Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HEINEKEN NV. We currently have 6 research reports from 1 professional analysts.
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Q3 update: solid organic volume growth but the FX headwinds persist
26 Oct 16
Heineken’s Q3 trading update: beer volumes grew organically by +2% (consensus +1.4%, vs. 1.8% in Q2). Volumes by region: Africa, ME & EE –3.6% (cons. -3.3%), the Americas +3% (cons. +3.6%), Asia Pacific +15.1% (cons. 12%), Europe +0.6% (cons. 0%). Heineken brand volumes grew +3.5% in Q3 (improvement vs. Q2) driven by China, South Africa and Brazil. For the FY, the company expects a currency headwind of c. €215m on the consolidated operating profit (beia) and c. €115m on the net profit. The FY guidance is maintained: further organic revenue growth and a margin expansion of 40bp.
Q2 gets dragged by Africa, ME & EE
01 Aug 16
Heineken released its H1 update. Revenues were up +4.7% on an organic basis (cons. +5.3%) with beer volumes up +4.1% (cons. 4.3%, 1.8% in Q2). On a reported basis, sales were up +2% in H1 whereas the operating margin beia expanded to 16.9% (vs. 16.5% in FY15). Volumes by region: Africa, ME & EE -1.2%, the Americas +4.7%, Asia Pacific +19.4%, Europe +2.3%. The Heineken brand’s volumes were up +2.6% (impacted also by Africa). The group maintains its FY guidance: further organic revenue growth and a margin expansion of 40bp (in line with mid-term guidance).
Strong start to the year
20 Apr 16
Heineken released its Q1 trading update. The OG volumes grew +7% (cons 2.4%) driven by a strong Vietnamese and Chinese New Year and the earlier timing of Easter. OG volumes by division: Africa, Middle East & Eastern Europe +4.6% (cons. -0.3%), the Americas +8.2% (cons. +5%), Asia Pacific +23% (cons. +4.5%) and Europe +2.3% (cons. +0.9%). The Heineken brand grew +4.8% in volumes.
Heineken remains confident about FY16 in spite of increased market volatility
10 Feb 16
Heineken released its FY results. Organic beer volumes were up 2.3% (in line with consensus), whereas organic net revenue progressed by 3.5% (cons +3.6%). Revenue/hl grew 1.3%. On reported figures sales grew +6.5% (FX: +2.5%). The operating margin (beia) was up by 23bp due to the dilutive impact of the disposal of EMPAQUE, but on an underlying basis the operating margin rose by 64bp. The net profit (beia) progressed by 16% and by 25% on a reported basis. The dividend is up to €1.30 (€1.10 in FY14). In Q4, beer volumes were up +1.4% for the whole group. Q4 organic volumes by region: Africa, ME& EE -3.5%, Americas +7.2%, Asia Pacific +2.8%, Europe -0.7%. Q4 organic net revenue by region: Africa, ME& EE -4.7%, Americas +10.3%, Asia Pacific -0.7%, Europe +0.5%. For FY16, Heineken expects to deliver further organic revenue and revenue despite an increasingly challenging environment, with a margin expansion at 40bp (in line with mid-term guidance).
Very strong Q3 thanks to acceleration in the Amercias and Europe
28 Oct 15
Heineken released its Q3 update. Total consolidated organic revenue grew +7.5% (consensus +3.9%). Beer volumes grew organically by +5.4% (consensus +2.6%). Organic beer volume growth by region: Africa Middle East & EE -0.1% (consensus -1.3%), Americas +6.7 (consensus +3%), Asia Pacific +6% (consensus +4.9%) and Europe 6.8% (consensus 3.9%). Revenue per hectolitre grew +1.8%. On reported figures, revenue increased by 8% to €5.51bn. Heineken decided to discontinue its share buy-back programme (€365m completed out of €750m) in light of the recent acquisitions (50% stake in Lagunitas Brewery, 53.43% stake in Pivovarna Lasko, Brassivoire JV in Ivory Coast, 57.9% stake in Desnoes & Geddes Ltd (Jamaica) and 49.99% of GAPL Pte Ltd, which distributes stout beer in Singapore and Malaysia). The company’s FY15 operating margin expansion guidance is maintained.
Good H1 results in challenging market environment
03 Aug 15
Heineken released its H1 update. Revenue stood at €9.8bn (consensus at €9.76bn). Organic revenue growth at 1.9% (cons. at 1%). Group operating profit (beia) was €1.54bn (cons. at €1.53bn). Beer volume was up by 1% (cons. at 0.7%). Consolidated revenue organic growth by region: Africa Middle East 1.4% (cons. 0.1%), Americas 5.8% (cons. 6%), Asia Pacific 7.4% (cons. 7.7%), CEE 1% (cons. -0.9%), West Europe -0.8% (cons. -2.4%). Heineken brands' volumes rose by 4.7% in H1 (3.2% in Q2). The consolidated operating margin was flat (the group's operating margin increased by 20bp). The interim dividend stood at €0.44. The share buy-back programme reached €229m (€750m considered) as of 24 July 2015. Heineken confirmed its full-year outlook: positive organic revenue growth in 2015 with volume growth at a more moderate level than in 2014, and weighted towards H2 (tougher comparatives in H1). Continued volume growth in developing markets will offset more subdued volume growth elsewhere.
Panmure Morning Note 19-01-2017
19 Jan 17
Today’s H1FY17 pre-close is more than just solid; it demonstrates FIF’s resilience. As flagged at September’s FY16 results and, as demonstrated by both November’s reassuring AGM trading statement and today’s encouraging H1FY17’s pre-close, FIF is both well-prepared and well-equipped to offset considerable input cost pressures and maintain its progress on multiple levels, whilst the scope for accretive M&A in a highly fragmented market remains an added attraction. We maintain our BUY.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Agriculture starts FY2017 ahead of expectations
10 Jan 17
Carr’s Group’s (CARR LN, HOLD, T/P 175p) issued a statement today which confirmed that the company continues to trade in line with the Board’s expectations for the current financial year. The announcement refers to 18- week period which ended on 7th January and is the first pre-AGM statement since the disposal of the flour milling business for £36m.
Successful Christmas trading leads to...........forecast upgrades
17 Jan 17
On the back of a very strong Q3 trading period, with revenues up by over 70% and volumes by 56%, the Board now anticipates that Distil’s FY17 results “will be ahead of current market expectations”. We are consequently raising our revenue forecasts for the next three years, which also see improvements to our bottom line PBT projections. Brand marketing spend growth of 88% in Q3 was running ahead of revenue growth, reflecting the ongoing brand investment across the product portfolio. This dilutes the impact of operational leverage, but still sees our previous PBT loss of c £120K educe by to thirds to £40K. A strong Q4 performance could potentially see Distil achieve breakeven, but we prefer to err on the side of prudence at this stage.
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
FY trading update: strategic goals kept despite challenging environment
17 Jan 17
Sales grew organically by 6% (H2: 7.6%, in line with our forecast and slightly better than consensus of 5.7%) and 6.8% on reported figures (in line with consensus, FX: 0.8%). Excluding Russell Stover, sales grew organically 7.4%. FY OG by region: Europe +7.4%, NAFTA +3.4% and ROW +10.2% (driven by Japan and Brazil). Global Retail recorded double- digit growth.