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Heineken Holding

BATS-CHIXE:HEIOA
Snowflake Description

Good value with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HEIOA
BATS-CHIXE
€20B
Market Cap
  1. Home
  2. GB
  3. Food, Beverage & Tobacco
Company description

Heineken Holding N.V., through its subsidiaries, brews and sells beer and cider. The last earnings update was 46 days ago. More info.


Add to Portfolio Compare Print
  • Heineken Holding has significant price volatility in the past 3 months.
HEIOA Share Price and Events
7 Day Returns
-1.2%
BATS-CHIXE:HEIOA
-0.1%
GB Beverage
0.1%
GB Market
1 Year Returns
-23.6%
BATS-CHIXE:HEIOA
-21.6%
GB Beverage
-23.6%
GB Market
HEIOA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Heineken Holding (HEIOA) -1.2% -13.4% -23% -23.6% -9.7% 1%
GB Beverage -0.1% -9.9% -21.9% -21.6% 6.5% 30.4%
GB Market 0.1% -15.5% -27% -23.6% -24.3% -23.5%
1 Year Return vs Industry and Market
  • HEIOA underperformed the Beverage industry which returned -21.6% over the past year.
  • HEIOA matched the United Kingdom of Great Britain and Northern Ireland Market (-23.6%) over the past year.
Price Volatility
HEIOA
Industry
5yr Volatility vs Market

Value

 Is Heineken Holding 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 Holding 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 Holding.

BATS-CHIXE:HEIOA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.7%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

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 BATS-CHIXE:HEIOA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 5.4%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.562 (1 + (1- 25%) (86.24%))
0.95
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.95 * 5.44%)
5.7%

Discounted Cash Flow Calculation for BATS-CHIXE:HEIOA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Heineken Holding 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.

BATS-CHIXE:HEIOA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.7%)
2020 2,001.50 Analyst x2 1,893.58
2021 2,345.50 Analyst x2 2,099.39
2022 2,259.00 Analyst x1 1,912.94
2023 2,207.90 Est @ -2.26% 1,768.86
2024 2,176.45 Est @ -1.42% 1,649.64
2025 2,158.21 Est @ -0.84% 1,547.62
2026 2,148.98 Est @ -0.43% 1,457.91
2027 2,145.96 Est @ -0.14% 1,377.36
2028 2,147.26 Est @ 0.06% 1,303.89
2029 2,151.59 Est @ 0.2% 1,236.07
Present value of next 10 years cash flows €16,247.00
BATS-CHIXE:HEIOA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €2,151.59 × (1 + 0.53%) ÷ (5.7% – 0.53%)
€41,843.98
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €41,843.98 ÷ (1 + 5.7%)10
€24,039.00
BATS-CHIXE:HEIOA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €16,247.00 + €24,039.00
€40,286.00
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €40,286.00 / 288.03
€139.87
BATS-CHIXE:HEIOA Discount to Share Price
Calculation Result
Value per share (EUR) From above. €139.87
Current discount Discount to share price of €68.65
= -1 x (€68.65 - €139.87) / €139.87
50.9%

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

Current Discount
Amount off the current price Heineken Holding is available for.
Intrinsic value
>50%
Share price is €68.65 vs Future cash flow value of €139.87
Current Discount Checks
For Heineken Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Heineken Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Heineken Holding's share price is below the future cash flow value, and 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 Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Heineken Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:HEIOA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €3.77
ENXTAM:HEIO Share Price ** ENXTAM (2020-04-07) in EUR €68.65
United Kingdom of Great Britain and Northern Ireland Beverage Industry PE Ratio Median Figure of 10 Publicly-Listed Beverage Companies 16.53x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 748 Publicly-Listed Companies 12.61x

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

** Primary Listing of Heineken Holding.

BATS-CHIXE:HEIOA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 68.65 ÷ 3.77

18.19x

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

  • Heineken Holding is overvalued based on earnings compared to the GB Beverage industry average.
  • Heineken Holding is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Heineken Holding's expected growth come at a high price?
Raw Data
BATS-CHIXE:HEIOA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.19x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
19%per year
United Kingdom of Great Britain and Northern Ireland Beverage Industry PEG Ratio Median Figure of 8 Publicly-Listed Beverage Companies 2.22x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 517 Publicly-Listed Companies 0.99x

*Line of best fit is calculated by linear regression .

