Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results.</li>
<li>The company underperforming its major peers, including asset impairments, lower volumes, sales and margins will likely overshadow this year's results, according to the company.</li>
<li>The past few years have been particularly hard for beer brewers. Pandemic lockdowns had a devastating impact on on-trade channels and now cost-push inflation is squeezing margins.</li>
</ul>


The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results.
The company underperforming its major peers, including asset impairments, lower volumes, sales and margins will likely overshadow this year's results, according to the company.
The past few years have been particularly hard for beer brewers. Pandemic lockdowns had a devastating impact on on-trade channels and now cost-push inflation is squeezing margins.


<ul>
<li>Following the pandemic lockdowns of 2020 and 2021, Heineken is now faced with rising commodity prices.</li>
<li>Although 2022 will most likely be yet another challenging year, Heineken is expanding its presence in key large markets such as China, India and Brazil.</li>
<li>At the same time, the company is better positioned than most of its peers to sustain its profitability through pricing measures, backed by its strong global brand portfolio.</li>
</ul>


Following the pandemic lockdowns of 2020 and 2021, Heineken is now faced with rising commodity prices.
Although 2022 will most likely be yet another challenging year, Heineken is expanding its presence in key large markets such as China, India and Brazil.
At the same time, the company is better positioned than most of its peers to sustain its profitability through pricing measures, backed by its strong global brand portfolio.


Heineken: What To Expect In 2022 And How I Am Positioning Myself

Netherlands

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

Heineken NV (HEIA NA)

Carlsberg: A Challenging Year Ahead

The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results. The company...

Vladimir Dimitrov, CFA

Heineken: What To Expect In 2022 And How I Am Positioning Myself

Following the pandemic lockdowns of 2020 and 2021, Heineken is now faced with rising commodity prices. Although 2022 will most likely be yet...

Vladimir Dimitrov, CFA