Financials Heineken N.V.

Equities

HEIA

NL0000009165

Brewers

Market Closed - Euronext Amsterdam 11:35:23 2024-07-19 EDT 5-day change 1st Jan Change
89.42 EUR -0.33% Intraday chart for Heineken N.V. +0.09% -2.74%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 54,121 52,480 56,918 50,583 52,101 50,384 - -
Enterprise Value (EV) 1 69,352 69,201 70,543 64,114 67,936 65,433 64,312 63,137
P/E ratio 25.2 x -253 x 17.1 x 18.9 x 22.5 x 20 x 17.2 x 15.1 x
Yield 1.77% 0.77% 1.25% 1.97% 1.88% 1.95% 2.19% 2.36%
Capitalization / Revenue 2.27 x 2.66 x 2.6 x 1.76 x 1.72 x 1.59 x 1.53 x 1.46 x
EV / Revenue 2.9 x 3.51 x 3.22 x 2.23 x 2.24 x 2.07 x 1.95 x 1.82 x
EV / EBITDA 12.2 x 13.8 x 13.9 x 10.6 x 9.5 x 9.62 x 8.89 x 8.19 x
EV / FCF 28.6 x 42.3 x 24.7 x 23.7 x 34 x 29.7 x 23.9 x 19.6 x
FCF Yield 3.49% 2.36% 4.05% 4.22% 2.94% 3.36% 4.18% 5.1%
Price to Book 3.37 x 3.92 x 3.28 x 2.59 x 2.58 x 2.37 x 2.2 x 2.04 x
Nbr of stocks (in thousands) 570,180 575,308 575,740 575,595 566,680 563,449 - -
Reference price 2 94.92 91.22 98.86 87.88 91.94 89.42 89.42 89.42
Announcement Date 20-02-12 21-02-10 22-02-16 23-02-15 24-02-14 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 23,894 19,724 21,901 28,694 30,308 31,602 33,004 34,609
EBITDA 1 5,670 5,022 5,087 6,055 7,154 6,798 7,234 7,706
EBIT 1 4,020 2,421 3,414 4,502 4,443 4,644 5,023 5,401
Operating Margin 16.82% 12.27% 15.59% 15.69% 14.66% 14.69% 15.22% 15.6%
Earnings before Tax (EBT) 1 3,284 157 4,334 4,170 2,522 3,800 4,422 4,836
Net income 1 2,166 -204 3,324 2,682 2,304 2,452 2,889 3,170
Net margin 9.07% -1.03% 15.18% 9.35% 7.6% 7.76% 8.75% 9.16%
EPS 2 3.770 -0.3600 5.770 4.650 4.090 4.464 5.213 5.927
Free Cash Flow 1 2,422 1,635 2,857 2,705 1,996 2,200 2,686 3,222
FCF margin 10.14% 8.29% 13.05% 9.43% 6.59% 6.96% 8.14% 9.31%
FCF Conversion (EBITDA) 42.72% 32.56% 56.16% 44.67% 27.9% 32.37% 37.13% 41.82%
FCF Conversion (Net income) 111.82% - 85.95% 100.86% 86.63% 89.74% 92.96% 101.66%
Dividend per Share 2 1.680 0.7000 1.240 1.730 1.730 1.742 1.955 2.109
Announcement Date 20-02-12 21-02-10 22-02-16 23-02-15 24-02-14 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1 2025 S1 2025 S2
Net sales 1 12,448 9,243 10,481 9,971 - 5,966 11,930 6,742 13,485 9,415 5,794 15,209 7,632 9,804 17,436 8,015 7,779 15,794 8,184 8,307 15,088 8,128 7,913 16,463 6,984 15,524 17,104
EBITDA - - 2,859 - - - - - - - - - - - - - - - - - - - - - - - -
EBIT 2,239 827 1,594 1,628 - 802.5 1,786 - 2,155 - - 2,347 - - 1,939 - - 2,504 - - 2,057 - - 2,565 - - -
Operating Margin 17.99% 8.95% 15.21% 16.33% - 13.45% 14.97% - 15.98% - - 15.43% - - 11.12% - - 15.85% - - 13.63% - - 15.58% - - -
Earnings before Tax (EBT) 1,808 -221 378 1,609 - - 2,725 - 2,002 - - 2,168 - - 1,276 - - 1,246 - - 1,514 - - 2,055 - 1,972 2,488
Net income 1,230 -297 93 1,034 2,048 242 2,290 - 1,265 - - 1,417 - - 1,156 - - 1,148 - - 908 - - 1,285 - 1,370 1,729
Net margin 9.88% -3.21% 0.89% 10.37% - 4.06% 19.2% - 9.38% - - 9.32% - - 6.63% - - 7.27% - - 6.02% - - 7.81% - 8.83% 10.11%
EPS - - - 1.800 - - - - 2.200 - - - - - 2.040 - - - - - 2.160 - - 2.820 - 2.430 3.070
Dividend per Share 1.040 - 0.7000 0.2800 - - 0.9600 - 0.5000 - - 1.230 - - 0.6900 - - 1.040 - - 0.7400 - - 0.9900 - - -
Announcement Date 20-02-12 20-08-03 21-02-10 21-08-02 21-10-27 22-02-16 22-02-16 22-08-01 22-08-01 22-10-26 23-02-15 23-02-15 23-04-19 23-07-31 23-07-31 23-10-25 24-02-14 24-02-14 24-04-24 - - - - - - - -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 15,231 16,721 13,625 13,531 15,835 15,049 13,928 12,753
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.686 x 3.33 x 2.678 x 2.235 x 2.213 x 2.214 x 1.925 x 1.655 x
Free Cash Flow 1 2,422 1,635 2,857 2,705 1,996 2,200 2,686 3,222
ROE (net income / shareholders' equity) 14.1% 7.81% 13.3% 14.5% 13.3% 12.7% 13.8% 14.3%
ROA (Net income/ Total Assets) 4.89% 2.59% 4.46% 5.3% 4.89% 4.77% 5.63% 6.38%
Assets 1 44,327 -7,879 74,494 50,628 47,077 51,383 51,273 49,692
Book Value Per Share 2 28.10 23.30 30.20 34.00 35.60 37.70 40.60 43.90
Cash Flow per Share 2 7.550 10.90 7.260 7.810 7.860 8.640 9.300 9.780
Capex 1 1,915 1,501 1,324 1,791 2,434 2,731 2,755 2,823
Capex / Sales 8.01% 7.61% 6.05% 6.24% 8.03% 8.64% 8.35% 8.16%
Announcement Date 20-02-12 21-02-10 22-02-16 23-02-15 24-02-14 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
21
Last Close Price
89.42 EUR
Average target price
100.4 EUR
Spread / Average Target
+12.29%
Consensus
  1. Stock Market
  2. Equities
  3. HEIA Stock
  4. Financials Heineken N.V.