Heineken NV

Netherlands Country flag Netherlands
Sector: Brewers
Ticker: HEIA
ISIN: NL0000009165
Factsheet Factsheet

Market multiple valuation of Heineken NV ( HEIA | NLD)

The most common multiple used in the valuation of stocks is the P/Earnings NTM multiple (Price to Earnings). P/E relates the current share price with the market expectations in terms of Earnings Per Share. This multiple is used to compare a company's market value with its earnings. A company with a high P/Earnings NTM is considered to be overvalued; a company with a low P/Earnings NTM is considered to be undervalued.
The P/Earnings NTM ratio of Heineken NV is slightly lower than the median of its peer group: around 21.00. The company valuation of Heineken NV according to these metrics is consistent with the market valuation of its peer group.
The P/Earnings NTM ratio of Heineken NV is slightly higher than the average of its sector (Brewers): 20.64. The company valuation of Heineken NV according to these metrics is consistent with the market valuation of its sector.
The P/Earnings NTM ratio of Heineken NV is higher than its historical 5-year average: 19.8. The (current) company valuation of Heineken NV is therefore above its valuation average over the last five years.

P/E Last P/E (e) 2019P/E NTM
Heineken NVFree trialFree trialFree trial
International PeersFree trialFree trialFree trial
AEX 2514.5114.8517.79
Beta (Ref: AEX 25)
Levered betaUnlevered beta
Stock Perf excl. Dividends (in EUR)
HEIAAEX 25Rel. Perf.
International Peers - Heineken NV
Company NameCtryMarket
last (mUSD)
Heineken NVNLD64 362
International Peers Median0.67
Molson Coors Brewing Co...USA11 881
The Boston Beer Company...USA5 025
Heineken Holding N.V.NLD30 105
Diageo plcGBR100 865
Carlsberg A/SDNK20 528
GPRV Analysis
Heineken NV
Intl. Peers
U.S Patents No. 7,882,001 & 8,082,201
Net Sales Chart
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1-Year Rebased Stock Chart

  • Heineken NV
  • AEX 25

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On the Infront Analytics platform, there are two ways to identify the listed peers which most closely resemble a private firm:
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Peer Tracker is a patented technology tool for building peer groups using industry classifications. The degree of similarity between two companies is calculated comparing their sector footprints and measured using comparability scores.
- with Market Screener if you have no listed peer in mind.
Market Screener is a dedicated interface for screening companies using multiple criteria, identifying peers, searching for comparable companies in a specific business sector.

About Market Multiples

Many methods can be used to value a company. In reality, business valuation is often a combination of these different approaches. One of the most widely used quantitative methods is the market multiples method. The market valuation is utilized generally as a primary market input, to provide an objective starting point for the valuation. Put simply, this method multiplies the sales or profits of a business by an industry averaged multiplier to calculate the Market Value of the business.
Current multiples include:
- Historical multiples based on standardized financials for the last completed fiscal period: Last, Last Twelve Months (LTM);
- Forward multiples based on consensus estimates for the current fiscal period and next ones: Next Twelve Months (NTM), FY0, FY1.
Current multiples based on per-share metrics (such as earnings per share or book value per share) are calculated using the last closing price, while current multiples based on company-level metrics (such as net sales, EBIT or EBITDA) are calculated using the current market cap or EV (Enterprise Value).