The majority of analysts are forecasting positive news on organic sales growth when Heineken chief executive Jean Francois van Boxmeer announces his first annual results on Wednesday. He will be expected to update on efficiency targets set in four key areas. But brokers Lehman Brothers think the recent share price rise means the brewing giant is now pretty much fully valued. They have reduced their 2006 earnings estimate by2% to reflect the likelihood of increased marketing in the US to support the national roll-out of Heineken's Premium Lite brand. And they believe that a merger or sale cannot be ruled out in the longer term. The Business 19/02/06 page 17

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