Stock HEI HEIDELBERG MATERIALS AG
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Financials Heidelberg Materials AG

Equities

HEI

DE0006047004

Construction Materials

Market Closed - Xetra
Other stock markets
 11:35:07 2024-04-26 am EDT 		5-day change 1st Jan Change
95.22 EUR +2.28% Intraday chart for Heidelberg Materials AG +2.23% +17.64%
Apr. 19 HEIDELBERG MATERIALS : Jefferies reaffirms its Buy rating ZD
Apr. 16 HEIDELBERG MATERIALS : Deutsche Bank maintains a Buy rating ZD

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 12,889 12,147 11,533 10,252 15,014 17,337 - -
Enterprise Value (EV) 1 21,299 19,194 16,532 15,784 20,308 21,559 20,582 19,641
P/E ratio 11.8 x -5.68 x 6.68 x 6.31 x 7.76 x 8.43 x 7.66 x 7.14 x
Yield 3.39% 3.59% 4.03% 4.88% 3.71% 3.37% 3.55% 3.78%
Capitalization / Revenue 0.68 x 0.69 x 0.62 x 0.49 x 0.71 x 0.8 x 0.77 x 0.74 x
EV / Revenue 1.13 x 1.09 x 0.88 x 0.75 x 0.96 x 0.99 x 0.91 x 0.84 x
EV / EBITDA 5.95 x 5.18 x 4.27 x 4.22 x 4.77 x 4.86 x 4.42 x 4.06 x
EV / FCF 13.9 x 9.12 x 16.5 x 14.1 x 10.5 x 10.7 x 9.92 x 8.98 x
FCF Yield 7.18% 11% 6.07% 7.1% 9.52% 9.34% 10.1% 11.1%
Price to Book 0.76 x 0.92 x 0.76 x 0.6 x 0.87 x 0.92 x 0.86 x 0.81 x
Nbr of stocks (in thousands) 198,416 198,416 193,760 192,410 185,500 182,068 - -
Reference price 2 64.96 61.22 59.52 53.28 80.94 95.22 95.22 95.22
Announcement Date 3/19/20 3/18/21 2/24/22 1/15/23 2/22/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 18,851 17,606 18,720 21,095 21,178 21,669 22,555 23,339
EBITDA 1 3,580 3,707 3,875 3,739 4,258 4,436 4,659 4,832
EBIT 1 2,186 2,363 2,614 2,476 3,022 3,143 3,362 3,515
Operating Margin 11.6% 13.42% 13.96% 11.74% 14.27% 14.51% 14.91% 15.06%
Earnings before Tax (EBT) 1 1,633 -1,602 2,894 2,217 2,849 2,938 3,147 3,366
Net income 1 1,091 -2,139 1,759 1,597 1,929 2,070 2,203 2,335
Net margin 5.79% -12.15% 9.4% 7.57% 9.11% 9.55% 9.77% 10%
EPS 2 5.500 -10.78 8.913 8.449 10.43 11.30 12.43 13.34
Free Cash Flow 1 1,529 2,105 1,004 1,120 1,933 2,014 2,074 2,188
FCF margin 8.11% 11.96% 5.36% 5.31% 9.13% 9.3% 9.19% 9.37%
FCF Conversion (EBITDA) 42.71% 56.78% 25.9% 29.96% 45.4% 45.41% 44.51% 45.28%
FCF Conversion (Net income) 140.15% - 57.06% 70.14% 100.22% 97.29% 94.12% 93.7%
Dividend per Share 2 2.200 2.200 2.400 2.600 3.000 3.205 3.376 3.601
Announcement Date 3/19/20 3/18/21 2/24/22 1/15/23 2/22/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 - 8,938 5,058 4,724 - 4,427 5,523 9,950 5,852 5,293 - 4,896 5,577 10,473 5,611 5,094 4,729 5,684 5,715 5,123
EBITDA 1 1,404 1,720 1,176 979 2,155 394 1,131 1,525 1,193 1,021 2,214 557 1,230 1,787 1,393 1,079 523.5 - - -
EBIT - 1,084 869 661 - 91 817 908 874 694 - - - - 1,080 753.5 - - - -
Operating Margin - 12.13% 17.18% 13.99% - 2.06% 14.79% 9.13% 14.94% 13.11% - - - - 19.25% 14.79% - - - -
Earnings before Tax (EBT) - 1,147 - - - - - 824.8 - - - - - - - - - - - -
Net income - 755 - - - - - 542 - - - - - - - - - - - -
Net margin - 8.45% - - - - - 5.45% - - - - - - - - - - - -
EPS - 3.810 - - - - - 2.820 - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - - -
Announcement Date 7/30/20 7/29/21 11/4/21 2/24/22 2/24/22 5/11/22 7/28/22 7/28/22 11/3/22 1/15/23 1/15/23 5/10/23 7/27/23 7/27/23 11/2/23 2/22/24 - - - -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 8,410 7,047 4,999 5,532 5,294 4,222 3,246 2,305
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.349 x 1.901 x 1.29 x 1.48 x 1.243 x 0.9518 x 0.6966 x 0.477 x
Free Cash Flow 1 1,529 2,105 1,004 1,120 1,933 2,014 2,074 2,188
ROE (net income / shareholders' equity) 6.9% -13.3% 12.3% 9.99% 11.4% 11.5% 11.6% 11.6%
ROA (Net income/ Total Assets) 3.41% -6.03% 5.33% 4.77% 5.61% 5.83% 6% 6.34%
Assets 1 31,957 35,462 33,023 33,484 34,364 35,519 36,694 36,856
Book Value Per Share 2 85.60 66.90 78.20 88.80 92.60 103.0 111.0 118.0
Cash Flow per Share 2 13.40 9.920 12.10 12.80 17.30 17.20 18.20 19.10
Capex 1 1,135 922 1,392 1,300 1,272 1,209 1,310 1,343
Capex / Sales 6.02% 5.24% 7.44% 6.16% 6.01% 5.58% 5.81% 5.76%
Announcement Date 3/19/20 3/18/21 2/24/22 1/15/23 2/22/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Heidelberg Materials AG

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
95.22 EUR
Average target price
107.7 EUR
Spread / Average Target
+13.11%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Construction Materials

1st Jan change Capi.
HEIDELBERG MATERIALS AG Stock Heidelberg Materials AG
+17.64% 18.51B
MARTIN MARIETTA MATERIALS, INC. Stock Martin Marietta Materials, Inc.
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ULTRATECH CEMENT LIMITED Stock UltraTech Cement Limited
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GRASIM INDUSTRIES LIMITED Stock Grasim Industries Limited
+9.73% 19.06B
AMBUJA CEMENTS Stock Ambuja Cements
+21.33% 18.67B
CEMEX, S.A.B. DE C.V. Stock CEMEX, S.A.B. de C.V.
+6.96% 11.93B
SUMMIT MATERIALS, INC. Stock Summit Materials, Inc.
+4.00% 7.02B
KNIFE RIVER CORPORATION Stock Knife River Corporation
+18.24% 4.43B
WIENERBERGER AG Stock Wienerberger AG
+9.79% 3.73B
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