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Heineken

DB:HNK2
Snowflake Description

Established dividend payer with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HNK2
DB
€55B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

Heineken N.V. engages in brewing and selling beer and cider. The last earnings update was 75 days ago. More info.


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HNK2 Share Price and Events
7 Day Returns
2.1%
DB:HNK2
-0.2%
DE Beverage
2.5%
DE Market
1 Year Returns
27.7%
DB:HNK2
4.9%
DE Beverage
2.6%
DE Market
HNK2 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Heineken (HNK2) 2.1% 0% -2.4% 27.7% 23% 72.2%
DE Beverage -0.2% 2.3% -1.1% 4.9% 24.3% 68.1%
DE Market 2.5% 0.2% 1% 2.6% 7.8% 23.7%
1 Year Return vs Industry and Market
  • HNK2 outperformed the Beverage industry which returned 4.9% over the past year.
  • HNK2 outperformed the Market in Germany which returned 2.6% over the past year.
Price Volatility
HNK2
Industry
5yr Volatility vs Market

Value

 Is Heineken undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Heineken to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Heineken.

DB:HNK2 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 21 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:HNK2
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.51
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.508 (1 + (1- 25%) (32.33%))
0.752
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:HNK2 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Heineken is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:HNK2 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5%)
2020 2,430.05 Analyst x12 2,314.42
2021 2,609.05 Analyst x10 2,366.67
2022 2,742.00 Analyst x1 2,368.91
2023 2,987.00 Analyst x1 2,457.79
2024 3,129.24 Est @ 4.76% 2,452.31
2025 3,235.68 Est @ 3.4% 2,415.07
2026 3,314.95 Est @ 2.45% 2,356.50
2027 3,374.05 Est @ 1.78% 2,284.39
2028 3,418.48 Est @ 1.32% 2,204.34
2029 3,452.32 Est @ 0.99% 2,120.23
Present value of next 10 years cash flows €23,340.00
DB:HNK2 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €3,452.32 × (1 + 0.23%) ÷ (5% – 0.23%)
€72,571.13
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €72,571.13 ÷ (1 + 5%)10
€44,569.35
DB:HNK2 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €23,340.00 + €44,569.35
€67,909.35
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €67,909.35 / 570.18
€119.1
DB:HNK2 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:HNK2 represents 0.49597x of ENXTAM:HEIA
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.49597x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 119.10 x 0.49597
€59.07
Value per share (EUR) From above. €59.07
Current discount Discount to share price of €48.00
= -1 x (€48.00 - €59.07) / €59.07
18.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Heineken is available for.
Intrinsic value
19%
Share price is €48 vs Future cash flow value of €59.07
Current Discount Checks
For Heineken to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Heineken's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Heineken's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Heineken's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Heineken's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:HNK2 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €3.31
ENXTAM:HEIA Share Price ** ENXTAM (2019-10-11) in EUR €96.78
Germany Beverage Industry PE Ratio Median Figure of 7 Publicly-Listed Beverage Companies 27.57x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Heineken.

DB:HNK2 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTAM:HEIA Share Price ÷ EPS (both in EUR)

= 96.78 ÷ 3.31

29.24x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Heineken is overvalued based on earnings compared to the DE Beverage industry average.
  • Heineken is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Heineken's expected growth come at a high price?
Raw Data
DB:HNK2 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 29.24x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts
10.8%per year
Europe Beverage Industry PEG Ratio Median Figure of 31 Publicly-Listed Beverage Companies 2.84x
Germany Market PEG Ratio Median Figure of 264 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

DB:HNK2 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 29.24x ÷ 10.8%

2.71x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Heineken is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Heineken's assets?
Raw Data
DB:HNK2 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €26.60
ENXTAM:HEIA Share Price * ENXTAM (2019-10-11) in EUR €96.78
Germany Beverage Industry PB Ratio Median Figure of 8 Publicly-Listed Beverage Companies 1.56x
Germany Market PB Ratio Median Figure of 597 Publicly-Listed Companies 1.74x
DB:HNK2 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTAM:HEIA Share Price ÷ Book Value per Share (both in EUR)

