Heineken drops after EBIT, outlook miss expectations

Royal Unibrew A/S

29/07/2024 08:59

** Shares in Heineken  HEIN.AS  drop around 6% to four-month
low after the Dutch brewer posted half-year results below
expectations, while its raised outlook also came short  
    ** EBIT growth came in at 12.5% vs consensus 13.2%, organic
beer volume growth of 2.1% vs consensus of 3.4%
    ** "Underwhelming results from Heineken, with almost every
line of the P&L missing company-compiled expectations," RBC
analysts say in a note
    ** They add that while the guidance was narrowed/upgraded to
4-8%, consensus is already at the top end of this at 8.2%
    ** The miss on consensus' EBIT forecast is "particularly
disappointing", Barclays adds, pointing to the positive
management's commentary at a recent conference
    ** "The new EBIT guidance of 4-8% growth is underwhelming,
and is below where current forecasts are" - Barclays
    ** Peer AB InBev  ABI.BR  slips 0.5%, while Carlsberg
 CARLb.CO  and Royal Unibrew  RBREW.CO  are down 4% and 2%,
respectively 

 (Reporting by Anna Peverieri, Anna Pruchnicka)
 ((Anna.peverieri@tr.com))