Koninklijke Heijmans N.V. (HEIJM.AS) 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

-57.5%

€35.71

vs €84.00 price

Levered DCF

€48.30

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.44

Safe zone

Rating

A-

Overall 4 / 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	14.29×	9.53×	5.11×	3.94×	6.65×	5.04×	5.36×	8.33×
P/B	3.39×	1.85×	0.8×	0.74×	1.25×	0.89×	0.9×	1.15×
P/S	0.67×	0.33×	0.14×	0.13×	0.19×	0.12×	0.1×	0.11×
EV / EBITDA	8.13×	4.86×	3.29×	0.72×	2.71×	1.81×	2.59×	4.14×
Gross margin	16.4%	13.1%	13.6%	13.2%	12.7%	10.1%	11.1%	9.1%
Operating margin	5.9%	4.3%	3.8%	3.9%	3.2%	3.2%	1.8%	1.4%
Net margin	4.7%	3.5%	2.8%	3.3%	2.9%	2.3%	1.9%	1.3%
Current ratio	1.02×	1.07×	1.1×	1.15×	1.2×	1.09×	0.99×	0.97×
Debt / equity	0.24×	0.25×	0.46×	0.27×	0.44×	0.61×	0.79×	0.39×
Interest coverage	16.32×	7.99×	9.5×	12.87×	9.3×	8.9×	4.6×	2.35×
Dividend yield	2.4%	1.2%	4.2%	4.3%	2.3%	0.0%	0.0%	0.0%
Payout ratio	34.6%	11.8%	21.4%	16.9%	15.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.7%	19.4%	15.6%	18.8%	18.8%	17.7%	16.9%	13.7%
Return on invested capital	15.7%	12.9%	9.1%	12.1%	10.2%	13.0%	5.9%	11.1%
Return on assets	7.8%	6.6%	4.5%	5.4%	5.0%	4.2%	3.2%	2.6%
Free cash flow yield	12.6%	25.5%	13.2%	36.7%	25.3%	55.8%	25.3%	10.7%
Earnings yield	7.0%	10.5%	19.5%	25.4%	15.1%	19.8%	18.7%	12.0%
Enterprise value	€1.8B	€870.8M	€445.8M	€84.2M	€243.3M	€165.4M	€191M	€140.6M
Net debt / EBITDA	-0.26×	0.07×	1.04×	-1.28×	-1.01×	-0.41×	0.41×	-0.9×
Cash conversion cycle (days)	42	84	118	69	67	55	21	44