= 96.78 ÷ 26.60

3.64x

* Primary Listing of Heineken.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Heineken is overvalued based on assets compared to the DE Beverage industry average.
X
Value checks
We assess Heineken's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Beverage industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Beverage industry average (and greater than 0)? (1 check)
  5. Heineken has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Heineken expected to perform in the next 1 to 3 years based on estimates from 21 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Heineken expected to grow at an attractive rate?
  • Heineken's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Heineken's earnings growth is positive but not above the Germany market average.
  • Heineken's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:HNK2 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:HNK2 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts 10.8%
DB:HNK2 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 21 Analysts 4.5%
Germany Beverage Industry Earnings Growth Rate Market Cap Weighted Average -0.7%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:HNK2 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:HNK2 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 28,647 5,582 3,238 4
2022-12-31 27,420 5,232 2,983 4
2021-12-31 26,115 4,883 2,658 17
2020-12-31 24,960 4,541 2,399 21
2019-12-31 23,909 4,257 2,140 20
2019-10-12
DB:HNK2 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 23,119 4,026 1,890
2019-03-31 22,795 4,207 1,897
2018-12-31 22,471 4,388 1,903
2018-09-30 22,276 1,958
2018-06-30 22,062 4,232 2,013
2018-03-31 21,836 4,057 1,974
2017-12-31 21,609 3,882 1,935
2017-09-30 21,325 1,880
2017-06-30 21,040 4,077 1,825
2017-03-31 20,916 3,898 1,683
2016-12-31 20,792 3,718 1,540
2016-09-30 20,751 3,701 1,437

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Heineken's earnings are expected to grow by 10.8% yearly, however this is not considered high growth (20% yearly).
  • Heineken's revenue is expected to grow by 4.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:HNK2 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below

All data from Heineken Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HNK2 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 6.01 6.51 5.51 2.00
2022-12-31 5.42 5.74 5.09 2.00
2021-12-31 4.80 5.76 3.57 9.00
2020-12-31 4.27 5.08 3.15 12.00
2019-12-31 3.75 4.20 2.91 10.00
2019-10-12
DB:HNK2 Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 3.31
2019-03-31 3.32
2018-12-31 3.34
2018-09-30 3.43
2018-06-30 3.53
2018-03-31 3.46
2017-12-31 3.39
2017-09-30 3.30
2017-06-30 3.20
2017-03-31 2.95
2016-12-31 2.70
2016-09-30 2.52

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Heineken is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Heineken's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Heineken has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Heineken performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Heineken's growth in the last year to its industry (Beverage).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Heineken's year on year earnings growth rate has been positive over the past 5 years.
  • Heineken's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Heineken's 1-year earnings growth is negative, it can't be compared to the DE Beverage industry average.
Earnings and Revenue History
Heineken's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Heineken Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HNK2 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 23,119.00 1,890.00 4,031.00
2019-03-31 22,795.00 1,896.50 4,010.50
2018-12-31 22,471.00 1,903.00 3,990.00
2018-09-30 22,275.50 1,957.50 3,978.50
2018-06-30 22,062.00 2,013.00 3,967.00
2018-03-31 21,835.50 1,974.00 3,888.00
2017-12-31 21,609.00 1,935.00 3,809.00
2017-09-30 21,324.50 1,880.00 3,731.00
2017-06-30 21,040.00 1,825.00 3,653.00
2017-03-31 20,916.00 1,682.50 3,610.00
2016-12-31 20,792.00 1,540.00 3,567.00
2016-09-30 20,750.50 1,437.00 3,548.50
2016-06-30 20,709.00 1,334.00 3,530.00
2016-03-31 20,610.00 1,613.00 3,553.50
2015-12-31 20,511.00 1,892.00 3,577.00
2015-09-30 20,195.00 1,960.50 3,472.00
2015-06-30 19,879.00 2,029.00 3,367.00
2015-03-31 19,568.00 1,772.50 3,318.50
2014-12-31 19,257.00 1,516.00 3,270.00
2014-09-30 19,190.00 1,436.00 3,231.00
2014-06-30 19,123.00 1,356.00 3,192.00
2014-03-31 19,163.00 1,360.00 3,279.00
2013-12-31 19,203.00 1,364.00 3,366.00
2013-09-30 19,081.00 2,075.50 3,408.50
2013-06-30 18,959.00 2,787.00 3,451.00
2013-03-31 18,671.00 2,850.50 3,398.50
2012-12-31 18,383.00 2,914.00 3,346.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Heineken has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Heineken used its assets more efficiently than the DE Beverage industry average last year based on Return on Assets.
  • Heineken's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Heineken's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Beverage industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Heineken has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Heineken's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Heineken's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Heineken's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Heineken's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Heineken's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Heineken Company Filings, last reported 3 months ago.

