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Projected Income Statement: Heineken N.V.
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 21,901 | 28,694 | 30,308 | 35,955 | 34,257 | 30,705 | 31,936 | 33,088 |
| Change | - | 31.02% | 5.62% | 18.63% | -4.72% | -10.37% | 4.01% | 3.61% |
| EBITDA 1 | 5,087 | 6,055 | 7,154 | 6,780 | 6,658 | 6,927 | 7,298 | 7,569 |
| Change | - | 19.03% | 18.15% | -5.23% | -1.8% | 4.04% | 5.36% | 3.71% |
| EBIT 1 | 3,414 | 4,502 | 4,443 | 4,512 | 4,385 | 4,796 | 5,058 | 5,325 |
| Change | - | 31.87% | -1.31% | 1.55% | -2.81% | 9.37% | 5.47% | 5.28% |
| Interest Paid 1 | -462 | -458 | -640 | -680 | -666 | -727.8 | -718.2 | -718.5 |
| Earnings before Tax (EBT) 1 | 4,334 | 4,170 | 2,522 | 2,007 | 2,995 | 3,968 | 4,292 | 4,624 |
| Change | - | -3.78% | -39.52% | -20.42% | 49.23% | 32.47% | 8.17% | 7.74% |
| Net income 1 | 3,324 | 2,682 | 2,304 | 978 | 1,885 | 2,606 | 2,838 | 3,040 |
| Change | - | -19.31% | -14.09% | -57.55% | 92.74% | 38.28% | 8.9% | 7.12% |
| Announcement Date | 16/02/22 | 15/02/23 | 14/02/24 | 12/02/25 | 11/02/26 | - | - | - |
Forecast Balance Sheet: Heineken N.V.
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 13,625 | 13,531 | 15,835 | 14,651 | 14,479 | 16,660 | 15,396 | 14,133 |
| Change | - | -0.69% | 17.03% | -7.48% | -1.17% | 15.06% | -7.59% | -8.2% |
| Announcement Date | 16/02/22 | 15/02/23 | 14/02/24 | 12/02/25 | 11/02/26 | - | - | - |
Cash Flow Forecast: Heineken N.V.
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| CAPEX 1 | 1,324 | 1,791 | 2,434 | 2,465 | 2,402 | 2,442 | 2,543 | 2,609 |
| Change | - | 35.27% | 35.9% | 1.27% | -2.56% | 1.69% | 4.12% | 2.6% |
| Free Cash Flow (FCF) 1 | 2,857 | 2,705 | 1,996 | 3,038 | 2,610 | 2,664 | 2,920 | 2,975 |
| Change | - | -5.32% | -26.21% | 52.2% | -14.09% | 2.05% | 9.61% | 1.9% |
| Announcement Date | 16/02/22 | 15/02/23 | 14/02/24 | 12/02/25 | 11/02/26 | - | - | - |
Forecast Financial Ratios: Heineken N.V.
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
Profitability | ||||||||
| EBITDA Margin (%) | 23.23% | 21.1% | 23.6% | 18.86% | 19.44% | 22.56% | 22.85% | 22.88% |
| EBIT Margin (%) | 15.59% | 15.69% | 14.66% | 12.55% | 12.8% | 15.62% | 15.84% | 16.09% |
| EBT Margin (%) | 19.79% | 14.53% | 8.32% | 5.58% | 8.74% | 12.92% | 13.44% | 13.97% |
| Net margin (%) | 15.18% | 9.35% | 7.6% | 2.72% | 5.5% | 8.49% | 8.89% | 9.19% |
| FCF margin (%) | 13.05% | 9.43% | 6.59% | 8.45% | 7.62% | 8.67% | 9.14% | 8.99% |
| FCF / Net Income (%) | 85.95% | 100.86% | 86.63% | 310.63% | 138.46% | 102.19% | 102.86% | 97.85% |
Profitability | ||||||||
| ROA | 4.46% | 5.3% | 4.89% | 5.03% | 4.95% | 4.66% | 4.94% | 5.32% |
| ROE | 13.28% | 14.53% | 13.29% | 12.12% | 14.18% | 14.86% | 15.05% | 15.15% |
Financial Health | ||||||||
| Leverage (Debt/EBITDA) | 2.68x | 2.23x | 2.21x | 2.16x | 2.17x | 2.41x | 2.11x | 1.87x |
| Debt / Free cash flow | 4.77x | 5x | 7.93x | 4.82x | 5.55x | 6.25x | 5.27x | 4.75x |
Capital Intensity | ||||||||
| CAPEX / Current Assets (%) | 6.05% | 6.24% | 8.03% | 6.86% | 7.01% | 7.95% | 7.96% | 7.89% |
| CAPEX / EBITDA (%) | 26.03% | 29.58% | 34.02% | 36.36% | 36.08% | 35.26% | 34.85% | 34.47% |
| CAPEX / FCF (%) | 46.34% | 66.21% | 121.94% | 81.14% | 92.03% | 91.7% | 87.11% | 87.7% |
Items per share | ||||||||
| Cash flow per share 1 | 7.26 | 7.81 | 7.86 | 6.35 | 8.998 | 8.677 | 9.632 | 9.769 |
| Change | - | 7.58% | 0.64% | -19.21% | 41.7% | -3.56% | 11.01% | 1.42% |
| Dividend per Share 1 | 1.24 | 1.73 | 1.73 | 1.86 | 1.9 | 1.991 | 2.137 | 2.217 |
| Change | - | 39.52% | 0% | 7.51% | 2.15% | 4.77% | 7.36% | 3.73% |
| Book Value Per Share 1 | 30.15 | 33.97 | 35.6 | 39.96 | 32.28 | 34.15 | 37.64 | 40.04 |
| Change | - | 12.67% | 4.8% | 12.24% | -19.23% | 5.8% | 10.25% | 6.38% |
| EPS 1 | 5.77 | 4.65 | 4.09 | 1.74 | 3.38 | 4.584 | 5.024 | 5.514 |
| Change | - | -19.41% | -12.04% | -57.46% | 94.25% | 35.61% | 9.6% | 9.77% |
| Nbr of stocks (in thousands) | 575,740 | 575,595 | 566,680 | 560,214 | 553,454 | 556,200 | 556,200 | 556,200 |
| Announcement Date | 16/02/22 | 15/02/23 | 14/02/24 | 12/02/25 | 11/02/26 | - | - | - |
| 2026 * | 2027 * | |
|---|---|---|
| P/E ratio | 15.4x | 14x |
| PBR | 2.06x | 1.87x |
| EV / Sales | 1.82x | 1.71x |
| Yield | 2.83% | 3.04% |
EPS & Dividend
Y-o-Y evolution of P/E
Year-on-year evolution of the Yield
Trader
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Investor
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Global
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Quality
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ESG MSCI
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Quarterly revenue - Rate of surprise
- Stock Market
- Equities
- HEIA Stock
- Financials Heineken N.V.
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