HEINEKEN HOLDING NV (HEIO.AS) Stock Fundamental Analysis
AMS:HEIO - Euronext Amsterdam - NL0000008977 - Common Stock - Currency: EUR
We assign a fundamental rating of 4 out of 10 to HEIO. HEIO was compared to 24 industry peers in the Beverages industry. Both the profitability and financial health of HEIO have multiple concerns. HEIO may be a bit undervalued, certainly considering the very reasonable score on growth
1. Profitability
1.1 Basic Checks
HEIO had positive earnings in the past year.
HEIO had a positive operating cash flow in the past year.
HEIO had positive earnings in 4 of the past 5 years.
In the past 5 years HEIO always reported a positive cash flow from operatings.
1.2 Ratios
With a Return On Assets value of 1.80%, HEIO is not doing good in the industry: 79.17% of the companies in the same industry are doing better.
HEIO's Return On Equity of 10.82% is fine compared to the rest of the industry. HEIO outperforms 70.83% of its industry peers.
HEIO has a Return On Invested Capital (6.70%) which is in line with its industry peers.
The Average Return On Invested Capital over the past 3 years for HEIO is in line with the industry average of 7.76%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.8% | ||
| ROE | 10.82% | ||
| ROIC | 6.7% |
ROA(3y)1.88%
ROA(5y)1.76%
ROE(3y)10.38%
ROE(5y)9.79%
ROIC(3y)7.38%
ROIC(5y)6.52%
1.3 Margins
HEIO has a Profit Margin of 3.18%. This is in the lower half of the industry: HEIO underperforms 75.00% of its industry peers.
HEIO's Profit Margin has declined in the last couple of years.
HEIO's Operating Margin of 11.42% is on the low side compared to the rest of the industry. HEIO is outperformed by 62.50% of its industry peers.
HEIO's Operating Margin has declined in the last couple of years.
With a Gross Margin value of 35.12%, HEIO is not doing good in the industry: 87.50% of the companies in the same industry are doing better.
In the last couple of years the Gross Margin of HEIO has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 11.42% | ||
| PM (TTM) | 3.18% | ||
| GM | 35.12% |
OM growth 3Y-4.64%
OM growth 5Y-3.09%
PM growth 3Y-39.54%
PM growth 5Y-18.06%
GM growth 3Y-0.99%
GM growth 5Y-1.07%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so HEIO is still creating some value.
The number of shares outstanding for HEIO remains at a similar level compared to 1 year ago.
The number of shares outstanding for HEIO has been reduced compared to 5 years ago.
The debt/assets ratio for HEIO has been reduced compared to a year ago.
2.2 Solvency
HEIO has an Altman-Z score of 1.22. This is a bad value and indicates that HEIO is not financially healthy and even has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.22, HEIO is doing worse than 87.50% of the companies in the same industry.
HEIO has a debt to FCF ratio of 6.57. This is a slightly negative value and a sign of low solvency as HEIO would need 6.57 years to pay back of all of its debts.
The Debt to FCF ratio of HEIO (6.57) is better than 70.83% of its industry peers.
A Debt/Equity ratio of 1.75 is on the high side and indicates that HEIO has dependencies on debt financing.
HEIO has a worse Debt to Equity ratio (1.75) than 83.33% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.75 | ||
| Debt/FCF | 6.57 | ||
| Altman-Z | 1.22 |
ROIC/WACC1.3
WACC5.16%
2.3 Liquidity
A Current Ratio of 0.75 indicates that HEIO may have some problems paying its short term obligations.
HEIO has a Current ratio of 0.75. This is in the lower half of the industry: HEIO underperforms 79.17% of its industry peers.
A Quick Ratio of 0.51 indicates that HEIO may have some problems paying its short term obligations.
The Quick ratio of HEIO (0.51) is worse than 62.50% 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 grown by an impressive 72.64% over the past year.
HEIO shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.14% yearly.
HEIO shows a decrease in Revenue. In the last year, the revenue decreased by -4.96%.
HEIO shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 4.40% yearly.
EPS 1Y (TTM)72.64%
EPS 3Y-32.69%
EPS 5Y-14.14%
EPS Q2Q%892.99%
Revenue 1Y (TTM)-4.96%
Revenue growth 3Y10.66%
Revenue growth 5Y4.4%
Sales Q2Q%-4.34%
3.2 Future
The Earnings Per Share is expected to grow by 19.96% on average over the next years. This is quite good.
Based on estimates for the next years, HEIO will show a small growth in Revenue. The Revenue will grow by 0.85% on average per year.
EPS Next Y46.65%
EPS Next 2Y61.18%
EPS Next 3Y43.18%
EPS Next 5Y19.96%
Revenue Next Year1.62%
Revenue Next 2Y6.88%
Revenue Next 3Y6.46%
Revenue Next 5Y0.85%
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
A Price/Earnings ratio of 18.80 indicates a rather expensive valuation of HEIO.
Based on the Price/Earnings ratio, HEIO is valued a bit cheaper than the industry average as 62.50% of the companies are valued more expensively.
HEIO is valuated rather cheaply when we compare the Price/Earnings ratio to 26.76, which is the current average of the S&P500 Index.
