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HEINEKEN HOLDING NV (HEIO.AS) Stock Fundamental Analysis

AMS:HEIO - Euronext Amsterdam - NL0000008977 - Common Stock - Currency: EUR

56.65  0 (0%)

Fundamental Rating

3

Overall HEIO gets a fundamental rating of 3 out of 10. We evaluated HEIO against 24 industry peers in the Beverages industry. Both the profitability and financial health of HEIO have multiple concerns. HEIO is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

HEIO had positive earnings in the past year.
In the past year HEIO had a positive cash flow from operations.
HEIO had positive earnings in 4 of the past 5 years.
Each year in the past 5 years HEIO had a positive operating cash flow.
HEIO.AS Yearly Net Income VS EBIT VS OCF VS FCFHEIO.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B 2B 3B 4B

1.2 Ratios

HEIO's Return On Assets of 0.99% is on the low side compared to the rest of the industry. HEIO is outperformed by 85.71% of its industry peers.
With a Return On Equity value of 5.70%, HEIO is not doing good in the industry: 71.43% of the companies in the same industry are doing better.
HEIO has a Return On Invested Capital of 6.46%. This is in the lower half of the industry: HEIO underperforms 66.67% of its industry peers.
The Average Return On Invested Capital over the past 3 years for HEIO is in line with the industry average of 8.61%.
Industry RankSector Rank
ROA 0.99%
ROE 5.7%
ROIC 6.46%
ROA(3y)2.7%
ROA(5y)2.04%
ROE(3y)15.09%
ROE(5y)11.46%
ROIC(3y)7.84%
ROIC(5y)7.25%
HEIO.AS Yearly ROA, ROE, ROICHEIO.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 10 15

1.3 Margins

HEIO's Profit Margin of 1.75% is on the low side compared to the rest of the industry. HEIO is outperformed by 80.95% of its industry peers.
In the last couple of years the Profit Margin of HEIO has declined.
Looking at the Operating Margin, with a value of 10.14%, HEIO is doing worse than 71.43% of the companies in the same industry.
HEIO's Operating Margin has declined in the last couple of years.
With a Gross Margin value of 34.50%, HEIO is not doing good in the industry: 85.71% of the companies in the same industry are doing better.
In the last couple of years the Gross Margin of HEIO has declined.
Industry RankSector Rank
OM 10.14%
PM (TTM) 1.75%
GM 34.5%
OM growth 3Y14.32%
OM growth 5Y-2.1%
PM growth 3YN/A
PM growth 5Y-2.05%
GM growth 3Y-2.07%
GM growth 5Y-1.68%
HEIO.AS Yearly Profit, Operating, Gross MarginsHEIO.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 40 60

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3

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), HEIO is creating some value.
The number of shares outstanding for HEIO has been reduced compared to 1 year ago.
Compared to 5 years ago, HEIO has less shares outstanding
Compared to 1 year ago, HEIO has a worse debt to assets ratio.
HEIO.AS Yearly Shares OutstandingHEIO.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M 250M
HEIO.AS Yearly Total Debt VS Total AssetsHEIO.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 10B 20B 30B 40B 50B

2.2 Solvency

Based on the Altman-Z score of 1.15, we must say that HEIO is in the distress zone and has some risk of bankruptcy.
The Altman-Z score of HEIO (1.15) is worse than 90.48% of its industry peers.
HEIO has a debt to FCF ratio of 6.54. This is a slightly negative value and a sign of low solvency as HEIO would need 6.54 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 6.54, HEIO belongs to the top of the industry, outperforming 85.71% of the companies in the same industry.
HEIO has a Debt/Equity ratio of 1.63. This is a high value indicating a heavy dependency on external financing.
HEIO has a Debt to Equity ratio of 1.63. This is in the lower half of the industry: HEIO underperforms 66.67% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.63
Debt/FCF 6.54
Altman-Z 1.15
ROIC/WACC1.29
WACC5%
HEIO.AS Yearly LT Debt VS Equity VS FCFHEIO.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 5B 10B

2.3 Liquidity

A Current Ratio of 0.78 indicates that HEIO may have some problems paying its short term obligations.
The Current ratio of HEIO (0.78) is worse than 80.95% of its industry peers.
HEIO has a Quick Ratio of 0.78. This is a bad value and indicates that HEIO is not financially healthy enough and could expect problems in meeting its short term obligations.
HEIO has a Quick ratio of 0.52. This is in the lower half of the industry: HEIO underperforms 61.90% of its industry peers.
Industry RankSector Rank
Current Ratio 0.78
Quick Ratio 0.52
HEIO.AS Yearly Current Assets VS Current LiabilitesHEIO.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 5B 10B

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4

3. Growth

3.1 Past

HEIO shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -58.13%.
HEIO shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 4.27% yearly.
HEIO shows a small growth in Revenue. In the last year, the Revenue has grown by 2.85%.
HEIO shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.15% yearly.
EPS 1Y (TTM)-58.13%
EPS 3YN/A
EPS 5Y4.27%
EPS Q2Q%-108.21%
Revenue 1Y (TTM)2.85%
Revenue growth 3Y15.41%
Revenue growth 5Y6.15%
Sales Q2Q%2.07%

3.2 Future

HEIO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 20.71% yearly.
The Revenue is expected to grow by 6.37% on average over the next years.
EPS Next Y-27.67%
EPS Next 2Y2.99%
EPS Next 3Y23.4%
EPS Next 5Y20.71%
Revenue Next Year6.1%
Revenue Next 2Y3.83%
Revenue Next 3Y6.61%
Revenue Next 5Y6.37%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
HEIO.AS Yearly Revenue VS EstimatesHEIO.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 10B 20B 30B 40B
HEIO.AS Yearly EPS VS EstimatesHEIO.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2 4 6 8

