Heineken NV

Heineken NV (OTC: HEINY) is a Netherlands-based beverage company focused on the production and distribution of beer and other drinks. Its portfolio primarily includes beer, along with soft drinks and cider. The Company operates across five key segments: Africa, Middle East & Eastern Europe; Americas; Asia Pacific; Europe; and Head Office and Other/eliminations. Within the Africa, Middle East and Eastern Europe segment, its brand portfolio includes Heineken, Primus, Amstel, Walia and Goldberg.

As per US Inflation Report published on ‘HEINY’ on Feb 14, 2025, Kalkine provided an ‘Buy’ stance on the stock at USD 41.54 based on fundamental analysis.

Noted below are the details of support and resistance levels provided in our previous report:

Rationale:

Heineken’s recent developments point to a more cautious near-term outlook despite strategic repositioning, as the divestment of Bralima in the DRC and the planned shift toward an asset-light, import-led model in Asia-Pacific suggest a gradual reduction in direct operating exposure in certain markets. At the same time, rising input costs in key markets like India—driven by shortages of glass bottles and aluminum cans amid geopolitical disruptions—are pressuring margins, with limited ability to pass on costs due to regulatory pricing constraints. While ongoing share buybacks and brand-led initiatives support shareholder returns and engagement, softer demand trends, cost inflation, and operational restructuring across regions indicate that current market expectations may already reflect much of the medium-term growth potential, leaving limited upside buffer amid execution and macro risks.

Valuation (Using Price/Earnings Per Share Multiple)

Share Price Chart  

Conclusion

With portfolio optimisation underway and cost pressures persisting across key markets, a "Sell" is recommendation on Heineken NV (OTC: HEINY) has been given at the closing market price of USD 39.95 as on 10 April 2026.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 10 April 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.