Heineken and Interbrew’s ratings has been changed by Delta Lloyd Securities on March 9. Delta has downgraded Heineken to “in-line” from “outperform”. Meanwhile it upgraded Interbrew in the opposite direction. In a note, analyst Richard Withagen wrote: “Heineken's growth profile is no longer more attractive than Interbrew's. However, currencies will affect the company's EBIT (operating profit) negatively in the next two years. DCF (discounted cash flow) fair value of €33 is in line with the current share price.” Regarding Interbrew, Delta said: “We expect more cost savings than currently announced. Interbrew does not overpay for AmBev.”

10 March, 2004