(News Bulletin 247) – Jefferies reaffirms its ‘buy’ recommendation and its target price of 120 euros on Heineken, returning to the annual results of the Dutch brewer, the review of which ‘indicates that the EverGreen strategy is working’.
The broker considers that while 2021 was all about financing growth, the past year was about both financing growth and driving profit.
“Heineken is in the early stage of a multi-year program designed to deliver superior, profitable growth while improving capital efficiency,” said Jefferies, who also calls the stock “cheap” at 16.1 times the EPS 2024.
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