Heineken N.V. (HEIA.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+26.5%

€103.52

vs €81.82 price

Levered DCF

€76.94

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.96

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.57×	39.26×	22.26×	18.86×	17.13×	-260.63×	25.11×	23.11×
P/B	2.16×	1.97×	2.56×	2.59×	3.28×	3.92×	3.37×	3.03×
P/S	1.35×	1.29×	1.69×	1.76×	2.57×	2.66×	2.27×	1.96×
EV / EBITDA	8.78×	10.11×	13.05×	10.01×	11.05×	25.73×	12.59×	11.64×
Gross margin	35.8%	35.2%	35.3%	39.6%	38.7%	36.3%	41.0%	39.7%
Operating margin	11.8%	11.8%	10.6%	14.2%	14.9%	10.2%	15.4%	14.6%
Net margin	6.6%	3.3%	7.6%	9.3%	15.0%	-1.0%	9.0%	8.5%
Current ratio	0.93×	0.77×	0.77×	0.78×	0.79×	0.83×	0.68×	0.87×
Debt / equity	1.14×	0.89×	0.91×	0.84×	0.97×	1.36×	1.06×	1.03×
Interest coverage	5.29×	5.17×	5.05×	8.91×	7.15×	4.06×	6.99×	6.67×
Dividend yield	3.3%	3.1%	2.6%	2.2%	1.4%	1.1%	1.7%	2.5%
Payout ratio	67.7%	122.6%	57.9%	41.0%	23.9%	-285.8%	43.9%	57.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	5.0%	11.5%	13.7%	19.2%	-1.5%	13.4%	13.1%
Return on invested capital	5.5%	4.6%	6.7%	6.8%	6.5%	-1.7%	6.7%	7.5%
Return on assets	3.4%	1.8%	4.1%	5.0%	6.7%	-0.5%	4.6%	4.5%
Free cash flow yield	6.7%	8.6%	3.4%	4.9%	4.5%	2.8%	4.1%	5.7%
Earnings yield	4.9%	2.5%	4.5%	5.3%	5.8%	-0.4%	4.0%	4.3%
Enterprise value	€54.5B	€53.5B	€67.2B	€64.2B	€70.5B	€66.7B	€69.7B	€56.1B
Net debt / EBITDA	2.53×	2.84×	3.08×	2.12×	2.13×	5.48×	2.75×	2.51×
Cash conversion cycle (days)	2	6	3	-15	-5	-5	-8	0