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Heineken Holding NV (WBO:HEIO) Piotroski F-Score : 4 (As of Dec. 11, 2024)


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What is Heineken Holding NV Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Heineken Holding NV has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Heineken Holding NV's Piotroski F-Score or its related term are showing as below:

WBO:HEIO' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 7   Max: 9
Current: 4

During the past 13 years, the highest Piotroski F-Score of Heineken Holding NV was 9. The lowest was 4. And the median was 7.


Heineken Holding NV Piotroski F-Score Historical Data

The historical data trend for Heineken Holding NV's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Heineken Holding NV Piotroski F-Score Chart

Heineken Holding NV Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 8.00 4.00 8.00 6.00 4.00

Heineken Holding NV Semi-Annual Data
Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - 6.00 - 4.00 -

Competitive Comparison of Heineken Holding NV's Piotroski F-Score

For the Beverages - Brewers subindustry, Heineken Holding NV's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Heineken Holding NV's Piotroski F-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Heineken Holding NV's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Heineken Holding NV's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was €1,174 Mil.
Cash Flow from Operations was €4,430 Mil.
Revenue was €30,362 Mil.
Gross Profit was €10,285 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was (52406 + 54758) / 2 = €53582 Mil.
Total Assets at the begining of this year (Dec22) was €52,406 Mil.
Long-Term Debt & Capital Lease Obligation was €14,046 Mil.
Total Current Assets was €11,399 Mil.
Total Current Liabilities was €14,825 Mil.
Net Income was €1,343 Mil.

Revenue was €28,719 Mil.
Gross Profit was €10,101 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was (48850 + 52406) / 2 = €50628 Mil.
Total Assets at the begining of last year (Dec21) was €48,850 Mil.
Long-Term Debt & Capital Lease Obligation was €12,893 Mil.
Total Current Assets was €11,015 Mil.
Total Current Liabilities was €14,190 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Heineken Holding NV's current Net Income (TTM) was 1,174. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Heineken Holding NV's current Cash Flow from Operations (TTM) was 4,430. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=1174/52406
=0.02240202

ROA (Last Year)=Net Income/Total Assets (Dec21)
=1343/48850
=0.02749232

Heineken Holding NV's return on assets of this year was 0.02240202. Heineken Holding NV's return on assets of last year was 0.02749232. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Heineken Holding NV's current Net Income (TTM) was 1,174. Heineken Holding NV's current Cash Flow from Operations (TTM) was 4,430. ==> 4,430 > 1,174 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=14046/53582
=0.26214027

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=12893/50628
=0.25466145

Heineken Holding NV's gearing of this year was 0.26214027. Heineken Holding NV's gearing of last year was 0.25466145. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=11399/14825
=0.76890388

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=11015/14190
=0.77625088

Heineken Holding NV's current ratio of this year was 0.76890388. Heineken Holding NV's current ratio of last year was 0.77625088. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Heineken Holding NV's number of shares in issue this year was 283.965. Heineken Holding NV's number of shares in issue last year was 288.03. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=10285/30362
=0.3387458

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=10101/28719
=0.35171837

Heineken Holding NV's gross margin of this year was 0.3387458. Heineken Holding NV's gross margin of last year was 0.35171837. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=30362/52406
=0.57936114

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=28719/48850
=0.58790174

Heineken Holding NV's asset turnover of this year was 0.57936114. Heineken Holding NV's asset turnover of last year was 0.58790174. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+1+0+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Heineken Holding NV has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Heineken Holding NV  (WBO:HEIO) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Heineken Holding NV Piotroski F-Score Related Terms

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Heineken Holding NV Business Description

Address
Tweede Weteringplantsoen 5, Amsterdam, NH, NLD, 1017 ZD
Heineken Holding NV through its subsidiary produces and distributes beverages internationally. It does not engage in operational activities and generates income almost exclusively by receiving Heineken dividends. Heineken Holding NV has five segments: Europe, Americas, Africa, Middle East & Eastern Europe, and Asia-Pacific. Heineken NV brews and sells more than 200 brands of beer in nearly 200 countries. Notable brands include Heineken, Amstel, Dos Equis, Tecate, Goldberg, Red Stripe, Legunitas, and Tiger. Close to half of Heineken NV's revenue comes from Europe, and nearly one-third of its revenue comes from the Americas. The remaining revenue is split among the Asia-Pacific, Africa, and Middle East, and Eastern Europe regions.

Heineken Holding NV Headlines

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