HEINEKEN NV (HEIA.AS) Stock Fundamental Analysis
AMS:HEIA - Euronext Amsterdam - NL0000009165 - Common Stock - Currency: EUR
We assign a fundamental rating of 4 out of 10 to HEIA. HEIA was compared to 25 industry peers in the Beverages industry. HEIA scores quite bad on profitability, while its financial health is fine. Not spectacular, but in line with the averages. HEIA does not seem to be growing, but still is valued expensively.
1. Profitability
1.1 Basic Checks
HEIA had positive earnings in the past year.
In the past year HEIA had a positive cash flow from operations.
Of the past 5 years HEIA 4 years were profitable.
Each year in the past 5 years HEIA had a positive operating cash flow.
1.2 Ratios
With a Return On Assets value of 1.82%, HEIA is not doing good in the industry: 76.92% of the companies in the same industry are doing better.
With a Return On Equity value of 4.99%, HEIA is not doing good in the industry: 76.92% of the companies in the same industry are doing better.
HEIA has a Return On Invested Capital of 7.20%. This is comparable to the rest of the industry: HEIA outperforms 57.69% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for HEIA is in line with the industry average of 7.88%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.82% | ||
| ROE | 4.99% | ||
| ROIC | 7.2% |
ROA(3y)3.7%
ROA(5y)3.49%
ROE(3y)10.07%
ROE(5y)9.57%
ROIC(3y)7.43%
ROIC(5y)6.62%
1.3 Margins
Looking at the Profit Margin, with a value of 3.28%, HEIA is doing worse than 73.08% of the companies in the same industry.
In the last couple of years the Profit Margin of HEIA has declined.
With a Operating Margin value of 12.82%, HEIA perfoms like the industry average, outperforming 42.31% of the companies in the same industry.
HEIA's Operating Margin has declined in the last couple of years.
HEIA has a Gross Margin of 20.26%. This is amonst the worse of the industry: HEIA underperforms 88.46% of its industry peers.
In the last couple of years the Gross Margin of HEIA has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 12.82% | ||
| PM (TTM) | 3.28% | ||
| GM | 20.26% |
OM growth 3Y-1.92%
OM growth 5Y-3.32%
PM growth 3Y-40.01%
PM growth 5Y-18.4%
GM growth 3Y-0.45%
GM growth 5Y-1.01%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so HEIA is still creating some value.
The number of shares outstanding for HEIA remains at a similar level compared to 1 year ago.
HEIA has less shares outstanding than it did 5 years ago.
Compared to 1 year ago, HEIA has an improved debt to assets ratio.
2.2 Solvency
An Altman-Z score of 2.09 indicates that HEIA is not a great score, but indicates only limited risk for bankruptcy at the moment.
HEIA has a Altman-Z score of 2.09. This is comparable to the rest of the industry: HEIA outperforms 53.85% of its industry peers.
The Debt to FCF ratio of HEIA is 5.61, which is a neutral value as it means it would take HEIA, 5.61 years of fcf income to pay off all of its debts.
HEIA's Debt to FCF ratio of 5.61 is amongst the best of the industry. HEIA outperforms 88.46% of its industry peers.
HEIA has a Debt/Equity ratio of 0.76. This is a neutral value indicating HEIA is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.76, HEIA is in the better half of the industry, outperforming 65.38% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.76 | ||
| Debt/FCF | 5.61 | ||
| Altman-Z | 2.09 |
ROIC/WACC1.17
WACC6.15%
2.3 Liquidity
HEIA has a Current Ratio of 0.77. This is a bad value and indicates that HEIA is not financially healthy enough and could expect problems in meeting its short term obligations.
HEIA has a worse Current ratio (0.77) than 76.92% of its industry peers.
A Quick Ratio of 0.51 indicates that HEIA may have some problems paying its short term obligations.
HEIA's Quick ratio of 0.51 is in line compared to the rest of the industry. HEIA outperforms 42.31% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.77 | ||
| Quick Ratio | 0.51 |
3. Growth
3.1 Past
The earnings per share for HEIA have decreased strongly by -57.34% in the last year.
HEIA shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.28% yearly.
Looking at the last year, HEIA shows a decrease in Revenue. The Revenue has decreased by -1.78% in the last year.
HEIA shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 4.53% yearly.
EPS 1Y (TTM)-57.34%
EPS 3Y-32.88%
EPS 5Y-14.28%
EPS Q2Q%-6.53%
Revenue 1Y (TTM)-1.78%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-5.05%
3.2 Future
HEIA is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 11.02% yearly.
The Revenue is expected to grow by 4.13% on average over the next years.
EPS Next Y9.95%
EPS Next 2Y9.6%
EPS Next 3Y9.33%
EPS Next 5Y11.02%
Revenue Next Year2.61%
Revenue Next 2Y3.46%
Revenue Next 3Y3.82%
Revenue Next 5Y4.13%
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 46.76, the valuation of HEIA can be described as expensive.
Based on the Price/Earnings ratio, HEIA is valued more expensive than 80.77% of the companies in the same industry.
