HeidelbergCement AG,

HeidelbergCement is engaged in the production and distribution of cement and aggregates, concrete and building products. Co.'s product range is complemented by downstream activities, such as ready-mixed concrete, concrete products, and concrete elements; in some countries, asphalt and building products, such as bricks and roof tiles, lime, or sand-lime bricks, are also manufactured. Furthermore, Co. provides services such as worldwide trading in cement and coal by sea. Co.'s products are used for the construction of houses, infrastructure, and commercial and industrial facilities.
  • Ticker604700
  • ISINDE0006047004
  • SectorConstruction & Materials
  • CountryGermany

Analysts

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/22/2019

The 2011-2012 crisis threatened the PSA group’s very existence, forcing it to adopt a frugal approach to investment that is now part of its DNA. This keeps the organisation under pressure and forces all projects to prove their profitability. This discipline leads the group to be selective in its choices, use partnerships and the integration of Opel as levers, and focus on flexibility, without sacrificing its future prospects. The group’s renewed financial health gives it considerable ...

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/03/2019

Imposée par la crise existentielle subie en 2011/12, la frugalité en termes d’investissement fait désormais partie de l’ADN du groupe PSA. Elle garde ainsi l’organisation sous tension et force tous les projets à démontrer leur rentabilité. Cette discipline conduit le groupe à rester sélectif dans ses choix, utiliser le levier des partenariats et de l’intégration d’Opel et privilégier la flexibilité, sans faire d’impasse préjudiciable à son avenir. Sa santé financière retrouvée lui don...

Sven Edelfelt ...
  • Virginie Rousseau

HeidelbergCement : A bird in the hand...

>Feedback on the (relative) disappointment of the market - Our comments on the preliminary results can be found in our Equity Flash published on 21 March (“Definitive results, no scoops”). In today’s article, we are focusing on the conference call (details below) and the incomprehension regarding the guidance for 2019. In the presentation put online this morning, the group spoke about “solid growth” as opposed to the “moderate growth” mentioned in the press release. T...

Sven Edelfelt ...
  • Virginie Rousseau

HeidelbergCement : Un tiens vaut mieux que deux tu l’auras

>Retour sur la déception (relative) du marché - Alors que les commentaires sur les résultats préliminaires sont disponibles sur le Flash du 21/03 (« Résultats définitifs : pas de scoop »), nous revenons sur la conférence téléphonique (éléments développés ci-dessous) et sur l’incompréhension concernant la guidance 2019. Dans la présentation mise en ligne ce matin, le groupe stipulait « croissance solide » contre une « croissance modérée » dans le communiqué de presse. ...

Kristoffer Inton

Morningstar | Slight Increase to HeidelbergCement’s Fair Value Estimate as Shares Still Look Undervalued

Because HeidelbergCement released preliminary results last month, there were few surprises in its full earnings release on March 21. However, we've updated our model to incorporate the full 2018 results and 2019 guidance. We're slightly increasing our fair value estimate increase to EUR 82 per share from EUR 81 primarily due to the time value of money. The company’s narrow moat rating remains intact. Underlying demand was strong in 2018, as like-for-like cement volume rose nearly 4%, helping drive an 8% increase in revenue for the year. However, the sharp rise in energy costs led to unexpecte...

Remi Ramadou

HEIDELBERGCEMENT- 4Q17 - Strong results enable meeting of FY guidance

HeidelbergCement (‘HC’), the German cement maker, has published solid 4Q17 results on the back of good sales volume and pricing momentum in key countries, plus sizeable synergies with Italcementi. LFL sales were up 5.2% yoy to €4.26bn in Q4 and LFL EBITDA increased by a high 16% to €890m, above the market consensus (€862m).

