Heineken Holding N.V.

Heineken Holding is a holding company based in the Netherlands. Through its subsidiaries, Co. promotes the continuity, independence and stability of the Heineken group. This creates the conditions which enable Heineken N.V. to pursue its long-term policy in the interest of the shareholders, the staff and other stakeholders. Co. does not engage in operational activities itself. These have been assigned within the Heineken group to Heineken N.V. and its subsidiaries and associated companies. Through Heineken N.V., Co. is involved in the brewing and selling of beer.
  • TickerHEIO
  • ISINNL0000008977
  • ExchangeEuronext Amsterdam
  • SectorBeverages
  • CountryNetherlands

Analysts

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

A director bought 2,564,102 shares at 78.000EUR and

A director at Heineken Holding N.V. bought 2,564,102 shares at 78.000EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Expert Corporate Governance Service (ECGS)

Proxy Report - 19/04/2018

We note that shareholders are not requested to vote on the proposed dividend in this meeting. We consider this to be deviating from market practise and we urge the Company to put proposed dividend up for shareholders approval. Under agenda item 8, it is proposed to amend the Articles of Association of the Company. The proposal to amend the Articles of Association is in particular driven by the wish to abolish the priority shares from the capital structure of Heineken Holding N.V. and brining the Articles of Association in line with the Code and current provisions in statutory Dutch law. Altho...

Nikolaas Faes

ENGIE: Buy recommendation maintained despite new Belgian headwind

ENGIE: (BUY, Fair Value EUR15,5 vs. EUR16 (+17%)) Buy recommendation maintained despite new Belgian headwind Engie announced yesterday that the new agenda of scheduled revisions for Belgian nuclear installations will negatively impact the group’s EBITDA and NRI by ~EUR250m. While we believe part of this headwind will be offset by new cost-savings measures and better performances in other activities (French hydro, GEM), this new agenda led us to revised downwards our 2018e estimates and our FV to EUR15.5/share. We maintain our Buy recommendation on the back of attractive valuation, upcoming cat...

Nikolaas Faes

Brewers | The beer sector in Italy

SECTOR | Brewers | The beer sector in Italy Tapping for growth • Western Europe is a no/low growth beer market but within the market there are definitely pockets of growth. The 420m prosperous Western Europeans consume 290m hl of beer p.a. and their growth in disposable income brings beer volume growth in Southern Europe (where per capita consumption is still modest) and premiumisation (craft, specialties, premium line extensions) across the region. Furthermore, the growing attention to health stimulates the no-and-low-alcohol segment. • These trends converge in the Italian market,...

Nikolaas Faes

ENGIE: Buy recommendation maintained despite new Belgian headwind

ENGIE: (BUY, Fair Value EUR15,5 vs. EUR16 (+17%)) Buy recommendation maintained despite new Belgian headwind Engie announced yesterday that the new agenda of scheduled revisions for Belgian nuclear installations will negatively impact the group’s EBITDA and NRI by ~EUR250m. While we believe part of this headwind will be offset by new cost-savings measures and better performances in other activities (French hydro, GEM), this new agenda led us to revised downwards our 2018e estimates and our FV to EUR15.5/share. We maintain our Buy recommendation on the back of attractive valuation, upcoming cat...

Olivier Lebrun

ODDO : Bière plutôt que spiritueux !

>Un arbitrage en faveur des brasseurs - Après deux ans de sous-performance prononcée des titres de bière au sein du secteur des boissons, le contexte est redevenu plus favorable aux brasseurs. A l’inverse, les spiritueux, désormais très chers, apparaissent sensibles à des facteurs de risque alors que l’accélération de leur croissance est désormais intégrée par le marché. Ainsi, nous sommes à l’Achat sur les trois valeurs de la bière. Cependant, en termes de valorisati...

Olivier Lebrun

ODDO : We’d rather have a beer!

>Advantage brewers - After two years of sharp underperformance for beers stocks within the beverages sector, the environment has turned more positive for brewers. In contrast, spirits, now trading on very demanding multiples, look exposed to a number of risk factors and their faster pace of growth now looks priced in. On this basis, we are at Buy on the three beer stocks. Valuation-wise, ABI seems to offer the most upside in the short term. ABI (Buy, TP €...

