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1. Company Snapshot

1.a. Company Description

Heineken Holding N.V., through its subsidiaries, engages in the brewing and selling of beer and cider.The company's portfolio consists of approximately 300 international, regional, local, and specialty beers and ciders.It operates in Africa, the Middle East, Europe, the Americas, and the Asia Pacific.


The company was founded in 1864 and is based in Amsterdam, the Netherlands.Heineken Holding N.V. is a subsidiary of L'Arche Green N.V.

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1.b. Last Insights on HEIO

Heineken Holding N.V.'s recent performance was negatively impacted by a decline in revenue, which decreased by 4.3% in the first half of 2025 compared to the same period in 2024. The company's share buyback program, which has been ongoing since February 2025, has also been a point of contention, with the company repurchasing a significant number of shares in the past few weeks. This has led to a decrease in the number of outstanding shares, which may have a negative impact on the company's earnings per share. Additionally, the company's ownership structure, with private companies holding a significant stake, may also be a point of concern for investors.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Is Heineken Holding Offering Long Term Value After Modest 2025 Share Price Recovery?

Dec -04

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Biggest Office Party Night of the Year Set for Unprecedented Surge in 0.0 Drinking

Dec -04

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No Excuses Needed: the 2025 Festive Season Marks the First Where Saying ‘No Thanks’ to Alcohol Won’t be Met With Judgement

Dec -03

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Heineken Holding N.V. reports transactions under its current share buyback programme

Dec -01

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Heineken N.V. reports the progress of transactions under its current share buyback programme

Dec -01

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Heineken Holding N.V. reports transactions under its current share buyback programme

Nov -24

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Heineken N.V. reports the progress of transactions under its current share buyback programme

Nov -24

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Is Heineken Holding (ENXTAM:HEIO) Undervalued? A Fresh Look at Its Current Valuation

Nov -21

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.10%)

6. Segments

Brewing and Selling of Beer

Expected Growth: 4.1%

The global revenue growth hypothesis of 4.1% is applied to this segment as it is the sole segment. This growth rate reflects a balanced view of Heineken's global presence, brand portfolio, and the overall beer market conditions. The 4.1% growth is a reasonable estimate considering the company's diversified market presence and its efforts to innovate and expand its customer base. The growth hypothesis takes into account various factors influencing the beer market, including consumer trends and economic conditions.

7. Detailed Products

Heineken Beer

Heineken's flagship beer, a premium lager brewed with a unique A-yeast, giving it a distinctive flavor and aroma.

Cruzcampo Beer

A Spanish beer brand, acquired by Heineken, offering a range of beers with a Mediterranean twist.

Desperados Beer

A tequila-flavored beer, perfect for those who want a unique drinking experience.

Birra Moretti Beer

An Italian beer brand, acquired by Heineken, offering a range of beers with a focus on quality and tradition.

Strongbow Cider

A popular cider brand, offering a range of flavors and varieties.

Bulmers Cider

A UK-based cider brand, offering a range of flavors and varieties.

Gin Lane 1751

A premium gin brand, offering a range of flavors and varieties.

8. Heineken Holding N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Heineken Holding N.V. faces moderate threat from substitutes, as consumers have various alternatives to beer, such as wine, spirits, and non-alcoholic beverages. However, the company's strong brand portfolio and diversified product offerings help mitigate this threat.

Bargaining Power Of Customers

Heineken Holding N.V. has a large and diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's strong brand recognition and customer loyalty programs help to maintain customer relationships.

Bargaining Power Of Suppliers

Heineken Holding N.V. relies on a network of suppliers for raw materials, such as barley, hops, and packaging materials. While the company has some bargaining power due to its large scale, suppliers may still exert some pressure on prices and quality.

Threat Of New Entrants

The beer industry has high barriers to entry, including significant capital requirements, regulatory hurdles, and established distribution networks. Heineken Holding N.V.'s strong brand portfolio and global presence make it difficult for new entrants to gain traction.

Intensity Of Rivalry

The beer industry is highly competitive, with many established players vying for market share. Heineken Holding N.V. faces intense rivalry from other major brewers, as well as craft breweries and local players, which can lead to pricing pressure and marketing expenses.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 65.20%
Debt Cost 3.95%
Equity Weight 34.80%
Equity Cost 7.00%
WACC 5.01%
Leverage 187.38%

11. Quality Control: Heineken Holding N.V. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Imperial Brands

A-Score: 7.7/10

Value: 5.8

Growth: 5.3

Quality: 6.3

Yield: 9.4

Momentum: 9.5

Volatility: 9.7

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Coca-Cola Europacific Partners

A-Score: 6.0/10

Value: 3.6

Growth: 6.0

Quality: 5.0

Yield: 6.2

Momentum: 10.0

Volatility: 5.0

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Carlsberg

A-Score: 5.3/10

Value: 4.3

Growth: 4.8

Quality: 4.9

Yield: 5.6

Momentum: 3.5

Volatility: 8.7

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Heineken

A-Score: 5.1/10

Value: 7.1

Growth: 4.0

Quality: 3.2

Yield: 5.0

Momentum: 2.5

Volatility: 8.7

1-Year Total Return ->

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Heineken

A-Score: 4.4/10

Value: 4.2

Growth: 4.2

Quality: 3.6

Yield: 3.8

Momentum: 2.0

Volatility: 8.3

1-Year Total Return ->

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AB InBev

A-Score: 4.4/10

Value: 6.4

Growth: 3.0

Quality: 6.1

Yield: 0.6

Momentum: 2.0

Volatility: 8.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

61.05$

Current Price

61.05$

Potential

-0.00%

Expected Cash-Flows