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Heineken

Heineken is the world's second-largest brewer in terms of both volumes, selling around 218 mn hl of beer in 2017 and net revenues, generating net revenue of €21.9 bn in 2017. Europe (West) is Heineken's main market accounting for 45% of total net revenues in FY17. America is its second largest division by the same measure (28%) followed by Africa & Middle East & East Europe (14%). Asia Pacific is Heineken's smallest market (13%). Heineken has a beer portfolio that includes its principal international brands of Heineken and Amstel as well as Kingfisher, Sagres, Strongbow and Tiger. Heineken Holdings NV is owned 52.6% by the Heineken family (L'Arche Green NV) and 12.3% by FEMSA, the Mexican conglomerate (via CB Equity) with the balance of share capital being free float. Heineken Holdings NV owns 50.005% of Heineken NV, the main operating group, with FEMSA a 8.6% shareholder and the remaining shares being free float. Both Heineken companies are listed on stock exchanges. (02 Aug 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.
Focused

Heineken: 3Q18 – Volume Up But Ear Muffs On

Worth Watching: 24 Oct 2018, 4:42 AM ET - Heineken (HEIANA: Baa1/BBB+/NR), where have a Market perform opinion relative to its European food & beverage peers, announced middle order organic sales volume growth for the three months to 30 Sep 2018 (3Q18), confirmed its full year guidance ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            
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Heineken: New Euro Bonds

IG Note: 03 Sep 2018, 5:09 AM ET - Heineken is in the market with new 8.5-year and 12.5-year bonds. 
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Heineken: Snow in Summer?!?

Worth Watching: 03 Aug 2018, 6:01 AM ET - Heineken (HEIANA: Baa1/BBB+/NR) where we hold a Market perform opinion relative to its European food & beverage peers, announced this morning four days after publishing 1H18 results, that it had signed a heads of agreement to take an indirect no ..
Focused

Heineken: 1H18 – Diluted Beia

Worth Watching: 30 Jul 2018, 8:41 AM ET - Heineken (HEIANA: Baa1/BBB+/NR) reported 1H18 results that looked broadly neutral for the company's bonds. LTM credit metrics were stable overall versus prior year. Management downgraded its margin guidance for the full year, mainly on the bac ..

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.
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Heineken NV: 1Q18 – Speaking Volumes

Worth Watching: 18 Apr 2018, 3:47 AM ET - Heineken NV (HEIANA: Baa1/BBB+/NR), where we have a Market perform opinion relative to its European food & beverage peers, announced sales volume data only for the three months to 31 Mar 2018 (1Q18) - the company no longer either reports revenu ..
Focused

Heineken: FY17 – Predictable Future

Worth Watching: 12 Feb 2018, 9:18 AM ET - Heineken HEIANA: Baa1/BBB+/NR), where we hold a Market perform opinion relative to our European food & beverage coverage, reported solid FY17 results. The company built cash flow generation and managed net debt such that its latest credit metri ..

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

2017 Euro Conference: IG Consumer

Transcript: 11 Dec 2017, 8:47 PM ET - We spoke about our outlook for our high grade and crossover European food & beverage and retail names in 2018, the 50th anniversary of the Apollo 8 space mission.

IG European Consumer 2018: M&A Orbits

Sector Outlook: 07 Dec 2017, 9:37 PM ET - We have updated our frameworks for assessing relative value in our high grade and crossover European food & beverage and retail names for 2018, the 50th anniversary of the Apollo 8 space mission, and have made five changes to our opinions.

Diageo: New Euro Bonds

IG Note: 13 Nov 2017, 6:06 AM ET - Diageo is in the market with a two-tranche euro issuance; the first capital market raising since September 2014 but, nevertheless, long expected.

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