BATS-CHIXE:HEIOA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.19x ÷ 19%

0.96x

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

  • Heineken Holding is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Heineken Holding's assets?
Raw Data
BATS-CHIXE:HEIOA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €27.75
ENXTAM:HEIO Share Price * ENXTAM (2020-04-07) in EUR €68.65
United Kingdom of Great Britain and Northern Ireland Beverage Industry PB Ratio Median Figure of 13 Publicly-Listed Beverage Companies 2.7x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,323 Publicly-Listed Companies 1.11x
BATS-CHIXE:HEIOA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 68.65 ÷ 27.75

2.47x

* Primary Listing of Heineken Holding.

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

  • Heineken Holding is good value based on assets compared to the GB Beverage industry average.
X
Value checks
We assess Heineken Holding'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 Holding has a total score of 4/6, 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 Holding expected to perform in the next 1 to 3 years based on estimates from 3 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
19%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Heineken Holding expected to grow at an attractive rate?
  • Heineken Holding's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Heineken Holding's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • Heineken Holding's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:HEIOA Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:HEIOA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 19%
BATS-CHIXE:HEIOA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 4.3%
United Kingdom of Great Britain and Northern Ireland Beverage Industry Earnings Growth Rate Market Cap Weighted Average 8.3%
United Kingdom of Great Britain and Northern Ireland Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.9%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.5%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.5%

*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
BATS-CHIXE:HEIOA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:HEIOA Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 29,122 5,633 3,358 1
2023-12-31 27,581 5,281 3,086 1
2022-12-31 26,012 4,993 2,580 3
2021-12-31 24,966 4,999 2,368 3
2020-12-31 23,109 4,306 1,790 3
2020-04-07
BATS-CHIXE:HEIOA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 23,969 4,337 1,087
2019-09-30 23,553 4,182 1,023
2019-06-30 23,119 4,026 953
2019-03-31 22,795 4,207 957
2018-12-31 22,489 4,388 966
2018-09-30 22,276 4,310 991
2018-06-30 22,062 4,232 1,016
2018-03-31 21,836 4,057 997
2017-12-31 21,609 3,882 977
2017-09-30 21,325 3,980 950
2017-06-30 21,040 4,077 923
2017-03-31 20,916 3,898 851

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Heineken Holding's earnings are expected to grow by 19% yearly, however this is not considered high growth (20% yearly).
  • Heineken Holding's revenue is expected to grow by 4.3% 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
BATS-CHIXE:HEIOA 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 3 Analyst Estimates (S&P Global) See Below

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

BATS-CHIXE:HEIOA Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 6.76 6.76 6.76 1.00
2023-12-31 5.93 5.93 5.93 1.00
2022-12-31 4.64 5.25 4.02 2.00
2021-12-31 4.16 4.56 3.75 2.00
2020-12-31 3.11 3.33 2.89 2.00
2020-04-07
BATS-CHIXE:HEIOA Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 3.77
2019-09-30 3.55
2019-06-30 3.31
2019-03-31 3.32
2018-12-31 3.35
2018-09-30 3.44
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

