HeidelbergCement AG (HEI.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1.8%

€152.21

vs €155.00 price

Levered DCF

€171.53

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.45

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.42×	12.09×	7.76×	6.31×	6.68×	-5.8×	11.81×	9.25×
P/B	2.17×	1.15×	0.87×	0.61×	0.76×	0.92×	0.76×	0.69×
P/S	1.83×	1.02×	0.71×	0.48×	0.63×	0.69×	0.68×	0.58×
EV / EBITDA	10.44×	6.32×	4.72×	4.67×	4.89×	-68.05×	6.93×	6.94×
Gross margin	30.9%	63.8%	61.9%	58.9%	61.4%	62.9%	60.2%	59.1%
Operating margin	13.9%	15.1%	14.3%	11.7%	14.0%	13.4%	11.6%	11.1%
Net margin	9.0%	8.4%	9.1%	7.6%	9.4%	-11.9%	5.8%	6.3%
Current ratio	1.24×	1.27×	1.19×	1.16×	1.16×	1.24×	1.13×	1.2×
Debt / equity	0.45×	0.46×	0.5×	0.43×	0.52×	0.73×	0.69×	0.71×
Interest coverage	10.94×	11.77×	13.82×	16.37×	11.84×	10.14×	6.9×	6.26×
Dividend yield	1.5%	2.5%	3.2%	4.6%	3.7%	1.0%	3.2%	3.6%
Payout ratio	30.3%	30.7%	25.1%	28.7%	24.8%	-5.7%	38.2%	33.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	9.5%	11.2%	9.7%	11.4%	-15.8%	6.4%	7.4%
Return on invested capital	7.3%	7.3%	7.5%	6.9%	6.2%	8.6%	5.1%	4.8%
Return on assets	5.4%	4.8%	5.4%	4.8%	5.2%	-6.5%	2.8%	3.2%
Free cash flow yield	4.8%	8.9%	12.5%	10.8%	8.3%	16.9%	11.5%	8.6%
Earnings yield	4.9%	8.3%	12.9%	15.9%	15.0%	-17.3%	8.5%	10.8%
Enterprise value	€44.8B	€26.9B	€20.3B	€15.7B	€16.6B	€19B	€21.2B	€19B
Net debt / EBITDA	1.28×	1.26×	1.24×	1.68×	1.44×	-24.63×	2.71×	3.07×
Cash conversion cycle (days)	30	22	13	11	-8	0	17	13