HEIO is valuated cheaply with a Price/Forward Earnings ratio of 7.10.
Compared to the rest of the industry, the Price/Forward Earnings ratio of HEIO indicates a rather cheap valuation: HEIO is cheaper than 100.00% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 34.91, HEIO is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.8 | ||
| Fwd PE | 7.1 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, HEIO is valued cheaply inside the industry as 91.67% of the companies are valued more expensively.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of HEIO indicates a rather cheap valuation: HEIO is cheaper than 87.50% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 6.64 | ||
| EV/EBITDA | 5.34 |
4.3 Compensation for Growth
The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
HEIO's earnings are expected to grow with 43.18% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.4
PEG (5Y)N/A
EPS Next 2Y61.18%
EPS Next 3Y43.18%
5. Dividend
5.1 Amount
HEIO has a Yearly Dividend Yield of 3.19%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 2.88, HEIO pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.36, HEIO pays a bit more dividend than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.19% |
5.2 History
The dividend of HEIO decreases each year by -0.04%.
Dividend Growth(5Y)-0.04%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
HEIO pays out 143.20% of its income as dividend. This is not a sustainable payout ratio.
DP143.2%
EPS Next 2Y61.18%
EPS Next 3Y43.18%
AMS:HEIO (8/22/2025, 10:40:22 AM)
61.675
-0.03 (-0.04%)
Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)
Earnings (Next)
Inst Owners20.58%
Inst Owner ChangeN/A
Ins Owners2.35%
Ins Owner ChangeN/A
Market Cap17.76B
Analysts85.71
Price Target100.98 (63.73%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.19% |
Yearly Dividend4.24
Dividend Growth(5Y)-0.04%
DP143.2%
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)10%
PT rev (3m)10%
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 Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.8 | ||
| Fwd PE | 7.1 | ||
| P/S | 0.61 | ||
| P/FCF | 6.64 | ||
| P/OCF | 3.38 | ||
| P/B | 2.08 | ||
| P/tB | N/A | ||
| EV/EBITDA | 5.34 |
EPS(TTM)3.28
EY5.32%
EPS(NY)8.69
Fwd EY14.09%
FCF(TTM)9.29
FCFY15.06%
OCF(TTM)18.22
OCFY29.54%
SpS101
BVpS29.72
TBVpS-40.47
PEG (NY)0.4
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.8% | ||
| ROE | 10.82% | ||
| ROCE | 9.11% | ||
| ROIC | 6.7% | ||
| ROICexc | 7.09% | ||
| ROICexgc | 16.24% | ||
| OM | 11.42% | ||
| PM (TTM) | 3.18% | ||
| GM | 35.12% | ||
| FCFM | 9.2% |
ROA(3y)1.88%
ROA(5y)1.76%
ROE(3y)10.38%
ROE(5y)9.79%
ROIC(3y)7.38%
ROIC(5y)6.52%
ROICexc(3y)7.86%
ROICexc(5y)7.05%
ROICexgc(3y)18.25%
ROICexgc(5y)16.48%
ROCE(3y)9.99%
ROCE(5y)8.83%
ROICexcg growth 3Y0.36%
ROICexcg growth 5Y1.38%
ROICexc growth 3Y2.47%
ROICexc growth 5Y-0.92%
OM growth 3Y-4.64%
OM growth 5Y-3.09%
PM growth 3Y-39.54%
PM growth 5Y-18.06%
GM growth 3Y-0.99%
GM growth 5Y-1.07%
F-Score7
Asset Turnover0.57
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.75 | ||
| Debt/FCF | 6.57 | ||
| Debt/EBITDA | 2.52 | ||
| Cap/Depr | 97.61% | ||
| Cap/Sales | 8.84% | ||
| Interest Coverage | 5.31 | ||
| Cash Conversion | 88.1% | ||
| Profit Quality | 288.88% | ||
| Current Ratio | 0.75 | ||
| Quick Ratio | 0.51 | ||
| Altman-Z | 1.22 |
F-Score7
WACC5.16%
ROIC/WACC1.3
Cap/Depr(3y)95.91%
Cap/Depr(5y)85.26%
Cap/Sales(3y)8.04%
Cap/Sales(5y)7.94%
Profit Quality(3y)314.8%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)72.64%
EPS 3Y-32.69%
EPS 5Y-14.14%
EPS Q2Q%892.99%
EPS Next Y46.65%
EPS Next 2Y61.18%
EPS Next 3Y43.18%
EPS Next 5Y19.96%
Revenue 1Y (TTM)-4.96%
Revenue growth 3Y10.66%
Revenue growth 5Y4.4%
Sales Q2Q%-4.34%
Revenue Next Year1.62%
Revenue Next 2Y6.88%
Revenue Next 3Y6.46%
Revenue Next 5Y0.85%
EBIT growth 1Y6.96%
EBIT growth 3Y5.53%
EBIT growth 5Y1.18%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y195.25%
FCF growth 3Y5.54%
FCF growth 5Y6.32%
OCF growth 1Y56.24%
OCF growth 3Y9.59%
OCF growth 5Y4.88%