*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 Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Heineken Holding'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 United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland 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 Holding has a total score of 3/6, 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 Holding 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 Holding'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 Holding's year on year earnings growth rate has been positive over the past 5 years.
  • Heineken Holding's 1-year earnings growth exceeds its 5-year average (12.5% vs 4.1%)
  • Heineken Holding's earnings growth has exceeded the GB Beverage industry average in the past year (12.5% vs 4.4%).
Earnings and Revenue History
Heineken Holding'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 Holding Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:HEIOA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 23,969.00 1,087.00 3,934.00
2019-09-30 23,553.00 1,022.50 4,009.50
2019-06-30 23,119.00 953.00 4,031.00
2019-03-31 22,795.00 957.00 4,010.50
2018-12-31 22,489.00 966.00 4,044.00
2018-09-30 22,275.50 991.00 4,005.50
2018-06-30 22,062.00 1,016.00 3,967.00
2018-03-31 21,835.50 996.50 3,888.00
2017-12-31 21,609.00 977.00 3,809.00
2017-09-30 21,324.50 950.00 3,731.00
2017-06-30 21,040.00 923.00 3,653.00
2017-03-31 20,916.00 851.00 3,610.00
2016-12-31 20,792.00 779.00 3,567.00
2016-09-30 20,750.50 728.00 3,548.50
2016-06-30 20,709.00 677.00 3,530.00
2016-03-31 20,610.00 817.00 3,553.50
2015-12-31 20,511.00 957.00 3,577.00
2015-09-30 20,195.00 988.50 3,496.50
2015-06-30 19,879.00 1,020.00 3,416.00
2015-03-31 19,568.00 890.00 3,367.50
2014-12-31 19,257.00 760.00 3,319.00
2014-09-30 19,190.00 719.50 3,255.50
2014-06-30 19,123.00 679.00 3,192.00
2014-03-31 19,163.00 681.00 3,279.00
2013-12-31 19,203.00 683.00 3,366.00
2013-09-30 19,081.00 1,039.00 3,408.50
2013-06-30 18,959.00 1,395.00 3,451.00

*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 Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Heineken Holding used its assets less efficiently than the GB Beverage industry average last year based on Return on Assets.
  • Heineken Holding has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Heineken Holding'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 Holding has a total score of 4/6, 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 Holding'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 Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Heineken Holding's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Heineken Holding's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Heineken Holding'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 Holding Company Filings, last reported 3 months ago.

BATS-CHIXE:HEIOA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 17,311.00 15,794.00 1,821.00
2019-09-30 17,311.00 15,794.00 1,821.00
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 15,708.00 14,986.00 2,903.00
2018-09-30 15,708.00 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
  • Heineken Holding's level of debt (91.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (87.2% vs 91.2% today).
  • Debt is well covered by operating cash flow (27.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.3x coverage).
X
Financial health checks
We assess Heineken Holding'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 Holding 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 Holding'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
2.45%
Current annual income from Heineken Holding dividends. Estimated to be 2.22% next year.
If you bought €2,000 of Heineken Holding shares you are expected to receive €49 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 Holding's pays a lower dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.59%).
  • Heineken Holding's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (7.08%).
Upcoming dividend payment

Purchase Heineken Holding before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
BATS-CHIXE:HEIOA 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 3 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Beverage Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 2.8%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 588 Stocks 5.6%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.6%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.1%

Industry and Market average data is calculated daily.

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

BATS-CHIXE:HEIOA Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 1.61 2.00
2021-12-31 1.56 2.00
2020-12-31 1.41 2.00
2020-04-07
BATS-CHIXE:HEIOA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-02-21 1.680 2.321
2020-02-12 1.680 1.815
2019-07-29 1.650 1.863
2019-02-13 1.600 1.779
2018-04-19 1.470 1.841
2017-02-15 1.340 1.667
2016-02-17 1.300 1.865
2016-02-10 1.300 2.020
2015-02-11 1.100 1.676
2014-08-20 0.890 1.683
2014-04-24 0.890 1.854
2013-08-21 0.920 2.006
2013-02-13 0.890 1.891
2012-02-15 0.830 2.236
2011-08-24 0.800 2.668
2011-04-21 0.760 2.179
2010-08-25 0.660 2.033
2010-04-22 0.650 2.128
2009-08-26 0.590 2.043

