Analyse aandeel Heineken

Heineken is de derde grootste bierbrouwer ter wereld gemeten naar volume en de grootste brouwer in Europa. Het is echter niet zo winstgevend als zijn grotere concurrenten. (Engelstalig rapport)

Philip Gorham 19 juni, 2014 | 15:04
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INVESTMENT THESIS

Over the past five years, Heineken's two transformative acquisitions have given it volume scale almost on par with the number-two global brewer, SABMiller. In 2013, Heineken sold 178 million hectolitres (hl) of beer, short of the 242 million hl sold by SABMiller, but above the 122.5 million hl sold by AmBev and the 120 million hl sold by Carlsberg in the same period.

In theory, the firm should be generating margins and returns on capital at least as large as AmBev, and close to those of SABMiller. This assumption is particularly valid given that Heineken's portfolio is skewed to the premium segment through its namesake international premium segment (IPS) beer brand, while competitors including Anheuser Busch InBev, SABMiller, and Carlsberg operate primarily in the mainstream segment. The opposite is true, however, and in 2013, Heineken's adjusted EBIT margin of just under 14% was significantly below that of A-B InBev (35%), SABMiller (30%) and AmBev (42%).

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Anheuser-Busch InBev SA/NV50,84 EUR-0,68Rating
Heineken NV93,44 EUR0,47Rating

Over de auteur

Philip Gorham  

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