HEIA Relative Valuation - Heineken NV

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Price: 65.44 EUR -0.94% Market Closed

Market Cap: €37.7B

	Heineken NV AEX:HEIA	NL
	Qube Holdings Ltd ASX:QUB	AU

Multiples-Based Value

The Multiples-Based Value of one HEIA stock under the Base Case scenario is 99.48 EUR. Compared to the current market price of 65.44 EUR, Heineken NV is Undervalued by 34%.

Multiples-Based Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Multiples-Based Value calculated?

HEIA Multiples-Based Value

Base Case

Undervaluation 34%

Multiples-Based Value

Price

Worst Case

Base Case

Best Case

Valuation Multiples

View Details

Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

		Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
NL	Heineken NV AEX:HEIA	37B EUR	1.3	19.4	7.8	13.2
BE	Anheuser Busch Inbev SA XETRA:1NBA	115.8B EUR	2.3	19.9	9.1	12.4
BE	Anheuser-Busch Inbev SA MIL:ABI	114B EUR	2.2	28	9.8	13.4
BR	Ambev SA BOVESPA:ABEV3	231.6B BRL	2.6	14.9	7.2	9.4
NL	Heineken Holding NV AEX:HEIO	17.1B EUR	0.6	17.7	4.5	7.7
DK	Carlsberg A/S CSE:CARL B	106.1B DKK	1.2	17.6	8.7	12.4
JP	Asahi Group Holdings Ltd TSE:2502	2.4T JPY	0.8	15.2	7.8	13
JP	Kirin Holdings Co Ltd TSE:2503	2T JPY	0.8	13.8	8.8	13.1
CN	Tsingtao Brewery Co Ltd SSE:600600	84.9B CNY	2.6	18.3	11.6	11.6
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	94.2B HKD	2.1	24.8	6	9.8
HK	China Resources Beer Holdings Co Ltd HKEX:291	80.3B HKD	1.9	21	8.8	8.8

			Revenue Growth	P/S to Growth
NL	Heineken NV AEX:HEIA	Average P/S: 1.7 1.3	5%	0.3
BE	Anheuser Busch Inbev SA XETRA:1NBA	2.3	5%	0.5
BE	Anheuser-Busch Inbev SA MIL:ABI	2.2	6%	0.4
BR	Ambev SA BOVESPA:ABEV3	2.6	6%	0.4
NL	Heineken Holding NV AEX:HEIO	0.6	7%	0.1
DK	Carlsberg A/S CSE:CARL B	1.2	4%	0.3
JP	Asahi Group Holdings Ltd TSE:2502	0.8	3%	0.3
JP	Kirin Holdings Co Ltd TSE:2503	0.8	2%	0.4
CN	Tsingtao Brewery Co Ltd SSE:600600	2.6	3%	0.9
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	2.1	4%	0.5
HK	China Resources Beer Holdings Co Ltd HKEX:291	1.9	8%	0.2

			Earnings Growth	PEG
NL	Heineken NV AEX:HEIA	Average P/E: 19.1 19.4	23%	0.8
BE	Anheuser Busch Inbev SA XETRA:1NBA	19.9	12%	1.7
BE	Anheuser-Busch Inbev SA MIL:ABI	28	17%	1.6
BR	Ambev SA BOVESPA:ABEV3	14.9	6%	2.5
NL	Heineken Holding NV AEX:HEIO	17.7	30%	0.6
DK	Carlsberg A/S CSE:CARL B	17.6	20%	0.9
JP	Asahi Group Holdings Ltd TSE:2502	15.2	7%	2.2
JP	Kirin Holdings Co Ltd TSE:2503	13.8	9%	1.5
CN	Tsingtao Brewery Co Ltd SSE:600600	18.3	7%	2.6
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	24.8	16%	1.5
HK	China Resources Beer Holdings Co Ltd HKEX:291	21	30%	0.7

			EBITDA Growth	EV/EBITDA to Growth
NL	Heineken NV AEX:HEIA	Average EV/EBITDA: 8.2 7.8	7%	1.1
BE	Anheuser Busch Inbev SA XETRA:1NBA	9.1	6%	1.5
BE	Anheuser-Busch Inbev SA MIL:ABI	9.8	9%	1.1
BR	Ambev SA BOVESPA:ABEV3	7.2	6%	1.2
NL	Heineken Holding NV AEX:HEIO	4.5	N/A	N/A
DK	Carlsberg A/S CSE:CARL B	8.7	7%	1.2
JP	Asahi Group Holdings Ltd TSE:2502	7.8	6%	1.3
JP	Kirin Holdings Co Ltd TSE:2503	8.8	6%	1.5
CN	Tsingtao Brewery Co Ltd SSE:600600	11.6	16%	0.7
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	6	6%	1
HK	China Resources Beer Holdings Co Ltd HKEX:291	8.8	21%	0.4

			EBIT Growth	EV/EBIT to Growth
NL	Heineken NV AEX:HEIA	Average EV/EBIT: 11.4 13.2	12%	1.1
BE	Anheuser Busch Inbev SA XETRA:1NBA	12.4	8%	1.6
BE	Anheuser-Busch Inbev SA MIL:ABI	13.4	11%	1.2
BR	Ambev SA BOVESPA:ABEV3	9.4	6%	1.6
NL	Heineken Holding NV AEX:HEIO	7.7	14%	0.5
DK	Carlsberg A/S CSE:CARL B	12.4	9%	1.4
JP	Asahi Group Holdings Ltd TSE:2502	13	N/A	N/A
JP	Kirin Holdings Co Ltd TSE:2503	13.1	N/A	N/A
CN	Tsingtao Brewery Co Ltd SSE:600600	11.6	9%	1.3
HK	Budweiser Brewing Company APAC Ltd HKEX:1876	9.8	7%	1.4
HK	China Resources Beer Holdings Co Ltd HKEX:291	8.8	14%	0.6

Heineken NV
AEX:HEIA

Multiples-Based Value

Valuation Multiples

Multiples Across Competitors

HEIA Competitors Multiples
Heineken NV Competitors

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Heineken NV AEX:HEIA

Multiples-Based Value

Valuation Multiples

Multiples Across Competitors

HEIA Competitors Multiples Heineken NV Competitors

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Heineken NV
AEX:HEIA

HEIA Competitors Multiples
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