Jean-Christophe Dourret

Heineken : Heineken - 20 juillet 2018

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Jean-Christophe Dourret

Heineken : Heineken - 20 July 2018

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A director bought 2,564,102 shares at 78.000EUR and

A director at Heineken Holding N.V. bought 2,564,102 shares at 78.000EUR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Fatma Agnès Hamdani ...
  • Johanna Jourdain
  • Matthias Desmarais
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/07/2018

Le marché sera tenté de jouer un dégonflement de 40 pb (soit 5% de potentiel) de la prime de risque lié à l’apaisement temporaire des craintes relatives au risque politique en Europe et à la guerre commerciale. Privilégier 1/ le secteur pétrolier, via les pétrolières intégrées, dont la croissance 2018 est visible (+39%e), en accélération et la valorisation raisonnable (P/CF 5,9x) et 2/ des segments « défensifs » oubliés lors de la phase de stress du marché : alimentation et bière don...

Fatma Agnès Hamdani ...
  • Johanna Jourdain
  • Matthias Desmarais
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/10/2018

The market will be tempted to play a 40bp contraction (i.e. 5% on the basis of share prices on 6 July) in the risk premium linked to the temporary allaying of concerns about political risk in Europe and a trade war. Opt for 1/ the oil sector, via integrated oil companies, for which 2018 growth is visible (+39% estimated), accelerating and for which the valuation remains reasonable (P/CF 5.9x) and 2/ “defensive” segments overlooked during the period of market stress: food and beer for...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Eric Beaudet
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Valentin Pernet
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/07/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Eric Beaudet
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Valentin Pernet
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/30/2018

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Jean Sassus
  • Jerôme Bodin
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/07/2018

...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Nikolaas Faes

Brewers | The beer sector in Italy

SECTOR | Brewers | The beer sector in Italy Tapping for growth • Western Europe is a no/low growth beer market but within the market there are definitely pockets of growth. The 420m prosperous Western Europeans consume 290m hl of beer p.a. and their growth in disposable income brings beer volume growth in Southern Europe (where per capita consumption is still modest) and premiumisation (craft, specialties, premium line extensions) across the region. Furthermore, the growing attention to health stimulates the no-and-low-alcohol segment. • These trends converge in the Italian market,...

Nikolaas Faes

Brewers | Lasting forever

In this research we analyze in depth the past and future organic revenue growth rates of the brewers. Over the past five years, AB InBev’s 4.9% annual organic revenue growth and Heineken’s 4.5%, look spectacular. However, as both have nearly 40% of their revenues from high-inflation countries, their inflation-corrected organic revenue growth rate has been a disappointing at 0.5% and 0.7%, respectively; well below the 2.1% that Royal Unibrew managed but better than the -1.4% from Carlsberg and the -3% from Molson Coors

Expert Corporate Governance Service (ECGS)

Proxy Report - 19/04/2018

We note that shareholders are not requested to vote on the proposed dividend in this meeting. We consider this to be deviating from market practise and we urge the Company to put proposed dividend up for shareholders approval. Under agenda item 8, it is proposed to amend the Articles of Association of the Company. The proposal to amend the Articles of Association is in particular driven by the wish to abolish the priority shares from the capital structure of Heineken Holding N.V. and brining the Articles of Association in line with the Code and current provisions in statutory Dutch law. Altho...

Heineken – Proxinvest Corporate Governance Rating ® : E

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Heineken Holding NV - 25 April AGM

In general, Heineken Holding is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.  Under ITEM 7a, it is proposed to re-appoint Ms. Charlene de Carvalho-Heineken as Member of the board of directors. Ms. de Carvalho-Heineken is NOT considered independent as she is an executive member of the board as well as a representative of major shareholder L'Arche Green N.V. The independence ratio on the board will under normal circumstances only be 13%, indicating that there is insufficient independent representation on the board. In view o...

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