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5

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 29.82 indicates a quite expensive valuation of HEIO.
Based on the Price/Earnings ratio, HEIO is valued expensively inside the industry as 80.95% of the companies are valued cheaper.
HEIO is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 28.47, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 11.55, the valuation of HEIO can be described as very reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of HEIO indicates a somewhat cheap valuation: HEIO is cheaper than 76.19% of the companies listed in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 92.74. HEIO is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 29.82
Fwd PE 11.55
HEIO.AS Price Earnings VS Forward Price EarningsHEIO.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, HEIO is valued cheaper than 90.48% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of HEIO indicates a rather cheap valuation: HEIO is cheaper than 95.24% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 5.77
EV/EBITDA 4.91
HEIO.AS Per share dataHEIO.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 50 100

4.3 Compensation for Growth

HEIO's earnings are expected to grow with 23.40% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)6.98
EPS Next 2Y2.99%
EPS Next 3Y23.4%

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4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 2.95%, HEIO has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 2.86, HEIO has a dividend in line with its industry peers.
HEIO's Dividend Yield is a higher than the S&P500 average which is at 2.28.
Industry RankSector Rank
Dividend Yield 2.95%

5.2 History

The dividend of HEIO has a limited annual growth rate of 4.33%.
Dividend Growth(5Y)4.33%
Div Incr Years2
Div Non Decr Years2
HEIO.AS Yearly Dividends per shareHEIO.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 0.5 1 1.5

5.3 Sustainability

210.99% of the earnings are spent on dividend by HEIO. This is not a sustainable payout ratio.
HEIO's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP210.99%
EPS Next 2Y2.99%
EPS Next 3Y23.4%
HEIO.AS Yearly Income VS Free CF VS DividendHEIO.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B 2B 2.5B
HEIO.AS Dividend Payout.HEIO.AS Dividend Payout, showing the Payout Ratio.HEIO.AS Dividend Payout.PayoutRetained Earnings

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HEINEKEN HOLDING NV

AMS:HEIO (2/5/2025, 12:24:26 PM)

56.65

0 (0%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)10-23 2024-10-23
Earnings (Next)02-12 2025-02-12/amc
Inst Owners25.35%
Inst Owner ChangeN/A
Ins Owners2.35%
Ins Owner ChangeN/A
Market Cap16.32B
Analysts82.5
Price Target96.39 (70.15%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.95%
Yearly Dividend4.68
Dividend Growth(5Y)4.33%
DP210.99%
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)0%
PT rev (3m)-3.87%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 29.82
Fwd PE 11.55
P/S 0.53
P/FCF 5.77
P/OCF 3.06
P/B 1.73
P/tB N/A
EV/EBITDA 4.91
EPS(TTM)1.9
EY3.35%
EPS(NY)4.91
Fwd EY8.66%
FCF(TTM)9.83
FCFY17.34%
OCF(TTM)18.54
OCFY32.73%
SpS106.26
BVpS32.68
TBVpS-42.9
PEG (NY)N/A
PEG (5Y)6.98
Profitability
Industry RankSector Rank
ROA 0.99%
ROE 5.7%
ROCE 7.98%
ROIC 6.46%
ROICexc 6.84%
ROICexgc 15.95%
OM 10.14%
PM (TTM) 1.75%
GM 34.5%
FCFM 9.25%
ROA(3y)2.7%
ROA(5y)2.04%
ROE(3y)15.09%
ROE(5y)11.46%
ROIC(3y)7.84%
ROIC(5y)7.25%
ROICexc(3y)8.44%
ROICexc(5y)7.82%
ROICexgc(3y)19.97%
ROICexgc(5y)17.84%
ROCE(3y)9.69%
ROCE(5y)8.99%
ROICexcg growth 3Y20.42%
ROICexcg growth 5Y-2.22%
ROICexc growth 3Y19.34%
ROICexc growth 5Y-1.29%
OM growth 3Y14.32%
OM growth 5Y-2.1%
PM growth 3YN/A
PM growth 5Y-2.05%
GM growth 3Y-2.07%
GM growth 5Y-1.68%
F-Score8
Asset Turnover0.56
Health
Industry RankSector Rank
Debt/Equity 1.63
Debt/FCF 6.54
Debt/EBITDA 2.42
Cap/Depr 78.01%
Cap/Sales 8.2%
Interest Coverage 4.6
Cash Conversion 84.46%
Profit Quality 527%
Current Ratio 0.78
Quick Ratio 0.52
Altman-Z 1.15
F-Score8
WACC5%
ROIC/WACC1.29
Cap/Depr(3y)91.54%
Cap/Depr(5y)87.79%
Cap/Sales(3y)7.7%
Cap/Sales(5y)8.04%
Profit Quality(3y)163.25%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-58.13%
EPS 3YN/A
EPS 5Y4.27%
EPS Q2Q%-108.21%
EPS Next Y-27.67%
EPS Next 2Y2.99%
EPS Next 3Y23.4%
EPS Next 5Y20.71%
Revenue 1Y (TTM)2.85%
Revenue growth 3Y15.41%
Revenue growth 5Y6.15%
Sales Q2Q%2.07%
Revenue Next Year6.1%
Revenue Next 2Y3.83%
Revenue Next 3Y6.61%
Revenue Next 5Y6.37%
EBIT growth 1Y-18.8%
EBIT growth 3Y31.94%
EBIT growth 5Y3.92%
EBIT Next Year50.2%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-7.36%
FCF growth 3Y5.43%
FCF growth 5Y-5.56%
OCF growth 1Y11.99%
OCF growth 3Y12.2%
OCF growth 5Y0.19%