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HEINEKEN NV (HEIA.AS) Stock Fundamental Analysis

AMS:HEIA - Euronext Amsterdam - NL0000009165 - Common Stock - Currency: EUR

79.04  -0.02 (-0.03%)

Fundamental Rating

4

Overall HEIA gets a fundamental rating of 4 out of 10. We evaluated HEIA against 24 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 is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year HEIA was profitable.
In the past year HEIA had a positive cash flow from operations.
HEIA had positive earnings in 4 of the past 5 years.
Each year in the past 5 years HEIA had a positive operating cash flow.
HEIA.AS Yearly Net Income VS EBIT VS OCF VS FCFHEIA.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 2024 0 1B 2B 3B 4B 5B

1.2 Ratios

Looking at the Return On Assets, with a value of 1.82%, HEIA is doing worse than 68.00% of the companies in the same industry.
HEIA has a Return On Equity of 4.99%. This is in the lower half of the industry: HEIA underperforms 68.00% of its industry peers.
Looking at the Return On Invested Capital, with a value of 7.20%, HEIA is in the better half of the industry, outperforming 68.00% of the companies in the same industry.
HEIA had an Average Return On Invested Capital over the past 3 years of 7.43%. This is in line with the industry average of 8.12%.
Industry RankSector 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%
HEIA.AS Yearly ROA, ROE, ROICHEIA.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10 15

1.3 Margins

With a Profit Margin value of 3.28%, HEIA is not doing good in the industry: 64.00% of the companies in the same industry are doing better.
In the last couple of years the Profit Margin of HEIA has declined.
HEIA's Operating Margin of 12.82% is in line compared to the rest of the industry. HEIA outperforms 52.00% of its industry peers.
In the last couple of years the Operating Margin of HEIA has declined.
Looking at the Gross Margin, with a value of 20.26%, HEIA is doing worse than 88.00% of the companies in the same industry.
In the last couple of years the Gross Margin of HEIA has remained more or less at the same level.
Industry RankSector 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%
HEIA.AS Yearly Profit, Operating, Gross MarginsHEIA.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40 50

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4

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.
Compared to 1 year ago, HEIA has about the same amount of shares outstanding.
HEIA has less shares outstanding than it did 5 years ago.
Compared to 1 year ago, HEIA has an improved debt to assets ratio.
HEIA.AS Yearly Shares OutstandingHEIA.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M 500M
HEIA.AS Yearly Total Debt VS Total AssetsHEIA.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B 50B

2.2 Solvency

An Altman-Z score of 2.07 indicates that HEIA is not a great score, but indicates only limited risk for bankruptcy at the moment.
HEIA has a Altman-Z score (2.07) which is in line with 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.
The Debt to FCF ratio of HEIA (5.61) is better than 84.00% of its industry peers.
A Debt/Equity ratio of 0.76 indicates that HEIA is somewhat dependend on debt financing.
HEIA has a Debt to Equity ratio of 0.76. This is in the better half of the industry: HEIA outperforms 64.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.76
Debt/FCF 5.61
Altman-Z 2.07
ROIC/WACC1.15
WACC6.27%
HEIA.AS Yearly LT Debt VS Equity VS FCFHEIA.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

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.
Looking at the Current ratio, with a value of 0.77, HEIA is doing worse than 80.00% of the companies in the same industry.
HEIA has a Quick 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 Quick ratio of 0.51. This is in the lower half of the industry: HEIA underperforms 68.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.77
Quick Ratio 0.51
HEIA.AS Yearly Current Assets VS Current LiabilitesHEIA.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B

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4

3. Growth

3.1 Past

HEIA shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 4.60%.
HEIA shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 2.21% yearly.
Looking at the last year, HEIA shows a decrease in Revenue. The Revenue has decreased by -1.78% in the last year.
Measured over the past years, HEIA shows a small growth in Revenue. The Revenue has been growing by 4.53% on average per year.
EPS 1Y (TTM)4.6%
EPS 3Y11.33%
EPS 5Y2.21%
EPS Q2Q%3.67%
Revenue 1Y (TTM)-1.78%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-23.13%

