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 23 industry peers in the Beverages industry. The financial health of HEIA is average, but there are quite some concerns on its profitability. HEIA has a decent growth rate and is not valued too expensively.
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.
In the past 5 years HEIA always reported a positive cash flow from operatings.
1.2 Ratios
HEIA has a worse Return On Assets (1.82%) than 78.26% of its industry peers.
HEIA has a Return On Equity of 4.99%. This is in the lower half of the industry: HEIA underperforms 78.26% of its industry peers.
HEIA's Return On Invested Capital of 7.20% is fine compared to the rest of the industry. HEIA outperforms 60.87% 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 7.90%.
| 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
With a Profit Margin value of 3.28%, HEIA is not doing good in the industry: 73.91% of the companies in the same industry are doing better.
HEIA's Profit Margin has declined in the last couple of years.
With a Operating Margin value of 12.82%, HEIA is not doing good in the industry: 60.87% of the companies in the same industry are doing better.
HEIA's Operating Margin has declined in the last couple of years.
HEIA has a worse Gross Margin (20.26%) than 95.65% 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
With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), HEIA is creating some value.
The number of shares outstanding for HEIA remains at a similar level compared to 1 year ago.
Compared to 5 years ago, HEIA has less shares outstanding
The debt/assets ratio for HEIA has been reduced compared to a year ago.
2.2 Solvency
An Altman-Z score of 2.03 indicates that HEIA is not a great score, but indicates only limited risk for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 2.03, HEIA is in line with its industry, outperforming 47.83% of the companies in the same industry.
HEIA has a debt to FCF ratio of 5.61. This is a neutral value as HEIA would need 5.61 years to pay back of all of its debts.
HEIA has a better Debt to FCF ratio (5.61) than 82.61% 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 65.22% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.76 | ||
| Debt/FCF | 5.61 | ||
| Altman-Z | 2.03 |
ROIC/WACC1.17
WACC6.13%
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.
With a Current ratio value of 0.77, HEIA is not doing good in the industry: 82.61% of the companies in the same industry are doing better.
A Quick Ratio of 0.51 indicates that HEIA may have some problems paying its short term obligations.
With a Quick ratio value of 0.51, HEIA is not doing good in the industry: 73.91% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.77 | ||
| Quick Ratio | 0.51 |
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.
HEIA shows a decrease in Revenue. In the last year, the revenue decreased by -1.78%.
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 8.29% on average per year.
Based on estimates for the next years, HEIA will show a small growth in Revenue. The Revenue will grow by 3.52% on average per year.
EPS Next Y3.44%
EPS Next 2Y6.31%
EPS Next 3Y6.96%
EPS Next 5Y8.29%
Revenue Next Year-1.45%
Revenue Next 2Y1.05%
Revenue Next 3Y2.16%
Revenue Next 5Y3.52%
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.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
HEIA is valuated correctly with a Price/Earnings ratio of 15.41.
Based on the Price/Earnings ratio, HEIA is valued a bit cheaper than the industry average as 78.26% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 27.51, HEIA is valued a bit cheaper.
Based on the Price/Forward Earnings ratio of 14.91, the valuation of HEIA can be described as correct.
Compared to the rest of the industry, the Price/Forward Earnings ratio of HEIA is on the same level as its industry peers.
Compared to an average S&P500 Price/Forward Earnings ratio of 35.58, HEIA is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.41 | ||
| Fwd PE | 14.91 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, HEIA is valued a bit cheaper than 69.57% of the companies in the same industry.
69.57% 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 | 14.29 | ||
| EV/EBITDA | 8.88 |
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)4.48
PEG (5Y)6.98
EPS Next 2Y6.31%
EPS Next 3Y6.96%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 2.46%, HEIA has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 2.94, HEIA has a dividend in line with its industry peers.
HEIA's Dividend Yield is comparable with the S&P500 average which is at 2.35.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.46% |
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 122.60% of its income as dividend. This is not a sustainable payout ratio.
DP122.6%
EPS Next 2Y6.31%
EPS Next 3Y6.96%
AMS:HEIA (7/15/2025, 5:29:48 PM)
75.36
-0.08 (-0.11%)
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 Cap43.41B
Analysts79.33
Price Target92.03 (22.12%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.46% |
Yearly Dividend2.12
Dividend Growth(5Y)-0.14%
DP122.6%
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)-0.73%
PT rev (3m)-2.28%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-3%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-3.96%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.41 | ||
| Fwd PE | 14.91 | ||
| P/S | 1.46 | ||
| P/FCF | 14.29 | ||
| P/OCF | 7.89 | ||
| P/B | 2.22 | ||
| P/tB | N/A | ||
| EV/EBITDA | 8.88 |
EPS(TTM)4.89
EY6.49%
EPS(NY)5.05
Fwd EY6.71%
FCF(TTM)5.27
FCFY7%
OCF(TTM)9.55
OCFY12.68%
SpS51.77
BVpS33.99
TBVpS-3.68
PEG (NY)4.48
PEG (5Y)6.98
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 | 2.03 |
F-Score6
WACC6.13%
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)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 5Y8.29%
Revenue 1Y (TTM)-1.78%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-23.13%
Revenue Next Year-1.45%
Revenue Next 2Y1.05%
Revenue Next 3Y2.16%
Revenue Next 5Y3.52%
EBIT growth 1Y-9.15%
EBIT growth 3Y8.75%
EBIT growth 5Y1.06%
EBIT Next Year58.51%
EBIT Next 3Y20.67%
EBIT Next 5Y14.9%
FCF growth 1Y73.3%
FCF growth 3Y5.54%
FCF growth 5Y6.32%
OCF growth 1Y24.22%
OCF growth 3Y9.59%
OCF growth 5Y4.88%