DB:HNK2 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 16,283.00 16,614.00 1,751.00
2019-03-31 16,283.00 16,614.00 1,751.00
2018-12-31 15,540.00 14,986.00 2,903.00
2018-09-30 15,540.00 14,986.00 2,903.00
2018-06-30 14,765.00 15,267.00 2,051.00
2018-03-31 14,765.00 15,267.00 2,051.00
2017-12-31 14,521.00 15,378.00 2,442.00
2017-09-30 14,521.00 15,378.00 2,442.00
2017-06-30 14,326.00 15,517.00 2,774.00
2017-03-31 14,326.00 15,517.00 2,774.00
2016-12-31 14,573.00 14,604.00 3,035.00
2016-09-30 14,573.00 14,604.00 3,035.00
2016-06-30 13,784.00 14,609.00 2,566.00
2016-03-31 13,784.00 14,609.00 2,566.00
2015-12-31 15,070.00 15,005.00 3,248.00
2015-09-30 15,070.00 15,005.00 3,248.00
2015-06-30 14,517.00 11,461.00 849.00
2015-03-31 14,517.00 11,461.00 849.00
2014-12-31 13,452.00 11,750.00 681.00
2014-09-30 13,452.00 11,750.00 681.00
2014-06-30 12,572.00 11,813.00 838.00
2014-03-31 12,572.00 11,813.00 838.00
2013-12-31 12,356.00 12,217.00 1,301.00
2013-09-30 12,356.00 12,217.00 1,301.00
2013-06-30 12,760.00 13,483.00 798.00
2013-03-31 12,760.00 13,483.00 798.00
2012-12-31 12,805.00 13,453.00 1,048.00
  • Heineken's level of debt (102%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (93.8% vs 102% today).
  • Debt is well covered by operating cash flow (24.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.2x coverage).
X
Financial health checks
We assess Heineken's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Heineken has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Heineken's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.7%
Current annual income from Heineken dividends. Estimated to be 1.9% next year.
If you bought €2,000 of Heineken shares you are expected to receive €34 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Heineken's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Heineken's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:HNK2 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
Germany Beverage Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 1.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:HNK2 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 2.30 1.00
2022-12-31 2.20 1.00
2021-12-31 1.97 17.00
2020-12-31 1.84 20.00
2019-12-31 1.68 19.00
2019-10-12
DB:HNK2 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-07-29 1.650 1.714
2019-04-25 1.600 1.635
2018-07-30 1.520 1.828
2018-04-19 1.470 1.679
2017-07-31 1.360 1.575
2017-02-15 1.340 1.610
2016-08-01 1.380 1.851
2016-02-10 1.300 1.624
2015-08-03 1.180 1.539
2015-02-11 1.100 1.554
2014-04-24 0.890 1.574
2013-02-13 0.890 1.727
2012-08-22 0.860 1.769
2012-02-15 0.830 2.023
2011-08-24 0.800 2.312
2011-02-16 0.760 1.921
2010-08-25 0.760 2.067
2010-04-22 0.650 1.844
2009-08-26 0.590 1.774
2009-02-18 0.620 2.567

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Heineken's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.7x coverage).
X
Income/ dividend checks
We assess Heineken's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Heineken afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Heineken has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Heineken's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jean-François M. Van Boxmeer
COMPENSATION €8,244,000
AGE 58
TENURE AS CEO 14 years
CEO Bio

Mr. Jean-François M. L. Van Boxmeer has been the Chairman of Executive Board and Chief Executive Officer at Heineken NV since October 1, 2005 and its Member of the Executive Board since 2001. Mr. Van Boxmeer served as Vice-president and General Manager at Zywiec S.A., Poland from 1999 to 2000. He served as President and General Manager of Zywiec S.A., Poland from 1996 to 1999. He served as General Manager of Heineken Bralima, Dem. Rep. Congo from 1993 to 1996 and served as Sales & Marketing Manager from 1990 to 1993. He served as General Manager of Heineken Italia, Italy from 2000 to 2001. He held various management positions in DRC (General Manager), Poland (Managing Director), Italy (Managing Director). He served as Sales & Marketing Manager of Heineken Bralirwa, Rwanda from 1987 to 1990 and Traineeship in the Netherlands in production, sales and administration areas; assignment in Cameroon of Heineken Nederland, the Netherlands from 1984 to 1987. He has been an Independent Director at Mondelez International, Inc. (formerly, Kraft Foods Inc.) since January 1, 2010. He serves as Member Board of Governors at De Nederlandse Opera (The Dutch Opera). He serves as a Member Advisory Board at Louvain School of Management, Louvain-la-Neuve. Mr. Van Boxmeer earned Master's Degree in Economics from Facultés Universitaires Notre Dame de la Paix S.J., Namur Belgium in 1984.

