Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener">Heineken Holding NV (HEIO NA)</a> is currently trading at holdco discount of 17.1%, which is around -1.67x the standard deviation of the 90-day average holdco discount.</li>
<li>The holdco discount has generally followed an expanding trend during the last 18 months. (From around 6.0-10.0% pre-COVID to an average of 14% over the last 12 months).</li>
<li>With the sector seemingly overvalued and Heineken NV trading expensive to peers, we expect the discount to return to the pre-COVID level (6-11%) alongside a correction in the sector’s valuations.</li>
</ul>



Heineken Holding NV (HEIO NA) is currently trading at holdco discount of 17.1%, which is around -1.67x the standard deviation of the 90-day average holdco discount.
The holdco discount has generally followed an expanding trend during the last 18 months. (From around 6.0-10.0% pre-COVID to an average of 14% over the last 12 months).
With the sector seemingly overvalued and Heineken NV trading expensive to peers, we expect the discount to return to the pre-COVID level (6-11%) alongside a correction in the sector’s valuations.


Heineken Holdings: Holdco Discount Could Return to Pre-COVID Levels

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul><li>Heineken continues to perform well, in spite of its heavy exposure to on-trade channels in Europe.</li><li>Premiumization across key markets will be key for achieving higher valuation once lockdowns are past us.</li><li>China and Brazil are two of the most important growth markets for the Dutch brewer.</li></ul>

Heineken continues to perform well, in spite of its heavy exposure to on-trade channels in Europe.Premiumization across key markets will be key for achieving higher valuation once lockdowns are past us.China and Brazil are two of the most important growth markets for the Dutch brewer.

Netherlands

Heineken N.V. produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

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Heineken NV (HEINY US)

Heineken Holdings: Holdco Discount Could Return to Pre-COVID Levels

When looking at the share price movement and NAV discount trends, we see that the NAV discount tend to expand during times of upside to share...

Oshadhi Kumarasiri

Heineken - Looking Past The Pandemic

Heineken continues to perform well, in spite of its heavy exposure to on-trade channels in Europe. Premiumization across key markets will be key...

Vladimir Dimitrov, CFA

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