- Volumes at Heineken continue to be affected by COVID-related restrictions, albeit the situation is steadily improving.
- There are other bright spots below the surface, such as the strong performance in its premium portfolio.
- Cost inflation is going to be a noticeable near-term issue, but in the long-run the firm continues to enjoy relatively good growth drivers.
- The shares look priced for high single-digit annualized returns, which is reasonably attractive given the company's defensive profile.
For further details see:
Heineken - Volumes Remain Subdued, But The Valuation Has Become More Attractive