Heidelberg Materials AG
XMUN:HEI
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Heidelberg Materials AG
XMUN:HEI
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Intrinsic Value
The intrinsic value of Heidelberg Materials AG (HEI) under the Base Case is 201.19 EUR per share. Compared with the current market price of 148.25 EUR, the stock appears Undervalued by 26% .
The intrinsic value is calculated using the DCF method. The model assumes Heidelberg Materials' net margin rises to 10% in 2026, above any of the last six years, before easing to 9.3% by 2031. If its margin stayed at its five-year average of 8.7%, the estimate would be about €185.
Do our valuations actually work? See backtest results .
Cheap or expensive for this stock?
This block shows whether today’s valuation is cheap or expensive compared with the stock’s own history, and what happened after similar valuations in the past.
We compare the gap between the stock’s price and our estimated value over time.
- Undervalued can still be historically expensive. The stock may trade below our estimated value, but usually offer an even bigger discount.
- Overvalued can still be historically cheap. The stock may trade above our estimated value, but usually carry an even higher premium.
Market expectations can differ from our model, which may not fully capture everything affecting the price. That is why some stocks regularly trade above our estimated value and others below it.
The scale and chart show how today’s valuation compares with the past. The cards summarize past returns and waiting times until the stock stopped being cheap or expensive. This can happen because the price changed, our estimated value changed, or both.
Only completed periods are included. These are past results, not forecasts. The usual historical range does not necessarily mean fair value.
Fundamental Analysis
What Heidelberg Materials Does
Heidelberg Materials AG makes the core materials used in construction. Its main products are cement, ready-mixed concrete, aggregates like sand and gravel, and asphalt. These materials go into roads, bridges, homes, commercial buildings, and public infrastructure, so the company sits near the start of the construction supply chain.
- Headquarters
- Germany DE
- Employees
- 51 492
- IPO date
- Nov 28, 1997
Heidelberg Materials has a narrow economic moat
Control of stone reserves near customers makes it difficult for more distant suppliers to match Heidelberg Materials’ delivery costs. Its existing quarry permissions also restrict rivals’ ability to develop competing supplies, protecting profits in the local markets where these advantages apply.
Read the full moat analysis
Earnings Waterfall
Heidelberg Materials AG
The intrinsic value for Heidelberg Materials AG (HEI) under the Base Case is 201.19 EUR.
Compared with the current market price of 148.25 EUR, the stock appears Undervalued by 26% .