HEINEKEN NV (HEIA.AS) Stock Fundamental Analysis
Europe - AMS:HEIA - NL0000009165 - Common Stock
65.56 EUR
-0.2 (-0.3%)
We assign a fundamental rating of 4 out of 10 to HEIA. HEIA was compared to 23 industry peers in the Beverages industry. HEIA has a medium profitability rating, but doesn't score so well on its financial health evaluation. HEIA has a correct valuation and a medium growth rate.
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.
HEIA had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
HEIA's Return On Assets of 3.52% is in line compared to the rest of the industry. HEIA outperforms 59.26% of its industry peers.
HEIA has a better Return On Equity (10.26%) than 66.67% of its industry peers.
The Return On Invested Capital of HEIA (7.88%) is better than 70.37% of its industry peers.
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 7.41%.
The 3 year average ROIC (7.43%) for HEIA is below the current ROIC(7.88%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.52% | ||
| ROE | 10.26% | ||
| ROIC | 7.88% |
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
HEIA has a worse Profit Margin (6.23%) than 62.96% of its industry peers.
In the last couple of years the Profit Margin of HEIA has declined.
HEIA has a Operating Margin (13.57%) which is comparable to the rest of the industry.
HEIA's Operating Margin has declined in the last couple of years.
The Gross Margin of HEIA (20.20%) is worse than 96.30% 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 | 13.57% | ||
| PM (TTM) | 6.23% | ||
| GM | 20.2% |
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
With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), HEIA is 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.
The debt/assets ratio for HEIA has been reduced compared to a year ago.
2.2 Solvency
HEIA has an Altman-Z score of 1.97. This is not the best score and indicates that HEIA is in the grey zone with still only limited risk for bankruptcy at the moment.
HEIA has a Altman-Z score of 1.97. This is comparable to the rest of the industry: HEIA outperforms 44.44% of its industry peers.
HEIA has a debt to FCF ratio of 6.57. This is a slightly negative value and a sign of low solvency as HEIA would need 6.57 years to pay back of all of its debts.
HEIA's Debt to FCF ratio of 6.57 is fine compared to the rest of the industry. HEIA outperforms 66.67% of its industry peers.
HEIA has a Debt/Equity ratio of 0.86. This is a neutral value indicating HEIA is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.86, HEIA is in line with its industry, outperforming 51.85% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.86 | ||
| Debt/FCF | 6.57 | ||
| Altman-Z | 1.97 |
ROIC/WACC1.32
WACC5.97%
2.3 Liquidity
A Current Ratio of 0.75 indicates that HEIA may have some problems paying its short term obligations.
Looking at the Current ratio, with a value of 0.75, HEIA is doing worse than 81.48% of the companies in the same industry.
A Quick Ratio of 0.51 indicates that HEIA may have some problems paying its short term obligations.
The Quick ratio of HEIA (0.51) is worse than 66.67% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.75 | ||
| Quick Ratio | 0.51 |
3. Growth
3.1 Past
The Earnings Per Share has been growing slightly by 0.61% over the past year.
Measured over the past 5 years, HEIA shows a small growth in Earnings Per Share. The EPS has been growing by 2.21% on average per year.
HEIA shows a decrease in Revenue. In the last year, the revenue decreased by -4.84%.
The Revenue has been growing slightly by 4.53% on average over the past years.
EPS 1Y (TTM)0.61%
EPS 3Y11.33%
EPS 5Y2.21%
EPS Q2Q%-3.17%
Revenue 1Y (TTM)-4.84%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-5.04%
3.2 Future
The Earnings Per Share is expected to grow by 8.60% on average over the next years. This is quite good.
Based on estimates for the next years, HEIA will show a small growth in Revenue. The Revenue will grow by 3.23% on average per year.
EPS Next Y0.11%
EPS Next 2Y4.2%
EPS Next 3Y5.78%
EPS Next 5Y8.6%
Revenue Next Year-2.52%
Revenue Next 2Y0.32%
Revenue Next 3Y1.55%
Revenue Next 5Y3.23%
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 13.60, HEIA is valued correctly.
Based on the Price/Earnings ratio, HEIA is valued a bit cheaper than the industry average as 74.07% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 27.38, HEIA is valued rather cheaply.
The Price/Forward Earnings ratio is 12.36, which indicates a correct valuation of HEIA.
Based on the Price/Forward Earnings ratio, HEIA is valued a bit cheaper than the industry average as 74.07% of the companies are valued more expensively.
HEIA is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.86, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.6 | ||
| Fwd PE | 12.36 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of HEIA indicates a somewhat cheap valuation: HEIA is cheaper than 77.78% of the companies listed in the same industry.
The rest of the industry has a similar Price/Free Cash Flow ratio as HEIA.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 14.12 | ||
| EV/EBITDA | 7.83 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
PEG (NY)128.12
PEG (5Y)6.16
EPS Next 2Y4.2%
EPS Next 3Y5.78%
5. Dividend
5.1 Amount
HEIA has a Yearly Dividend Yield of 2.90%.
Compared to an average industry Dividend Yield of 2.93, HEIA has a dividend in line with its industry peers.
HEIA's Dividend Yield is a higher than the S&P500 average which is at 2.38.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.9% |
5.2 History
The dividend of HEIA decreases each year by -0.14%.
Dividend Growth(5Y)-0.14%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
HEIA pays out 72.98% of its income as dividend. This is not a sustainable payout ratio.
DP72.98%
EPS Next 2Y4.2%
EPS Next 3Y5.78%
AMS:HEIA (9/19/2025, 7:00:00 PM)
65.56
-0.2 (-0.3%)
Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)
Earnings (Next)
Inst Owners21.77%
Inst Owner ChangeN/A
Ins Owners0.05%
Ins Owner ChangeN/A
Market Cap37.76B
Analysts80
Price Target90.52 (38.07%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.9% |
Yearly Dividend2.12
Dividend Growth(5Y)-0.14%
DP72.98%
Div Incr Years0
Div Non Decr Years0
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)-0.76%
PT rev (3m)-2.37%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-3.22%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.45%
Revenue NY rev (3m)-1.08%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.6 | ||
| Fwd PE | 12.36 | ||
| P/S | 1.29 | ||
| P/FCF | 14.12 | ||
| P/OCF | 7.2 | ||
| P/B | 2.13 | ||
| P/tB | N/A | ||
| EV/EBITDA | 7.83 |
EPS(TTM)4.82
EY7.35%
EPS(NY)5.3
Fwd EY8.09%
FCF(TTM)4.64
FCFY7.08%
OCF(TTM)9.11
OCFY13.9%
SpS50.65
BVpS30.75
TBVpS-4.35
PEG (NY)128.12
PEG (5Y)6.16
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.52% | ||
| ROE | 10.26% | ||
| ROCE | 10.77% | ||
| ROIC | 7.88% | ||
| ROICexc | 8.33% | ||
| ROICexgc | 18.77% | ||
| OM | 13.57% | ||
| PM (TTM) | 6.23% | ||
| GM | 20.2% | ||
| FCFM | 9.17% |
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-Score7
Asset Turnover0.57
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.86 | ||
| Debt/FCF | 6.57 | ||
| Debt/EBITDA | 2.3 | ||
| Cap/Depr | 97.61% | ||
| Cap/Sales | 8.82% | ||
| Interest Coverage | 6.33 | ||
| Cash Conversion | 79.58% | ||
| Profit Quality | 147.22% | ||
| Current Ratio | 0.75 | ||
| Quick Ratio | 0.51 | ||
| Altman-Z | 1.97 |
F-Score7
WACC5.97%
ROIC/WACC1.32
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)0.61%
EPS 3Y11.33%
EPS 5Y2.21%
EPS Q2Q%-3.17%
EPS Next Y0.11%
EPS Next 2Y4.2%
EPS Next 3Y5.78%
EPS Next 5Y8.6%
Revenue 1Y (TTM)-4.84%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-5.04%
Revenue Next Year-2.52%
Revenue Next 2Y0.32%
Revenue Next 3Y1.55%
Revenue Next 5Y3.23%
EBIT growth 1Y-3.93%
EBIT growth 3Y8.75%
EBIT growth 5Y1.06%
EBIT Next Year58.51%
EBIT Next 3Y20.67%
EBIT Next 5Y14.65%
FCF growth 1Y195.25%
FCF growth 3Y5.54%
FCF growth 5Y6.32%
OCF growth 1Y56.24%
OCF growth 3Y9.59%
OCF growth 5Y4.88%