BELGIUM: Interbrew, Heineken ratings swap places
Delta Lloyd Securities has today changed its ratings for Heineken and Interbrew.
Delta has downgraded Heineken to "in-line" from "outperform," while upgrading Interbrew in the opposite direction.
In a note, analyst Richard Withagen wrote: "Heineken's growth profile is no longer more attractive than Interbrew's. However, currencies will affect the company's EBIT (operating profit) negatively in the next two years. DCF (discounted cash flow) fair value of €33 is in line with the current share price."
Regarding Interbrew, Delta said: "We expect more cost savings than currently announced. Interbrew does not overpay for AmBev."
The global roll-out of InBev's Brazilian beer, Brahma, adds a third premium brand to the global brewer's international portfolio but some observers have suggested it's an unnecessary step which threat...
Heineken's CEO-in-waiting has no plan to radically alter the brewer's strategy, he said in an interview today....
Heineken has restructured its top management, in a move that includes the retirement of current CEO and chairman Thony Ruys from October this year....
InBev has made an offer to acquire the remaining minority interests in its Russian business SUN Interbrew Ltd (SIL) that it doesn't own, at a price of US$33.41 in cash per security....
Heineken said yesterday that its Austrian subsidiary Brau Union AG has signed an agreement for the divestment of its Real Estate Division. This division comprises all non-business related real estate ...
Heineken has acquired a 40% stake in a Chinese brewery....
Heineken Espana is looking to invest heavily in a new plant in southern Spain....
Grupo Empresarial Bavaria is not looking to sell up, its president has confirmed....
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