Heijmans N.V. (HEIJM.AS) | Investment Case

1. Company Snapshot

1.a. Company Description

Heijmans N.V. engages in the property development, construction and technical services, and infrastructure businesses in the Netherlands and internationally.The company focuses on the development of large and smaller-scale projects in urban and out-of-town areas, as well as acts as an initiator, developer, and seller of residential properties.It also engages in building homes; and the restoration, redevelopment, renovation, maintenance, and service of existing housing stock.

In addition, the company designs, realizes, and maintains electro-technical and mechanical installations; and realizes large-scale and complex construction contracts in the customer and market segments of health care, government and semi-government organizations, commercial property, the high-tech clean industry, and datacenters, as well as provides management and maintenance services.Further, it focuses on the construction, enhancement, and maintenance of road infrastructure and public spaces, including related installations and on-site objects.The company was founded in 1923 and is headquartered in Rosmalen, the Netherlands.

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1.b. Last Insights on HEIJM

Heijmans N.V.'s recent momentum is driven by strong fundamentals, with the company's decent share price growth of 14% over the past period likely attributed to its solid operational performance. As a construction company, Heijmans benefits from ongoing demand for infrastructural solutions. With no recent major announcements or acquisitions, its steady price movements suggest a recalibration of market expectations. Heijmans' potential undervaluation could be drawing investor attention, prompting a fresh look at its growth prospects.

1.c. Company Highlights

Last Price	63.25
Change Percentage	-0.55%
Open	63.9
Previous Close	63.6
Market Cap ( Millions)	1738
Volume	168968
Year High	65.85
Year Low	28.65
M A 50	59.11
M A 200	53.01

FCF Yield	11.44%
Dividend Yield	2.59%
ROE	23.88%
Debt / Equity	24.84%
Net Debt / EBIDTA	22.20%
Price To Book	3.65
Price Earnings Ratio	15.5
Price To FCF	8.74
Price To sales	0.65
EV / EBITDA	9.87

2. Transcript Summary

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3. NewsRoom

3 Undiscovered Gems in Europe with Promising Potential

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Discovering Europe's Hidden Stock Gems In October 2025

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Is Koninklijke Heijmans N.V.'s (AMS:HEIJM) Latest Stock Performance Being Led By Its Strong Fundamentals?

Oct -16

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Is Koninklijke Heijmans N.V. (AMS:HEIJM) Potentially Undervalued?

Sep -26

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Inmocemento And 2 Other Undiscovered Gems With Strong Fundamentals

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.08%)

6. Segments

Construction and Engineering

Expected Growth: 1.2%

Heijmans N.V.'s Construction and Engineering segment growth of 1.2% is driven by increasing infrastructure investments in the Netherlands, a growing demand for sustainable and energy-efficient buildings, and a strong order book in the rail and road construction sectors.

Infrastructure

Expected Growth: 1.1%

Heijmans N.V.'s 1.1% growth in Infrastructure is driven by increasing government investments in transportation and urban development, rising demand for sustainable and energy-efficient infrastructure, and the company's strategic focus on innovation and digitalization, enabling it to capitalize on emerging trends in the industry.

Real Estate

Expected Growth: 0.9%

Heijmans N.V.'s Real Estate segment growth of 0.9% is driven by increasing demand for residential and commercial properties in the Netherlands, fueled by low interest rates, government incentives, and urbanization. Additionally, the company's focus on sustainable and energy-efficient projects, as well as its strategic partnerships, contribute to its steady growth.

Van Wanrooij

Expected Growth: 0.8%

Van Wanrooij from Heijmans N.V. achieves 0.8 growth driven by strategic expansion into urban development projects, increased government investments in infrastructure, and a strong focus on sustainable construction methods, resulting in a competitive advantage and higher demand for its services.

Other/ Elimination

Expected Growth: 0.7%

Heijmans N.V.'s Other/Elimination segment growth of 0.7% is driven by the company's focus on cost savings initiatives, divestment of non-core assets, and optimization of its organizational structure. Additionally, the segment's growth is influenced by the company's efforts to improve operational efficiency and reduce overhead costs.

7. Detailed Products

Residential Building

Heijmans N.V. offers residential building services, including the development and construction of single-family homes, apartments, and other residential projects.

Non-Residential Building

Heijmans N.V. provides non-residential building services, including the construction of offices, schools, hospitals, and other commercial and public buildings.

Infrastructure

Heijmans N.V. provides infrastructure services, including the construction and maintenance of roads, bridges, and other public infrastructure projects.

Area Development

Heijmans N.V. offers area development services, including the development and revitalization of urban areas, brownfields, and other complex projects.

8. Heijmans N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Heijmans N.V. operates in the construction industry, where substitutes are limited. However, the company faces competition from other construction companies, which can be considered as substitutes.

Bargaining Power Of Customers

Heijmans N.V. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's strong brand reputation and quality of services also limit the bargaining power of customers.

Bargaining Power Of Suppliers

Heijmans N.V. relies on a network of suppliers for materials and services. While the company has some bargaining power due to its size, suppliers also have some bargaining power due to the specialized nature of their products and services.

Threat Of New Entrants

The construction industry has high barriers to entry, including significant capital requirements and regulatory hurdles. This limits the threat of new entrants and gives Heijmans N.V. a competitive advantage.

Intensity Of Rivalry

The construction industry is highly competitive, with many established players competing for market share. Heijmans N.V. faces intense competition from other construction companies, which can lead to pricing pressure and reduced margins.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	23.03%
Debt Cost	7.39%
Equity Weight	76.97%
Equity Cost	10.11%
WACC	9.48%
Leverage	29.91%

11. Quality Control: Heijmans N.V. passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Veidekke

A-Score: 7.5/10

Value: 5.7

Growth: 5.1

Quality: 7.0

Yield: 9.4

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

Bilfinger

A-Score: 6.4/10

Value: 5.3

Growth: 7.1

Quality: 5.2

Yield: 6.9

Momentum: 10.0

Volatility: 4.0

1-Year Total Return ->

Heijmans

A-Score: 6.4/10

Value: 5.9

Growth: 6.6

Quality: 6.2

Yield: 6.9

Momentum: 10.0

Volatility: 2.7

1-Year Total Return ->

Moury Construct

A-Score: 6.2/10

Value: 7.0

Growth: 7.4

Quality: 7.1

Yield: 4.4

Momentum: 5.5

Volatility: 5.7

1-Year Total Return ->

BAM

A-Score: 5.8/10

Value: 6.7

Growth: 4.8

Quality: 4.7

Yield: 5.6

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

Renew

A-Score: 4.9/10

Value: 5.3

Growth: 5.9

Quality: 6.4

Yield: 4.4

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-3.99%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.48%

Heijmans N.V. - NL0009269109

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on HEIJM

1.c. Company Highlights

Higher Yield

Strong Momentum

Fairly Valued

Average Yield

Cheaper

Medium Volatility

Earnings Beats

Revenues Beats

Average Growth

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.08%)

6. Segments

Construction and Engineering

Expected Growth: 1.2%

Infrastructure

Expected Growth: 1.1%

Real Estate

Expected Growth: 0.9%

Van Wanrooij

Expected Growth: 0.8%

Other/ Elimination

Expected Growth: 0.7%

7. Detailed Products

Residential Building

Non-Residential Building

Infrastructure

Area Development

8. Heijmans N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Heijmans N.V. passed 4 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

63.25$

Current Price

63.25$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA