Valuation Heineken N.V.

Equities

Market Closed - Euronext Amsterdam Other stock markets 11:55:00 2025-12-08 EST			5-day change	1st Jan Change
68.08 ^EUR	-1.85%		-2.99%	-0.90%

12-05	Heineken N.V. Appoints Alex Carreteiro as Regional President Americas and Member of the Executive Team, Effective March 1, 2026	CI
12-05	Heineken Appoints Carreteiro as Regional President Americas	DJ

Data adjusted to current consolidation scope

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	52,480	56,918	50,583	52,101	38,487	37,723	-	-
Change	-	8.46%	-11.13%	3%	-26.13%	-1.98%	-	-
Enterprise Value (EV) ¹	69,201	70,543	64,114	67,936	53,138	52,130	52,710	51,445
Change	-	1.94%	-9.11%	5.96%	-21.78%	-1.9%	1.11%	-2.4%
P/E ratio	-253x	17.1x	18.9x	22.5x	39.5x	18.5x	15x	13.7x
PBR	3.92x	3.28x	2.59x	2.58x	1.72x	1.91x	1.77x	1.65x
PEG	-	-0x	-1x	-1.9x	-0.7x	0x	0.6x	1.38x
Capitalization / Revenue	2.66x	2.6x	1.76x	1.72x	1.07x	1.3x	1.25x	1.19x
EV / Revenue	3.51x	3.22x	2.23x	2.24x	1.48x	1.8x	1.74x	1.63x
EV / EBITDA	13.8x	13.9x	10.6x	9.5x	7.84x	8.19x	7.81x	7.19x
EV / EBIT	28.6x	20.7x	14.2x	15.3x	11.8x	11.9x	11.3x	10.4x
EV / FCF	42.3x	24.7x	23.7x	34x	17.5x	21.9x	19.7x	17.6x
FCF Yield	2.36%	4.05%	4.22%	2.94%	5.72%	4.56%	5.09%	5.68%
Dividend per Share ²	0.7	1.24	1.73	1.73	1.86	1.894	2.021	2.166
Rate of return	0.77%	1.25%	1.97%	1.88%	2.71%	2.78%	2.97%	3.18%
EPS ²	-0.36	5.77	4.65	4.09	1.74	3.676	4.53	4.978
Distribution rate	-194%	21.5%	37.2%	42.3%	107%	51.5%	44.6%	43.5%
Net sales ¹	19,724	21,901	28,694	30,308	35,955	28,971	30,258	31,569
EBITDA ¹	5,022	5,087	6,055	7,154	6,780	6,362	6,752	7,151
EBIT ¹	2,421	3,414	4,502	4,443	4,512	4,384	4,668	4,967
Net income ¹	-204	3,324	2,682	2,304	978	2,119	2,610	2,814
Net Debt ¹	16,721	13,625	13,531	15,835	14,651	14,407	14,987	13,722
Reference price ²	91.22	98.86	87.88	91.94	68.70	68.08	68.08	68.08
Nbr of stocks (in thousands)	575,308	575,740	575,595	566,680	560,214	554,100	-	-
Announcement Date	2/10/21	2/16/22	2/15/23	2/14/24	2/12/25	-	-	-

¹EUR in Million²EUR

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
HEINEKEN N.V.	18.87x	1.82x	8.3x	2.73%	44.71B
ANHEUSER-BUSCH INBEV SA/NV	18.01x	2.98x	8.32x	2.06%	120B
AMBEV S.A.	14.13x	2.13x	6.56x	7.19%	39.21B
CONSTELLATION BRANDS, INC.	13.7x	3.93x	10.65x	2.87%	24.78B
HEINEKEN HOLDING N.V.	17.49x	-	-	-	19.86B
CARLSBERG A/S	14.97x	1.91x	9.1x	3.5%	17.38B
ASAHI GROUP HOLDINGS, LTD.	14.39x	1.3x	8.98x	2.95%	16.62B
BUDWEISER BREWING COMPANY APAC LIMITED	21.26x	1.86x	6.62x	5.26%	13.45B
KIRIN HOLDINGS COMPANY, LIMITED	12.61x	1.1x	8.3x	3.18%	12.2B
Average	16.16x	2.13x	8.35x	3.72%	34.22B
Weighted average by Cap.	16.82x	2.47x	8.28x	3.27%