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06 Jul 2020
Revising estimates
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Revising estimates
- Published:
06 Jul 2020 -
Author:
Jeff Stent -
Pages:
14
ABInBev: we modestly revise our FY20e / FY21e EPS
We revise our FY20e EPS by c.(1)% and our FY21e EPS by c.(1)%. The revisions primarily related to updated FX translation and some modest operational tweaks. Our EUR41 target price remains unchanged.
Heineken: we make more meaningful EPS revisions to our FY20e / FY21e EPS
We revise our FY20e EPS by c.(8)%. The variance relates to updated FX translation, taking a more conservative view on price / mix realisation and incorporation of a higher tax rate estimate (to reflect our estimate of the impact of lower profits limiting interest deductibility in the Netherlands). Given that with the exception of FX translation these impacts should hopefully be temporary in nature, we revise our FY21e EPS by only c.(2)%. Our EUR75 target price remains unchanged.
Please see within for our updated estimates
Please see within the report for our updated segmental sales, segmental EBIT and profit and loss account estimates.