` Comparison: EXP vs HEI - Alpha Spread

EXP
vs
HEI

Over the past 12 months, EXP has underperformed HEI, delivering a return of -17% compared to the HEI's +9% growth.

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EXP
HEI
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Valuation Comparison

EXP Intrinsic Value
191.64 USD
Undervaluation 3%
Intrinsic Value
Price
HEI Intrinsic Value
197.95 EUR
Undervaluation 9%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Eagle Materials Inc
NYSE:EXP
186.69 USD
HeidelbergCement AG
XETRA:HEI
180.9 EUR
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
EXP, HEI

EXP
HEI
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Eagle Materials Inc
Revenue
HeidelbergCement AG
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
EXP, HEI

EXP
HEI
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Eagle Materials Inc
NYSE:EXP
HeidelbergCement AG
XETRA:HEI
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What is Free Cash Flow?

Gross Margin

EXP
28.3%
HEI
50.6%

Operating Margin

EXP
24.7%
HEI
31.1%

Net Margin

EXP
18.7%
HEI
28%

FCF Margin

EXP
10.1%
HEI
6.9%

ROE

EXP
28.8%
HEI
44%

ROA

EXP
12.5%
HEI
21.9%

ROIC

EXP
14.5%
HEI
25.3%

ROCE

EXP
17.7%
HEI
30.5%

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
EXP, HEI

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Performance Gap
EXP, HEI

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EXP
HEI
Difference
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Performance By Year
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EXP
HEI
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Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.

Warren Buffett