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1. Company Snapshot

1.a. Company Description

HeidelbergCement AG, together with its subsidiaries, produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.It provides cement products, natural stone aggregates, such as sand and gravel; crushed aggregates comprising stone chippings and crushed stones; and concrete/ready-mixed concrete for use in the construction of tunnels or bridges, office buildings, or schools, as well as to produce precast concrete parts consisting of stairs, ceiling elements, or structural components.In addition, it provides asphalt primarily used as a top layer in road construction, as well as trades in cement, clinker, secondary cementitious materials, and solid and alternative fuels.


HeidelbergCement AG was founded in 1873 and is headquartered in Heidelberg, Germany.

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1.b. Last Insights on HEI

HeidelbergCement AG's recent performance was driven by its strong fundamentals, as evidenced by its robust financial position and strategic expansion plans. The company's ability to navigate increased competition and maintain a strong dividend proposal is a positive indicator of its financial health. Additionally, the recent cancellation of $3.7 billion in clean energy projects by the Trump administration may have a positive impact on the company's operations, as it may reduce regulatory hurdles and allow for more efficient use of resources. Furthermore, the company's recent ex-dividend date announcement suggests that it is committed to returning value to shareholders.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Heidelberg Materials AG (ETR:HEI) Shares Could Be 47% Below Their Intrinsic Value Estimate

Nov -18

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Green Cement Market to Reach US$ 95.82 Billion by 2033 | Astute Analytica

Oct -21

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Etex and Heidelberg Materials Benelux unveil breakthrough fibre cement recycling to produce low-carbon cement

Oct -14

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New Global GCCA Initiative to Rally Building Value Chain for Cement and Concrete Net Zero Mission

Oct -02

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Heidelberg Materials AG (ETR:HEI) Stock Has Shown Weakness Lately But Financials Look Strong: Should Prospective Shareholders Make The Leap?

Sep -29

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More than 150 firms have ties to Israeli settlements, UN finds

Sep -26

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Heidelberg Materials set to commence construction on CCS facility in UK

Sep -26

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Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.60%)

6. Segments

Cement

Expected Growth: None%

None

Ready-Mixed Concrete-Asphalt

Expected Growth: None%

None

Service-Other

Expected Growth: None%

None

Aggregates

Expected Growth: None%

None

Reconciliation

Expected Growth: None%

None

7. Detailed Products

Cement

HeidelbergCement AG offers a range of cement products for various construction applications, including ready-mix concrete, concrete products, and mortar.

Aggregates

HeidelbergCement AG provides a variety of aggregates, including sand, gravel, and crushed stone, for use in construction, landscaping, and infrastructure projects.

Ready-Mixed Concrete

HeidelbergCement AG offers ready-mixed concrete solutions for construction projects, including foundations, walls, and floors.

Asphalt

HeidelbergCement AG provides asphalt products for road construction, maintenance, and repair.

Concrete Products

HeidelbergCement AG offers a range of precast concrete products, including pipes, manholes, and other infrastructure components.

Building Materials

HeidelbergCement AG provides a range of building materials, including drywall, plaster, and lime.

8. HeidelbergCement AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for HeidelbergCement AG is moderate due to the availability of alternative building materials such as steel, wood, and glass. However, cement remains a dominant material in the construction industry, limiting the impact of substitutes.

Bargaining Power Of Customers

The bargaining power of customers is low due to the fragmented nature of the construction industry, where individual customers have limited negotiating power. HeidelbergCement AG's large customer base and diversified product offerings also reduce customer bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of several large suppliers of raw materials such as limestone and energy. However, HeidelbergCement AG's vertical integration and long-term contracts with suppliers mitigate the impact of supplier bargaining power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the cement industry, including significant capital requirements, regulatory hurdles, and the need for specialized expertise and equipment.

Intensity Of Rivalry

The intensity of rivalry in the cement industry is high due to the presence of several large players, including LafargeHolcim and Cemex. The industry is characterized by intense competition, with companies competing on price, quality, and service.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 30.94%
Debt Cost 3.95%
Equity Weight 69.06%
Equity Cost 10.65%
WACC 8.57%
Leverage 44.81%

11. Quality Control: HeidelbergCement AG passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Vicat

A-Score: 7.1/10

Value: 7.9

Growth: 6.1

Quality: 4.8

Yield: 6.9

Momentum: 9.5

Volatility: 7.3

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Titan Cement

A-Score: 7.0/10

Value: 7.2

Growth: 8.2

Quality: 6.3

Yield: 8.1

Momentum: 5.5

Volatility: 6.7

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Buzzi Unicem

A-Score: 6.1/10

Value: 6.1

Growth: 7.3

Quality: 7.2

Yield: 3.8

Momentum: 8.0

Volatility: 4.3

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HeidelbergCement

A-Score: 5.8/10

Value: 4.7

Growth: 5.6

Quality: 5.9

Yield: 4.4

Momentum: 9.5

Volatility: 5.0

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Breedon

A-Score: 5.5/10

Value: 6.4

Growth: 6.0

Quality: 4.7

Yield: 6.9

Momentum: 2.5

Volatility: 6.7

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CRH

A-Score: 5.4/10

Value: 2.6

Growth: 7.2

Quality: 5.3

Yield: 4.4

Momentum: 7.5

Volatility: 5.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

219.5$

Current Price

219.5$

Potential

-0.00%

Expected Cash-Flows