Heineken Holding N.V
Heineken Holding N.V. was up 10% in August following strong operational performance. Volumes grew 3% over the quarter, pricing was robust at 1.8% and the company was able to cut significant costs from their operations. This resulted in EBIT growth of 13%, which was ahead of market estimates. The growth in margins was pleasing, and the subsequent announcement of a targeted 40 basis points growth in margins per annum over the coming years, assisted in bolstering the stock price.
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At PM Capital we are not afraid to be different, we search the world for undervalued stocks, we avoid the trap of “group think” and prioritise company valuation over all other aspects. Founded in 1998, PM Capital is part of the Regal Partners Limited stable of alternative asset managers and specialise in Global & Australian equities and Global Fixed Interest strategies. We believe the very best way to minimise investment risk is through understanding valuation, as such, we avoid companies who are hard to understand or difficult to value and are well known for our discipline in resisting short term market noise and ability to hold investments through full industry cycles.
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