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 Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.2x coverage).
X
Income/ dividend checks
We assess Heineken Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - 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 Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Heineken Holding has a total score of 4/6, 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 Holding'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.
  • Heineken Holding has no CEO, or we have no data on them.
Management Team Tenure

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

3.1
Average Tenure
61.5
Average Age
  • The tenure for the Heineken Holding management team is about average.
Management Team

Charlene de Carvalho-Heineken

TITLE
Executive Director
AGE
65

Michel de Carvalho

TITLE
Executive Director
AGE
75

Jean-François M. van Boxmeer

TITLE
Executive Director
COMPENSATION
€4M
AGE
58

Laurence Debroux

TITLE
Executive Director
COMPENSATION
€7M
AGE
50

Federico Martinez

TITLE
Director of Investor Relations

Maarten Schuurman

TITLE
Senior Director of Global Sales Execution & Capabilities

David Forde

TITLE
Managing Director of UK
TENURE
6.9 yrs

Jacco Van Der Linden

TITLE
Managing Director of China Business
TENURE
4.7 yrs

Etienne Strijp

TITLE
Managing Director of Mexico
TENURE
1.6 yrs

Boudewijn Haarsma

TITLE
Managing Director of Russia
TENURE
1.6 yrs
Board of Directors Tenure

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

7
Average Tenure
61.5
Average Age
  • The tenure for the Heineken Holding board of directors is about average.
Board of Directors

Maarten Das

TITLE
Non-Executive Chairman
AGE
71

Charlene de Carvalho-Heineken

TITLE
Executive Director
AGE
65
TENURE
32.3 yrs

Michel de Carvalho

TITLE
Executive Director
AGE
75
TENURE
5 yrs

José Antonio Vicente Fernández Carbajal

TITLE
Non-Executive Director
AGE
65
TENURE
10.3 yrs

Charlotte Kwist

TITLE
Non-Executive Director
AGE
52
TENURE
9 yrs

Alexander Alfred de Carvalho

TITLE
Non-Executive Director
AGE
35
TENURE
7 yrs

L.L.H. Brassey

TITLE
Non-Executive Director
AGE
33
TENURE
2 yrs

A.M. van Vlissingen

TITLE
Independent Non Executive Director
AGE
58
TENURE
2 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 Holding'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 Holding 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 Holding N.V., through its subsidiaries, brews and sells beer and cider. The company sells its beers under, including Heineken, Amstel, Desperados, Sol, Tiger, Tecate, Red Stripe, Krušovice, Birra Moretti, Affligem, Lagunitas, and Mort Subite brands; and ciders under the Strongbow Apple Ciders, Orchard Thieves, Stassen, Bulmers, Old Mout, and Blind Pig brands. As of December 31, 2018, it operated its products under approximately 300 international, regional, and local brands. The company operates in Africa, the Middle East, Europe, the Americas, and the Asia Pacific. Heineken Holding N.V. was founded in 1864 and is based in Amsterdam, the Netherlands.

Details
Name: Heineken Holding N.V.
HEIOA
Exchange: BATS-CHIXE
Founded: 1864
€19,773,271,033
288,030,168
Website: http://www.theheinekencompany.com
Address: Heineken Holding N.V.
Tweede Weteringplantsoen 5,
Amsterdam,
Noord-Holland, 1017 ZD,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM HEIO Ordinary Shares Euronext Amsterdam NL EUR 02. Jan 1992
OTCPK HKHH.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB 4H5 Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0NBD Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
BATS-CHIXE HEIOA Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
OTCPK HKHH.Y SPONSORED ADR Pink Sheets LLC US USD 12. Dec 2012
Number of employees
Current staff
Staff numbers
85,853
Heineken Holding employees.
Industry
Brewers
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 21:02
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/03/30
Last earnings filing: 2020/02/21
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.