Heineken Q4 results were solid but were impacted by non-operational items. The company's volumes are starting to improve, with flat output reported, excluding Nigeria and Vietnam. Heineken's 2024 guidance appears conservative. Beer premiumization and cost savings initiatives are still in place. Our buy is then confirmed.
Heineken's policy of putting up prices last year has come back to bite it with volumes down by 5% in 2023 compared to the year before. The Dutch brewer's pricing policies helped it keep revenues moving forward at €36.4bn, up from €31bn, but profits felt the impact falling 4.3% to €2.3bn.
Heineken shares fell on Wednesday after the Dutch brewer reported a slump in the volumes of beer it sold, caused by customers balking at higher prices.
Heineken reported a 4.7% drop in 2023 consolidated beer volumes, as higher pricing to combat cost inflation weighed, and warned that economic and geopolitical volatility could hurt its performance this year.
AMSTERDAM, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Heineken® is kicking off the UEFA knockout stages with its new campaign building on the established ‘Fresher Football' platform that aims to make football more inclusive.
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