Heineken Holding N.V. (HEIO.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

+150.2%

€195.15

vs €78.00 price

Levered DCF

€147.21

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.23

Distress 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	18.41×	32.87×	18.55×	6.81×	6.6×	-248.55×	10.46×	21.63×
P/B	2.03×	1.71×	2.23×	2.14×	2.72×	3.36×	3.11×	2.91×
P/S	0.61×	0.55×	0.72×	0.72×	1.06×	1.12×	1.04×	0.93×
EV / EBITDA	5.33×	5.93×	6.23×	5.14×	5.8×	14.22×	7.14×	7.05×
Gross margin	35.8%	35.2%	35.3%	35.2%	38.3%	36.9%	39.1%	37.8%
Operating margin	11.8%	11.8%	10.6%	14.9%	20.4%	3.1%	15.2%	14.0%
Net margin	3.3%	1.7%	3.9%	10.6%	16.1%	-0.4%	9.9%	4.3%
Current ratio	0.93×	0.77×	0.77×	0.78×	0.79×	0.83×	0.68×	0.87×
Debt / equity	2.37×	1.82×	1.87×	1.69×	1.96×	2.76×	2.13×	2.09×
Interest coverage	5.49×	5.17×	5.05×	9.35×	9.7×	1.17×	6.87×	5.8×
Dividend yield	7.3%	7.3%	6.1%	2.0%	3.4%	1.4%	1.9%	5.2%
Payout ratio	134.0%	240.8%	113.7%	13.7%	22.5%	-340.9%	20.0%	113.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.0%	5.2%	12.1%	31.3%	41.1%	-1.3%	29.7%	13.4%
Return on invested capital	5.7%	4.6%	7.0%	7.5%	9.1%	-1.0%	6.9%	6.8%
Return on assets	1.8%	0.9%	2.1%	5.8%	7.2%	-0.2%	5.1%	2.3%
Free cash flow yield	14.9%	18.6%	8.1%	12.0%	11.1%	6.7%	9.0%	11.2%
Earnings yield	5.4%	3.0%	5.4%	14.7%	15.1%	-0.4%	9.6%	4.6%
Enterprise value	€33.2B	€31.4B	€37.6B	€34.3B	€37B	€36.4B	€40.1B	€32.9B
Net debt / EBITDA	2.51×	2.84×	2.63×	2.04×	2.14×	5.55×	2.72×	2.59×
Cash conversion cycle (days)	-64	6	17	1	-3	-2	-4	2