Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HEINEKEN NV. We currently have 7 research reports from 1 professional analysts.
|21Mar17 07:01||GNW||Heineken N.V. successfully prices $1.75 billion of U.S. Dollar Senior Notes|
|01Mar17 13:00||GNW||HEINEKEN appoints new Executive Director Global Legal Affairs|
|22Feb17 15:37||GNW||Heineken N.V. publishes 2016 Annual Report|
|15Feb17 06:00||GNW||Heineken N.V. reports 2016 full year results|
|13Feb17 06:44||GNW||Heineken N.V. enters into agreement to acquire Brasil Kirin Holding S.A.|
|20Jan17 06:13||GNW||HEINEKEN STATEMENT IN RESPONSE TO PRESS SPECULATION ON KIRIN IN BRAZIL|
|22Nov16 16:35||GNW||Heineken N.V. successfully prices €500 million of Notes|
Frequency of research reports
Research reports on
Strong FY above expectations, sticks to mid-term guidance
15 Feb 17
Heineken FY and Q4 update: In Q4, beer volumes increased +2.2% (in line with Q3). Q4 organic volumes by region: Africa, ME& EE +0.6%, Americas +2.8%, Asia Pacific +17.8% (very strong performance), Europe -2.5%. For the FY, beer volume was up +3% (in line with consensus) whereas revenue grew organically +4.8% (cons. +3.7%). Revenue growth per hl was up +2.2%. The organic operating profit was up +9.9% (Cons. +6.6%). On a reported basis, net revenue was up +1.4%, whereas operating margin (beia) was up 50bp (better than expected) to 17%. For the FY17, the group expects volatile market conditions and a negative impact from FX. The operating margin should progress 40bp excluding the recent acquisitions in Brazil and the UK and unforeseen large macro-economic changes. The proposed dividend is €1.34 (vs. €1.30 last year).
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.
New Product Development Enhances the Mix
17 Mar 17
Fever Tree’s (FEVR LN, HOLD, T/P 1250p) announces preliminary 2016 results on Tuesday 21st March. We forecast revenue to increase 72.6% to £102.2m in line with the 24th January trading update, and adjusted diluted EPS to continue its positive momentum to 25.2p (23.7p FY2015). Current consensus appears to be 24.0p (Source: Bloomberg).
21 Mar 17
Fever Tree’s (FEVR LN, HOLD, T/P 1250p) preliminary 2016 results this morning included in line EBITDA and diluted EPS. The company reported £35.8m of EBITDA – marginally ahead of our own £35.6m estimate and in front of £34.9m consensus forecast. Adjusted diluted EPS was 23.7p (+104%), consistent with our estimate (23.7p) but slightly below the 24.0p predicted by consensus (source: Bloomberg). Fever Tree holds an analyst presentation at 9.30am.
Panmure Morning Note 20-03-2017
20 Mar 17
Today’s H1FY17 results are in line with our and consensus expectations, and we are therefore maintaining our FY17 and FY18 PBT estimates. We regard this as a resilient performance given the turbulent backdrop. We leave our BUY rating and 150p TP unchanged to reflect our positive view on FIF’s long-term prospects predicated on; (1) FIF’s broad-based business spread across channel, customer and product providing diversification of opportunity and risk; (2) FIF is wellpositioned in the fast-growing areas (e.g. artisan breads, celebration cakes, “food-to-go”/foodservice) of the UK bakery market; and (3) FIF’s market leading position and size to deliver scale advantage to develop its stated growth opportunities (including targeted accretive acquisitions), further supported by FIF’s sound financial position (H1FY17 net debt/EBITDA of 0.8x).
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.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.