Heineken’s Q3 sales were slightly below the market’s expectations, with consistent pressure on volume, especially in Europe due to the unfavourable weather conditions, as well as in Africa. However, following the profit warning during the H1, the reiteration of the outlook was welcome. While we do not see a positive catalyst in the short term, the downside risks are limited given the recent share price underperformance and the stock’s current PE.

25 Oct 2023
A glimmer of sunshine after the inclement weather

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A glimmer of sunshine after the inclement weather
Heineken’s Q3 sales were slightly below the market’s expectations, with consistent pressure on volume, especially in Europe due to the unfavourable weather conditions, as well as in Africa. However, following the profit warning during the H1, the reiteration of the outlook was welcome. While we do not see a positive catalyst in the short term, the downside risks are limited given the recent share price underperformance and the stock’s current PE.