Heineken N.V. equity research: "brewing" new worlds

• Autor(a) principal: Vicente, Bruno Miguel Wing
• Data de Publicação: 2021
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10362/133152
• topic: Valuation; Corporate finance; Equity research; Domínio/Área Científica::Ciências Sociais::Economia e Gestão

The Heineken N.V. is a multinational brewery that operates at a global level. There fore, the company is highly exposed to what happens around the globe, and mainly due to the Covid-19 pandemic that affected the beer industry world wide ,it had to deal with constraints like the mandatory governments lockdowns and the closing of bars and restaurants, so there is a very uncertain future for Heineken and its share price. This Equity Research Work Project includes a thoroughly performed analysis of the past and present of the company, using academic data bases available for Nova School of Business and Economics students, and it also includes expectations and forecasts for Heineken’s future performance. A Discounted Cash Flow method was applied to evaluate the company, as well as a Multiples Valuation to compare it with its main competitors. A risk analysis was also performed with sensitivity and scenario analysis to evaluate potential outcomes if the most uncertain factors change. A target price for Heineken on31stDecember2021 was calculated and an investment recommendation was made for the potential investors who read this report.