(News Bulletin 247) – Jefferies reiterates its ‘buy’ recommendation and its price target of 115 euros on Heineken, deeming the share inexpensive at 16 times the EPS expected for 2024, and after time spent with the management of the Dutch brewer .
According to the broker, this past time confirms its view that ‘Heineken is at the start of a multi-year program of change’ in which it sees the business delivering superior growth with increased margins.
“While market expectations have moderated for the year 2023, we are more conservative for 2024 with an EBIT of five billion euros against a consensus of 5.2 billion”, he specifies however.
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