AllAnalyst Report
logoMorningstarNovember 09, 2020

Heineken N.V.: Heineken's Third-Quarter Volumes Indicate Slightly Longer Recovery; Shares Fairly Valued

Symbols
HEINY
Sector(s)
Consumer Defensive
Rating
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Current Price
$53.67
Fair Value
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Economic Moat
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Stewardship
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Summary

Heineken is Western Europe's largest beer producer, and following the Anheuser-Busch InBev acquisition of SABMiller, it is the world's second-largest brewer. It has the leading position in many European markets, including the Netherlands, Austria, Greece, and Italy. Its flagship brand, Heineken, is the world's leading international premium lager. Its brand portfolio spans nonalcoholic, Belgian, and craft beer. Heineken is the world's biggest cider producer.

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Analyst Profile

Philip Gorham

Director
Philip Gorham, CFA, FRM, is director of equity research for Ibbotson Associates Japan, Inc., a wholly owned subsidiary of Morningstar, Inc. He covers the European consumer staples sector, spanning beverages, tobacco, food, and home and personal-care products.Gorham rejoined Morningstar in 2014 after serving as an equity analyst and associate director of equity research for the consumer staples sector from 2008 to 2011. From 2011 to 2013, he was an equity analyst for Federated Investors, covering the consumer sector for the firm’s global core equity and mid-cap growth funds. Previously, he was a market risk analyst for the Royal Bank of Scotland in the United Kingdom.Gorham holds a bachelor’s degree in economics from the University of Sunderland and master’s degrees in business administration and accounting from the University of North Carolina. He also holds the Chartered Financial Analyst® and Financial Risk Manager® designations. He is a member of the CFA Institute and the Global Association of Risk Professionals and is an affiliate member of the Market Technicians Association.