnings vs Industry: HEIA earnings growth over the past year (215.4%) exceeded the Beverage industry 43.8%.


Return on Equity

High ROE: HEIA's Return on Equity (17.7%) is considered low.


Discover strong past performing companies

Financial Health

How is Heineken's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: HEIA's short term assets (€11.8B) do not cover its short term liabilities (€14.3B).

Long Term Liabilities: HEIA's short term assets (€11.8B) do not cover its long term liabilities (€16.5B).


Debt to Equity History and Analysis

Debt Level: HEIA's net debt to equity ratio (58.3%) is considered high.

Reducing Debt: HEIA's debt to equity ratio has reduced from 108.3% to 71.7% over the past 5 years.

Debt Coverage: HEIA's debt is well covered by operating cash flow (30.9%).

Interest Coverage: HEIA's interest payments on its debt are well covered by EBIT (8.2x coverage).


Balance Sheet


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Dividend

What is Heineken current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.62%

Current Dividend Yield

Dividend Yield vs Market

Heineken Dividend Yield vs Market
How does Heineken dividend yield compare to the market?
SegmentDividend Yield
Company (Heineken)1.6%
Market Bottom 25% (NL)2.4%
Market Top 25% (NL)6.9%
Industry Average (Beverage)1.8%
Analyst forecast in 3 Years (Heineken)2.0%

Notable Dividend: HEIA's dividend (1.62%) isn’t notable compared to the bottom 25% of dividend payers in the Dutch market (2.41%).

High Dividend: HEIA's dividend (1.62%) is low compared to the top 25% of dividend payers in the Dutch market (6.84%).


Stability and Growth of Payments

Stable Dividend: HEIA's dividend payments have been volatile in the past 10 years.

Growing Dividend: HEIA's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (23.6%), HEIA's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (27.5%), HEIA's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.9yrs

Average management tenure


CEO

Dolf van den Brink (49 yo)

2.42yrs

Tenure

€8,437,000

Compensation

Mr. Rudolf Gijsbert Servaas van den Brink, also known as Dolf, serves as Chairman of the Executive Board and Chief Executive Officer at Heineken N.V. since June 1, 2020. He served as Non–Executive Director...


CEO Compensation Analysis

Dolf van den Brink's Compensation vs Heineken Earnings
How has Dolf van den Brink's remuneration changed compared to Heineken's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

€4b

Mar 31 2022n/an/a

€3b

Dec 31 2021€8m€1m

€3b

Sep 30 2021n/an/a

€2b

Jun 30 2021n/an/a

€1b

Mar 31 2021n/an/a

€462m

Dec 31 2020€2m€631k

-€204m

Compensation vs Market: Dolf's total compensation ($USD8.10M) is above average for companies of similar size in the Dutch market ($USD4.65M).

Compensation vs Earnings: Dolf's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: HEIA's management team is considered experienced (3.9 years average tenure).


Board Members

Experienced Board: HEIA's board of directors are considered experienced (6.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: HEIA insiders have only sold shares in the past 3 months.


Recent Insider Transactions

ENXTAM:HEIA Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
19 Aug 22Sell€953,100Jean-Francois M. van BoxmeerIndividual10,000€95.31
21 Apr 22Sell€945,700Jean-Francois M. van BoxmeerIndividual10,000€94.57
21 Dec 21Sell€483,250Jean-Francois M. van BoxmeerIndividual5,000€96.65
17 Dec 21Sell€483,400Jean-Francois M. van BoxmeerIndividual5,000€96.68
18 Nov 21Sell€964,300Jean-Francois M. van BoxmeerIndividual10,000€96.43

Ownership Breakdown

What is the ownership structure of HEIA?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders354,3720.06%
Public Companies49,673,8118.6%
Institutions99,504,64017.3%
General Public138,235,67824.0%
Private Companies287,826,06050.0%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 70.97% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
50.01%
L'Arche Green N.V.
287,826,060€25.9b0%no data
8.63%
Fomento Económico Mexicano, S.A.B. de C.V.
49,673,811€4.5b0%no data
1.75%
GQG Partners LLC
10,049,891€905.9m32.35%1.32%
1.59%
BlackRock, Inc.
9,156,937€825.4m22.76%0.02%
1.54%
The Vanguard Group, Inc.
8,838,937€796.7m0.84%0.02%
1.12%
Morgan Stanley Investment Management Inc.
6,428,577€579.5m1.26%0.43%
0.62%
Lindsell Train Limited
3,581,500€322.8m-27.88%1.66%
0.57%
Comgest S.A.
3,300,111€297.5m-0.09%1.39%
0.54%
Capital Research and Management Company
3,126,408€281.8m-0.32%0.02%
0.53%
Norges Bank Investment Management
3,024,989€272.7m0%0.04%
0.42%
Amundi Asset Management
2,437,362€219.7m4.15%0.06%
0.42%
Massachusetts Financial Services Company
2,436,302€219.6m-1.54%0.05%
0.42%
RBC Global Asset Management Inc.
2,422,383€218.4m-0.09%0.16%
0.35%
Invesco Ltd.
2,030,401€183.0m7.71%0.06%
0.31%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
1,791,440€161.5m-0.32%0.05%
0.31%
Janus Henderson Group plc
1,776,338€160.1m4.86%0.09%
0.26%
Franklin Resources, Inc.
1,502,784€135.5m-0.2%0.06%
0.24%
Geode Capital Management, LLC
1,361,363€122.7m0.78%0.02%
0.22%
Aristotle Capital Management, LLC
1,291,470€116.4m4.42%0.24%
0.22%
Vontobel Asset Management, Inc.
1,242,418€112.0m-0.14%0.38%
0.21%
Putnam LLC
1,196,296€107.8m26.26%0.17%
0.18%
Eleva Capital LLP
1,062,550€95.8m0%2.67%
0.18%
FMR LLC
1,031,200€93.0m193.25%0.01%
0.17%
HSBC Global Asset Management (UK) Limited
982,512€88.6m0.13%0.07%
0.16%
UBS Asset Management
945,441€85.2m1.29%0.02%

Company Information

Heineken N.V.'s employee growth, exchange listings and data sources


Key Information

  • Name: Heineken N.V.
  • Ticker: HEIA
  • Exchange: ENXTAM
  • Founded: 1864
  • Industry: Brewers
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: €51.884b
  • Shares outstanding: 575.59m
  • Website: https://www.theheinekencompany.com

Number of Employees


Location

  • Heineken N.V.
  • Tweede Weteringplantsoen 21
  • Amsterdam
  • Noord-Holland
  • 1017 ZD
  • Netherlands


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HINK.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJun 1976
HNK1DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 1976
HEIAENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJun 1976
HEISWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJun 1976
HNK1XTRA (XETRA Trading Platform)YesOrdinary SharesDEEURJun 1976
0O26LSE (London Stock Exchange)YesOrdinary SharesGBEURJun 1976
HEIAABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 1976
HEIAWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJun 1976
HEIA-UETLX (Eurotlx)YesOrdinary SharesITEURJun 1976
HEIA NBMV (Bolsa Mexicana de Valores)YesOrdinary SharesMXMXNJun 1976
HEIASEP (The Stock Exchange Prague Co. Ltd.)YesOrdinary SharesCZCZKJun 1976
HEIN.YOTCPK (Pink Sheets LLC)SPON ADR EACH REP 1/2 ORD EUR0.00USUSDJan 1980
HNK2DB (Deutsche Boerse AG)SPON ADR EACH REP 1/2 ORD EUR0.00DEEURJan 1980

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/27 00:00
End of Day Share Price2022/09/27 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.