When comparing the Price/Earnings ratio of HEIA to the average of the S&P500 Index (29.35), we can say HEIA is valued expensively.
HEIA is valuated correctly with a Price/Forward Earnings ratio of 15.54.
Compared to the rest of the industry, the Price/Forward Earnings ratio of HEIA indicates a somewhat cheap valuation: HEIA is cheaper than 65.38% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.10, HEIA is valued a bit cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 46.76 | ||
| Fwd PE | 15.54 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, HEIA is valued a bit cheaper than 69.23% of the companies in the same industry.
73.08% of the companies in the same industry are more expensive than HEIA, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 15.43 | ||
| EV/EBITDA | 9.41 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates HEIA does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)4.7
PEG (5Y)N/A
EPS Next 2Y9.6%
EPS Next 3Y9.33%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 2.32%, HEIA has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 2.64, HEIA has a dividend in line with its industry peers.
HEIA's Dividend Yield is comparable with the S&P500 average which is at 2.33.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.32% |
5.2 History
The dividend of HEIA decreases each year by -0.14%.
Dividend Growth(5Y)-0.14%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
122.60% of the earnings are spent on dividend by HEIA. This is not a sustainable payout ratio.
DP122.6%
EPS Next 2Y9.6%
EPS Next 3Y9.33%
AMS:HEIA (3/7/2025, 7:00:00 PM)
81.36
+1.2 (+1.5%)
Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)
Earnings (Next)
Inst Owners23.56%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap46.86B
Analysts78.62
Price Target94.33 (15.94%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.32% |
Yearly Dividend2.12
Dividend Growth(5Y)-0.14%
DP122.6%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)3.7%
PT rev (3m)-1.02%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)3%
EPS NY rev (3m)0.71%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.27%
Revenue NY rev (3m)0.23%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 46.76 | ||
| Fwd PE | 15.54 | ||
| P/S | 1.57 | ||
| P/FCF | 15.43 | ||
| P/OCF | 8.52 | ||
| P/B | 2.39 | ||
| P/tB | N/A | ||
| EV/EBITDA | 9.41 |
EPS(TTM)1.74
EY2.14%
EPS(NY)5.24
Fwd EY6.44%
FCF(TTM)5.27
FCFY6.48%
OCF(TTM)9.55
OCFY11.74%
SpS51.77
BVpS33.99
TBVpS-3.68
PEG (NY)4.7
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.82% | ||
| ROE | 4.99% | ||
| ROCE | 9.67% | ||
| ROIC | 7.2% | ||
| ROICexc | 7.64% | ||
| ROICexgc | 17.65% | ||
| OM | 12.82% | ||
| PM (TTM) | 3.28% | ||
| GM | 20.26% | ||
| FCFM | 10.19% |
ROA(3y)3.7%
ROA(5y)3.49%
ROE(3y)10.07%
ROE(5y)9.57%
ROIC(3y)7.43%
ROIC(5y)6.62%
ROICexc(3y)7.92%
ROICexc(5y)7.16%
ROICexgc(3y)18.24%
ROICexgc(5y)16.63%
ROCE(3y)10.06%
ROCE(5y)8.96%
ROICexcg growth 3Y2.8%
ROICexcg growth 5Y0.89%
ROICexc growth 3Y5.31%
ROICexc growth 5Y-1.19%
OM growth 3Y-1.92%
OM growth 5Y-3.32%
PM growth 3Y-40.01%
PM growth 5Y-18.4%
GM growth 3Y-0.45%
GM growth 5Y-1.01%
F-Score6
Asset Turnover0.55
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.76 | ||
| Debt/FCF | 5.61 | ||
| Debt/EBITDA | 2.31 | ||
| Cap/Depr | 94.63% | ||
| Cap/Sales | 8.27% | ||
| Interest Coverage | 5.72 | ||
| Cash Conversion | 85.62% | ||
| Profit Quality | 310.63% | ||
| Current Ratio | 0.77 | ||
| Quick Ratio | 0.51 | ||
| Altman-Z | 2.09 |
F-Score6
WACC6.15%
ROIC/WACC1.17
Cap/Depr(3y)95.91%
Cap/Depr(5y)85.26%
Cap/Sales(3y)8.02%
Cap/Sales(5y)7.93%
Profit Quality(3y)159.79%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-57.34%
EPS 3Y-32.88%
EPS 5Y-14.28%
EPS Q2Q%-6.53%
EPS Next Y9.95%
EPS Next 2Y9.6%
EPS Next 3Y9.33%
EPS Next 5Y11.02%
Revenue 1Y (TTM)-1.78%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-5.05%
Revenue Next Year2.61%
Revenue Next 2Y3.46%
Revenue Next 3Y3.82%
Revenue Next 5Y4.13%
EBIT growth 1Y-9.15%
EBIT growth 3Y8.75%
EBIT growth 5Y1.06%
EBIT Next Year65.13%
EBIT Next 3Y23.62%
EBIT Next 5Y20.23%
FCF growth 1Y73.3%
FCF growth 3Y5.54%
FCF growth 5Y6.32%
OCF growth 1Y24.22%
OCF growth 3Y9.59%
OCF growth 5Y4.88%