3.2 Future

Based on estimates for the next years, HEIA will show a quite strong growth in Earnings Per Share. The EPS will grow by 9.58% on average per year.
Based on estimates for the next years, HEIA will show a small growth in Revenue. The Revenue will grow by 3.83% on average per year.
EPS Next Y3.44%
EPS Next 2Y6.31%
EPS Next 3Y6.96%
EPS Next 5Y9.58%
Revenue Next Year-1.13%
Revenue Next 2Y1.28%
Revenue Next 3Y2.33%
Revenue Next 5Y3.83%

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.
HEIA.AS Yearly Revenue VS EstimatesHEIA.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10B 20B 30B
HEIA.AS Yearly EPS VS EstimatesHEIA.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2 4 6

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4

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 16.16 indicates a correct valuation of HEIA.
80.00% of the companies in the same industry are more expensive than HEIA, based on the Price/Earnings ratio.
Compared to an average S&P500 Price/Earnings ratio of 28.18, HEIA is valued a bit cheaper.
The Price/Forward Earnings ratio is 15.64, which indicates a correct valuation of HEIA.
The rest of the industry has a similar Price/Forward Earnings ratio as HEIA.
HEIA is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 20.81, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 16.16
Fwd PE 15.64
HEIA.AS Price Earnings VS Forward Price EarningsHEIA.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

HEIA's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. HEIA is cheaper than 68.00% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, HEIA is valued a bit cheaper than the industry average as 68.00% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 14.99
EV/EBITDA 9.2
HEIA.AS Per share dataHEIA.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30 40 50

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)7.33
EPS Next 2Y6.31%
EPS Next 3Y6.96%

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2

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 2.36%, HEIA has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 2.88, HEIA has a dividend in line with its industry peers.
HEIA's Dividend Yield is comparable with the S&P500 average which is at 2.45.
Industry RankSector Rank
Dividend Yield 2.36%

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
HEIA.AS Yearly Dividends per shareHEIA.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

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 2Y6.31%
EPS Next 3Y6.96%
HEIA.AS Yearly Income VS Free CF VS DividendHEIA.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B
HEIA.AS Dividend Payout.HEIA.AS Dividend Payout, showing the Payout Ratio.HEIA.AS Dividend Payout.PayoutRetained Earnings

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HEINEKEN NV

AMS:HEIA (5/5/2025, 9:31:12 AM)

79.04

-0.02 (-0.03%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)04-16 2025-04-16
Earnings (Next)07-28 2025-07-28
Inst Owners23.56%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap45.53B
Analysts79.33
Price Target92.62 (17.18%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.36%
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)-2.45%
PT rev (3m)1.82%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-3%
EPS NY rev (3m)-0.62%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-3.64%
Revenue NY rev (3m)-3.39%
Valuation
Industry RankSector Rank
PE 16.16
Fwd PE 15.64
P/S 1.53
P/FCF 14.99
P/OCF 8.27
P/B 2.33
P/tB N/A
EV/EBITDA 9.2
EPS(TTM)4.89
EY6.19%
EPS(NY)5.05
Fwd EY6.39%
FCF(TTM)5.27
FCFY6.67%
OCF(TTM)9.55
OCFY12.09%
SpS51.77
BVpS33.99
TBVpS-3.68
PEG (NY)4.7
PEG (5Y)7.33
Profitability
Industry RankSector 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 RankSector 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 2.07
F-Score6
WACC6.27%
ROIC/WACC1.15
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)4.6%
EPS 3Y11.33%
EPS 5Y2.21%
EPS Q2Q%3.67%
EPS Next Y3.44%
EPS Next 2Y6.31%
EPS Next 3Y6.96%
EPS Next 5Y9.58%
Revenue 1Y (TTM)-1.78%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-23.13%
Revenue Next Year-1.13%
Revenue Next 2Y1.28%
Revenue Next 3Y2.33%
Revenue Next 5Y3.83%
EBIT growth 1Y-9.15%
EBIT growth 3Y8.75%
EBIT growth 5Y1.06%
EBIT Next Year62.13%
EBIT Next 3Y21.77%
EBIT Next 5Y14.83%
FCF growth 1Y73.3%
FCF growth 3Y5.54%
FCF growth 5Y6.32%
OCF growth 1Y24.22%
OCF growth 3Y9.59%
OCF growth 5Y4.88%