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

Holdings: Post-October 2019 - Strong performance in line with N100 Index

Performance In October, the holdings in our universe showed strong performance. Both the mono and non-mono holdings performed strongly, reporting a 6.3% and 5.4% average increase in share prices respectively. In doing so they both outperformed the n100 index by 1.3% and 0.4% repetitively. Discount The average discount contracted further to 11.7%, compared to 12.4% at the last holding update in September. The discount contraction is mainly driven by a contraction in the mono-holding discount from 24.6% to 17.1%. The non-mono holding discount remained largely flat at 9.6%.

Nikolaas Faes

HEINEKEN: Asia shines in an otherwise weak Q3 update | NEUTRAL | EUR100(+3%)

HEINEKEN - NEUTRAL | EUR100(+3%) Asia shines in an otherwise weak Q3 update Q3 organic beer volume growth of 2.3% Heineken tends to do better on volumes, not on real price/mix Full year organic operating profit guidance at low end New guidance for currency impact is lower

Bart Cuypers ...
  • Guy Sips
  • Jan Opdecam
  • Joachim Vansanten
  • Marcel Achterberg
  • Ruben Devos
  • Wim Hoste

Morning Note: AGFB BB, AKZA NA, BAR BB, BRNL NA, FFARM NA, HEIO NA, HEIA NA, MELE BB, OBEL BB, WDP BB

Agfa: First-round bids are open according to Reuters Akzo Nobel: 3Q broadly in line with CSS but helped by ‘Others’ Barco: 3Q19 top-line in line despite weaker Control Rooms Brunel International: Profit warning: hit across the board ForFarmers: Missed opportunity Heineken: Volume +2.3%, outlook slightly more conservative Heineken Holding: 3Q19 Trading Update Melexis: Mixed 3Q19 and outlook, Positive on destocking Orange Belgium: Q3 results beat expectations despite headwinds WDP: 3Q19 trading update in line with estimates

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

Joachim Vansanten

Holdings: Post-October 2019 - Strong performance in line with N100 Index

Performance In October, the holdings in our universe showed strong performance. Both the mono and non-mono holdings performed strongly, reporting a 6.3% and 5.4% average increase in share prices respectively. In doing so they both outperformed the n100 index by 1.3% and 0.4% repetitively. Discount The average discount contracted further to 11.7%, compared to 12.4% at the last holding update in September. The discount contraction is mainly driven by a contraction in the mono-holding discount from 24.6% to 17.1%. The non-mono holding discount remained largely flat at 9.6%.

Nikolaas Faes

HEINEKEN: Asia shines in an otherwise weak Q3 update | NEUTRAL | EUR100(+3%)

HEINEKEN - NEUTRAL | EUR100(+3%) Asia shines in an otherwise weak Q3 update Q3 organic beer volume growth of 2.3% Heineken tends to do better on volumes, not on real price/mix Full year organic operating profit guidance at low end New guidance for currency impact is lower

Bart Cuypers ...
  • Guy Sips
  • Jan Opdecam
  • Joachim Vansanten
  • Marcel Achterberg
  • Ruben Devos
  • Wim Hoste

Morning Note: AGFB BB, AKZA NA, BAR BB, BRNL NA, FFARM NA, HEIO NA, HEIA NA, MELE BB, OBEL BB, WDP BB

Agfa: First-round bids are open according to Reuters Akzo Nobel: 3Q broadly in line with CSS but helped by ‘Others’ Barco: 3Q19 top-line in line despite weaker Control Rooms Brunel International: Profit warning: hit across the board ForFarmers: Missed opportunity Heineken: Volume +2.3%, outlook slightly more conservative Heineken Holding: 3Q19 Trading Update Melexis: Mixed 3Q19 and outlook, Positive on destocking Orange Belgium: Q3 results beat expectations despite headwinds WDP: 3Q19 trading update in line with estimates

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...

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...

With a more favourable environment, HEINEKEN HOLDING PLC. improves to Slightly Positive

HEINEKEN HOLDING PLC. (NL), a company active in the Brewers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date July 26, 2019, the closing price was EUR 96.40 and its potential was estimated at EUR 101.22.

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 | 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

MarketLine Department

Taiwan Tobacco & Liquor Corporation - Strategy, SWOT and Corporate Finance Report

Summary Taiwan Tobacco & Liquor Corporation - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Taiwan Tobacco & Liquor Corporation (TTL) distributes alcoholic beverages and tobacco. The company offers products such as liquor, beer, wine, whisky, red wine, herbal liquor, cooking wine, cigarettes, tobacco. TTL markets its products under various brands such as Taiwan B...

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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