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

Joachim Vansanten

Holding and Investment Companies overview: Post-April update: Outperforming the BEL20 by 5.4%

• GBL – Solid 1Q19 results, NAV +14.1% (09/05/2019) • Solvac – TP to €133 following Solvay’s 1Q19 trading update (07/05/2019) • Brederode – 1Q19, steady NAV Growth (+7.3%) (30/04/2019) • Gimv – Life sciences team establishes advisory board (30/04/2019) • Quest for Growth – 1Q19 Trading update (26/04/2019) • Heineken Holding – Steady 1Q beer volume growth (+4.3%) (24/04/2019) • KBC Ancora – Court of appeal dismisses minority claim (10/04/2019)

Alan Vandenberghe ...
  • Alexander Makar
  • Bart Cuypers
  • Guy Sips
  • Jan Opdecam
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ABN NA, AED BB, AKZA NA, BFIT NA, GLPG NA, HEIO NA, HEIA NA, MDXH BB, MELE BB, OBEL BB, OXUR BB, RAND NA, WDP BB

ABN Amro: M&A: Degroof Petercam in Belgium is good fit Aedifica: Up to € 418m cap increase in 1-for-3 rights offering Akzo Nobel: 1Q adj. operating income +9%, below consensus Basic-Fit: Acquiring Fitland in the Netherlands Galapagos: MOR106 into ph2 for dermatitis Heineken: Solid 1Q organic beer volume growth (+4.3%) Heineken Holding: Steady 1Q beer volume growth (+4.3%) MDxHealth: No improvement on the horizon Melexis: Feedback conference call Orange Belgium: Retail service revenue growth accelerates Oxurion: THR-149 phase I fully recruited, results early 3Q19 Randstad: Strong 1Q19 results W...

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...

HEINEKEN HOLDING PLC. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of HEINEKEN HOLDING PLC. (NL), a company active in the Brewers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 8, 2019, the closing price was EUR 86.60 and its potential was estimated at EUR 90.93.

Joachim Vansanten

Holding and Investment Companies overview: Post-April update: Outperforming the BEL20 by 5.4%

• GBL – Solid 1Q19 results, NAV +14.1% (09/05/2019) • Solvac – TP to €133 following Solvay’s 1Q19 trading update (07/05/2019) • Brederode – 1Q19, steady NAV Growth (+7.3%) (30/04/2019) • Gimv – Life sciences team establishes advisory board (30/04/2019) • Quest for Growth – 1Q19 Trading update (26/04/2019) • Heineken Holding – Steady 1Q beer volume growth (+4.3%) (24/04/2019) • KBC Ancora – Court of appeal dismisses minority claim (10/04/2019)

Alan Vandenberghe ...
  • Alexander Makar
  • Bart Cuypers
  • Guy Sips
  • Jan Opdecam
  • Jason Kalamboussis
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ABN NA, AED BB, AKZA NA, BFIT NA, GLPG NA, HEIO NA, HEIA NA, MDXH BB, MELE BB, OBEL BB, OXUR BB, RAND NA, WDP BB

ABN Amro: M&A: Degroof Petercam in Belgium is good fit Aedifica: Up to € 418m cap increase in 1-for-3 rights offering Akzo Nobel: 1Q adj. operating income +9%, below consensus Basic-Fit: Acquiring Fitland in the Netherlands Galapagos: MOR106 into ph2 for dermatitis Heineken: Solid 1Q organic beer volume growth (+4.3%) Heineken Holding: Steady 1Q beer volume growth (+4.3%) MDxHealth: No improvement on the horizon Melexis: Feedback conference call Orange Belgium: Retail service revenue growth accelerates Oxurion: THR-149 phase I fully recruited, results early 3Q19 Randstad: Strong 1Q19 results W...

Nikolaas Faes

HEINEKEN: Model maintenance | BUY | EUR100 vs. EUR95

HEINEKEN - BUY | EUR100 vs. EUR95 (+12%) Model maintenance Model maintenance: increasing 2019 OP expectation by 5.2% Management incentives geared towards topline growth The bad news: gradual loss of exclusivity at Oxxo

Alan Vandenberghe ...
  • Cedric Duinslaeger
  • Jason Kalamboussis
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

KBC Securities Morning Note 13-2-2019 ABN NA, ADYEN NA, AKZA NA, GREEN BB, HEIO NA, HEIA NA, MITRA BB, OBEL BB, TNET BB, VPK NA

ABN Amro: Diamonds and KYC are taking their toll (4Q miss) Adyen: The MSCI World is not enough Akzo Nobel: 4Q adjusted operating profit +2% Greenyard: Marc Zwaaneveld new co-CEO Heineken: FY18 volumes +4.2%, operating profit +6.4% organ. Heineken Holding: FY18 profit allows for a dividend of € 1.60 (up 8.8%) Mithra: First roll-out of the Myring EU commercial batch Orange Belgium: Great Q4, outlook points to EBITDA growth in ‘19 Telenet: Launch of Yugo, a new convergent bundle Vopak: FY18 results in line, dividend raise to € 1.1 p.s. Dynamic Top Pick List: Removing ABN Amro from Dynamic Top Pic...

Cedric Duinslaeger

HOLDING & INVESTMENT COMPANIES OVERVIEW - KBC Securities Sector Flash 07-02-2019 - Post-January Update: Share prices up, yet underperforming the market

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. ...

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 – DETAILED COMMENTS 07/31/2018

...

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

...

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

...

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

...

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...

HEINEKEN HOLDING PLC. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of HEINEKEN HOLDING PLC. (NL), a company active in the Brewers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 8, 2019, the closing price was EUR 86.60 and its potential was estimated at EUR 90.93.

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,...

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...

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)

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...

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