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MarketScreener Homepage  >  Equities  >  Xetra  >  HeidelbergCement AG    HEI   DE0006047004

HEIDELBERGCEMENT AG

(HEI)
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HeidelbergCement shares fall as group warns of fourth-quarter weakness

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11/07/2019 | 09:16am EST
A logo of HeidelbergCement is pictured at their headquarters in Heidelberg

HeidelbergCement, the world's No.2 cement maker after LafargeHolcim, warned on Thursday of a weak end to the year, sending its shares to the bottom of Germany's benchmark DAX index <.GDAXI>.

"We're observing a weakening of the global economy in our business," said Chief Executive Bernd Scheifele, who will step down in February after 15 years at the helm of the company, adding there had not been a recovery in October.

"Overall, we also expect the fourth quarter to be rather muted in terms of sales volumes," Scheifele added, pointing to weak activity in Germany, France and Britain, which suffers from ongoing uncertainty related to Brexit.

The comments drove shares down as much as 4.9%. At 1348 GMT, they were trading 4.6% lower, with traders pointing to third-quarter sales of 5.06 billion euros (£4.36 billion), which were flat on a like-for-like basis.

Scheifele also sounded a more cautious note than LafargeHolcim CEO Jan Jenisch, who said last month that The outlook for 2020 remained good despite problems seen by manufacturers.

HeidelbergCement's third-quarter profit from current operations was still up 3% at 835 million euros, helped by cost cuts, including the slashing of up to 500 administrative jobs around the world.

(Reporting by Riham Alkousaa, Patricia Weiss, Oliver Hirt, Anika Ross and Hakan Ersen; writing by Christoph Steitz; editing by Thomas Seythal)

Stocks mentioned in the article
ChangeLast1st jan.
ACC LTD -0.58% 1473.85 End-of-day quote.-1.70%
AMBUJA CEMENTS LTD -0.20% 201 End-of-day quote.-9.97%
DAX -0.46% 13105.61 Delayed Quote.24.70%
EURO / BRITISH POUND (EUR/GBP) -0.01% 0.8417 Delayed Quote.-6.41%
HEIDELBERGCEMENT AG -0.56% 67.12 Delayed Quote.26.45%
LAFARGEHOLCIM 0.19% 51.82 Delayed Quote.27.70%
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Financials (EUR)
Sales 2019 19 048 M
EBIT 2019 2 201 M
Net income 2019 1 185 M
Debt 2019 8 521 M
Yield 2019 3,36%
P/E ratio 2019 11,5x
P/E ratio 2020 10,2x
EV / Sales2019 1,15x
EV / Sales2020 1,06x
Capitalization 13 393 M
Chart HEIDELBERGCEMENT AG
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Technical analysis trends HEIDELBERGCEMENT AG
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 74,62  €
Last Close Price 67,50  €
Spread / Highest target 40,7%
Spread / Average Target 10,6%
Spread / Lowest Target -25,0%
EPS Revisions
Managers
NameTitle
Bernd Scheifele Chairman-Managing Board
Fritz-Jürgen Heckmann Chairman-Supervisory Board
Lorenz Näger Chief Financial Officer
Dennis Lentz Director-Group Information Technology
Wolfgang Dienemann Director-Global Research & Development
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