Equity research

: Heineken N.V.

Abstract

The objective of this master thesis is to provide a valuation for the ordinary shares of Heineken N.V. After conducting a proper research on academics, on how to conduct a proper valuation, as well as on industry and in company, to understand how the company’s business will behave, it was possible to arrive into some assumptions. These assumptions were applied to conduct the valuation of the company. The valuation, had a result of 84.70€, meaning a potential upside of 13.49%. This potential upside on the share price, translates into a final buy recommendation.

Date of Award	21 Feb 2017
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	José Carlos Tudela Martins (Supervisor)