Morningstar: aandeel in de kijker is Heineken NV (23/4/2014)

Heineken’s Pricing Power Supports Our Narrow Moat Rating, but Challenges Remain; Stock Unattractive

The strength of Heineken's namesake brand and the ability to generate economies of scale and double-digit returns on invested capital give the company a narrow economic moat, in our opinion. However, in most markets, Heineken must compete with Anheuser-Busch InBev, whose superior scale gives it a cost advantage. In recent years, Heineken has embarked on several ambitious actions in order to gain additional scale. In 2008, the company acquired Scottish & Newcastle's operations in the United Kingdom, Ireland, Finland, Portugal, Belgium, the United States, and India, increasing its capacity 24%. In 2010, Heineken acquired FEMSA Cerveza for EUR 5.25 billion, adding an additional 40 million hectoliters of annual production. And at the end of 2012, Heineken acquired the remaining shares of Asia Pacific Breweries that it didn't already own.

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