Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Multi Bintang Indonesia / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. </li>
<li>Earlier, parent <a href="https://www.smartkarma.com/entities/heineken-nv" target="_blank" data-smartkarma-citation="entities:21117:1" rel="noopener">Heineken NV (HEIA NA)</a> <a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener"></a> had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.</li>
<li>Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. </li>
</ul>



Multi Bintang Indonesia (MLBI IJ) experienced a massive inflection in its revenue with 21.9%/35% revenue/net profit growth as we approach the Q4 high season. 
Earlier, parent Heineken NV (HEIA NA)  had flagged in its H1 2024 report that Indonesia was experiencing double-digit growth following excise duties implemented in January 2024.
Trading at 11.5x FY24/net cash with &gt;8% dividend yield and historical ROCEs averaging over 80%, we see a turning point in the share price now. 


Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

<ul>
<li>
<a href="https://www.smartkarma.com/entities/multi-bintang-indonesia-pt" target="_blank" data-smartkarma-citation="entities:11651:1" rel="noopener">Multi Bintang Indonesia (MLBI IJ)</a> is Indonesia's leading beer company, with a marketshare of 50% by volume. The company is 89% owned by Heineken. </li>
<li>The company has maintained an average 5 Yr/10 Yr ROCE of over 72%/82% and paid out 80-100% of its profits as dividends.  It is also net cash.</li>
<li>The stock boasts a 6.5%-7% dividend yield and trades at 14-15x PE if profits normalize due to increased tourism in Indonesia, where we believe most of the demand is. </li>
</ul>



Multi Bintang Indonesia (MLBI IJ) is Indonesia's leading beer company, with a marketshare of 50% by volume. The company is 89% owned by Heineken. 
The company has maintained an average 5 Yr/10 Yr ROCE of over 72%/82% and paid out 80-100% of its profits as dividends.  It is also net cash.
The stock boasts a 6.5%-7% dividend yield and trades at 14-15x PE if profits normalize due to increased tourism in Indonesia, where we believe most of the demand is. 


Multi Bintang (MLBI IJ): Recovery Story With High Cash Flow Generation and Dividend Pay Out

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Vivendi remains our highest-conviction idea, trading at a 43.6% discount to NAV despite UMG representing over 80% of value and potential corporate optionality.</li>
<li>Dispersion widened in May, with Vivendi rerating, Porsche SE's discount expanding, Rio's DLC premium increasing and Nordic holding companies remaining near NAV.</li>
<li>Catalysts continue to matter more than valuation: discounts converged only where strategic triggers emerged, while structurally cheap names without catalysts remained cheap.</li>
</ul>


Vivendi remains our highest-conviction idea, trading at a 43.6% discount to NAV despite UMG representing over 80% of value and potential corporate optionality.
Dispersion widened in May, with Vivendi rerating, Porsche SE's discount expanding, Rio's DLC premium increasing and Nordic holding companies remaining near NAV.
Catalysts continue to matter more than valuation: discounts converged only where strategic triggers emerged, while structurally cheap names without catalysts remained cheap.


Selected European HoldCos and DLC: May 2026 Report

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Heineken N.V.'s recent half-year earnings showcased a period of mixed performance, marked by both significant achievements and persistent challenges across its global operations.</li><li>The company reported solid profit growth, driven particularly by strong performances in its Africa, Middle East (AME), and Asia Pacific (APAC) regions, but continued to face difficulties in Europe and the Americas due to various macroeconomic factors and operational challenges.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Heineken N.V.'s recent half-year earnings showcased a period of mixed performance, marked by both significant achievements and persistent challenges across its global operations.The company reported solid profit growth, driven particularly by strong performances in its Africa, Middle East (AME), and Asia Pacific (APAC) regions, but continued to face difficulties in Europe and the Americas due to various macroeconomic factors and operational challenges.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Heineken Is Betting Big on Health Trends—What It Means for the Future of Beer!

<ul><li>Heineken N.V. has reported its financial and operational performance for the full year 2024, showcasing a mix of growth, challenges, and strategic initiatives.</li><li>The company has made significant strides in executing its multiyear strategy known as EverGreen.</li><li>This strategy aims to achieve balanced growth, improve profitability, and create long-term value.</li></ul>

Heineken N.V. has reported its financial and operational performance for the full year 2024, showcasing a mix of growth, challenges, and strategic initiatives.The company has made significant strides in executing its multiyear strategy known as EverGreen.This strategy aims to achieve balanced growth, improve profitability, and create long-term value.

Heineken: Initiation of Coverage- An Insight Into Its Global Market Position & Portfolio Strategy!

Netherlands

Heineken Holding NV, through its subsidiary produces and distributes beverages internationally.  The Company produces beers, spirits, wines, and soft drinks under various brand names. Heineken operates through numerous subsidiaries and associated companies worldwide.

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Heineken Holding NV (HEIO NA)

Multi Bintang (MLBI IJ): Massive Inflection in Q3 FY24 with Double Digit Growth !!

We summarise the superb Multibintang (MLBI IJ) results—trading at 11.4x FY24 with a >8% dividend yield and a 10-year average ROCE>80%; this is a...

Sameer Taneja

Multi Bintang (MLBI IJ): Recovery Story With High Cash Flow Generation and Dividend Pay Out

Multi Bintang, Indonesia's largest brewer boasts a 6.5%-7% dividend yield and trades at 14-15x PE if profits normalize due to increased tourism in...

Sameer Taneja

Selected European HoldCos and DLC: May 2026 Report

Holding company discounts are increasingly catalyst-driven. Vivendi remains the key idea at a 43.6% NAV discount, while Porsche SE, GBL and Rio...

Jesus Rodriguez Aguilar

Heineken Is Betting Big on Health Trends—What It Means for the Future of Beer!

Heineken N.V.'s recent half-year earnings showcased a period of mixed performance, marked by both significant achievements and persistent...

Baptista Research

Heineken: Initiation of Coverage- An Insight Into Its Global Market Position & Portfolio Strategy!

Heineken N.V. has reported its financial and operational performance for the full year 2024, showcasing a mix of growth, challenges, and strategic...

Baptista Research

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