CEO Compensation
  • Jean-François M.'s compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jean-François M.'s remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Heineken management team in years:

6.4
Average Tenure
57.5
Average Age
  • The average tenure for the Heineken management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Jean-François M. Van Boxmeer

TITLE
Chairman of the Executive Board & CEO
COMPENSATION
€8M
AGE
58
TENURE
14 yrs

Laurence Debroux

TITLE
CFO & Member of the Executive Board
COMPENSATION
€4M
AGE
50
TENURE
4.5 yrs

Ernst Van de Weert

TITLE
Executive Director of Global Legal Affairs
TENURE
2.3 yrs

Marc Koster

TITLE
Executive Director of Global Business Development

Chris Van Steenbergen

TITLE
Chief Human Resources Officer
AGE
63
TENURE
5.4 yrs

Marc Gross

TITLE
Chief Supply Chain Officer
AGE
61
TENURE
14.8 yrs

Frans Eusman

TITLE
Executive Director of Global Audit
AGE
57
TENURE
1 yrs

Jan van Karnebeek

TITLE
Chief Commercial Officer
AGE
52
TENURE
10.8 yrs

Jacco Van Der Linden

TITLE
Managing Director of China Business
TENURE
7.8 yrs

David Forde

TITLE
Managing Director of UK Business
TENURE
6.4 yrs
Board of Directors Tenure

Average tenure and age of the Heineken board of directors in years:

6.5
Average Tenure
60.5
Average Age
  • The tenure for the Heineken board of directors is about average.
Board of Directors

Jean Huët

TITLE
Chairman of Supervisory Board
AGE
50
TENURE
0.5 yrs

José Antonio Vicente Fernández Carbajal

TITLE
Vice Chairman of Supervisory Board
AGE
65
TENURE
9.5 yrs

Maarten Das

TITLE
Member of Supervisory Board
AGE
71
TENURE
25.8 yrs

Marion Helmes

TITLE
Member of Supervisory Board
AGE
54
TENURE
1.5 yrs

Michel de Carvalho

TITLE
Member of Supervisory Board
AGE
75
TENURE
23.8 yrs

V. Christophe O. B. Navarre

TITLE
Member of Supervisory Board
AGE
61
TENURE
10.8 yrs

Javier Gerardo Astaburuaga Sanjines

TITLE
Member of Supervisory Board
AGE
60
TENURE
9.5 yrs

Pamela Mars-Wright

TITLE
Member of Supervisory Board
AGE
59
TENURE
3.5 yrs

Rosemary Ripley

TITLE
Member of Supervisory Board
AGE
64
TENURE
0.5 yrs

Ingrid Arnold

TITLE
Member of Supervisory Board
AGE
50
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Heineken's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Heineken has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Heineken N.V. engages in brewing and selling beer and cider. The company operates through Africa, Middle East & Eastern Europe; Americas; Asia Pacific; and Europe segments. It offers beer, cider, soft drinks, and other beverages. The company offers its beers under the Heineken, Amstel, Desperados, Sol, Tiger, Tecate, Red Stripe, Krušovice, Birra Morett, Affligem, Lagunitas, and Mort Subite brands, as well as under various other regional and local brands; and cider under the Strongbow Apple Ciders, Orchard Thieves, Stassen, Bulmers, Old Mout, and Blind Pig brands. It offers its products to retailers, bars, and restaurants through distributors. The company was founded in 1864 and is headquartered in Amsterdam, the Netherlands. Heineken N.V. is a subsidiary of Heineken Holding N.V.

Details
Name: Heineken N.V.
HNK2
Exchange: DB
Founded: 1864
€55,181,980,429
570,179,587
Website: http://www.theheinekencompany.com
Address: Heineken N.V.
Tweede Weteringplantsoen 21,
Amsterdam,
Noord-Holland, 1017 ZD,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM HEIA Ordinary Shares Euronext Amsterdam NL EUR 30. Jun 1976
OTCPK HINK.F Ordinary Shares Pink Sheets LLC US USD 30. Jun 1976
DB HNK1 Ordinary Shares Deutsche Boerse AG DE EUR 30. Jun 1976
XTRA HNK1 Ordinary Shares XETRA Trading Platform DE EUR 30. Jun 1976
LSE 0O26 Ordinary Shares London Stock Exchange GB EUR 30. Jun 1976
SWX HEI Ordinary Shares SIX Swiss Exchange CH CHF 30. Jun 1976
WBAG HEIA Ordinary Shares Wiener Boerse AG AT EUR 30. Jun 1976
SEP HEIA Ordinary Shares The Stock Exchange Prague Co. Ltd. CZ CZK 30. Jun 1976
BMV HEIA N Ordinary Shares Bolsa Mexicana de Valores MX MXN 30. Jun 1976
BATS-CHIXE HEIAA Ordinary Shares BATS 'Chi-X Europe' GB EUR 30. Jun 1976
OTCPK HEIN.Y SPONSORED ADR L1 Pink Sheets LLC US USD 07. Jan 1980
DB HNK2 SPONSORED ADR L1 Deutsche Boerse AG DE EUR 07. Jan 1980
Number of employees
Current staff
Staff numbers
85,000
Heineken employees.
Industry
Brewers
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/12 22:14
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/11
Last earnings filing: 2019/07/29
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.