HeidelbergCement AG: Strong synergy delivery enables HC to achieve the lower end of its 2017 earnings guidance

HC achieves the lower end of its 2017 earnings guidance despite cost inflation and mixed market conditions

HeidelbergCement AG: HeidelbergCement extends RCF at low cost, a credit positive

HeidelbergCement achieves strong pricing on new RCF

HeidelbergCement AG - September 2017 (LTM): Peer Snapshot

Peer Snapshot: HeidelbergCement AG - September 2017 (LTM) 21 December 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Jun-17 FYE Dec-15 FYE Dec-16 LTM Sep-17

HeidelbergCement AG: Key Facts and Statistics - 9M September 2017

CORPORATES ISSUER PROFILE 21 December 2017 TABLE OF CONTENTS Company overview 1 Business description 2 Management strategy 4 Financial highlights 6 Capital structure and debt maturity 8 Company management 9 Ownership structure 10 Peer group 10 Subsidiaries rated by Moody’s 11 Related websites and information

Sven Edelfelt ...
  • Virginie Rousseau

HeidelbergCement : A bird in the hand...

>Feedback on the (relative) disappointment of the market - Our comments on the preliminary results can be found in our Equity Flash published on 21 March (“Definitive results, no scoops”). In today’s article, we are focusing on the conference call (details below) and the incomprehension regarding the guidance for 2019. In the presentation put online this morning, the group spoke about “solid growth” as opposed to the “moderate growth” mentioned in the press release. T...

Sven Edelfelt ...
  • Virginie Rousseau

HeidelbergCement : Un tiens vaut mieux que deux tu l’auras

>Retour sur la déception (relative) du marché - Alors que les commentaires sur les résultats préliminaires sont disponibles sur le Flash du 21/03 (« Résultats définitifs : pas de scoop »), nous revenons sur la conférence téléphonique (éléments développés ci-dessous) et sur l’incompréhension concernant la guidance 2019. Dans la présentation mise en ligne ce matin, le groupe stipulait « croissance solide » contre une « croissance modérée » dans le communiqué de presse. ...

Kristoffer Inton

Morningstar | Slight Increase to HeidelbergCement’s Fair Value Estimate as Shares Still Look Undervalued

Because HeidelbergCement released preliminary results last month, there were few surprises in its full earnings release on March 21. However, we've updated our model to incorporate the full 2018 results and 2019 guidance. We're slightly increasing our fair value estimate increase to EUR 82 per share from EUR 81 primarily due to the time value of money. The company’s narrow moat rating remains intact. Underlying demand was strong in 2018, as like-for-like cement volume rose nearly 4%, helping drive an 8% increase in revenue for the year. However, the sharp rise in energy costs led to unexpecte...

Kristoffer Inton

Morningstar | Slight Increase to HeidelbergCement’s Fair Value Estimate as Shares Still Look Undervalued. See Updated Analyst Note from 21 Mar 2019

Because HeidelbergCement released preliminary results last month, there were few surprises in its full earnings release on March 21. However, we've updated our model to incorporate the full 2018 results and 2019 guidance. We're slightly increasing our fair value estimate increase to EUR 82 per share from EUR 81 primarily due to the time value of money. The company’s narrow moat rating remains intact. Underlying demand was strong in 2018, as like-for-like cement volume rose nearly 4%, helping drive an 8% increase in revenue for the year. However, the sharp rise in energy costs led to unexpecte...

Kristoffer Inton

Slight Increase to HeidelbergCement’s Fair Value Estimate as Shares Still Look Undervalued

Because HeidelbergCement released preliminary results last month, there were few surprises in its full earnings release on March 21. However, we've updated our model to incorporate the full 2018 results and 2019 guidance. We're slightly increasing our fair value estimate increase to EUR 82 per share from EUR 81 primarily due to the time value of money. The company’s narrow moat rating remains intact. Underlying demand was strong in 2018, as like-for-like cement volume rose nearly 4%, helping dri...

1 director bought

A director at Heidelbergcement Ag bought 2,000 shares at 64.940EUR and the significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/22/2019

The 2011-2012 crisis threatened the PSA group’s very existence, forcing it to adopt a frugal approach to investment that is now part of its DNA. This keeps the organisation under pressure and forces all projects to prove their profitability. This discipline leads the group to be selective in its choices, use partnerships and the integration of Opel as levers, and focus on flexibility, without sacrificing its future prospects. The group’s renewed financial health gives it considerable ...

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/03/2019

Imposée par la crise existentielle subie en 2011/12, la frugalité en termes d’investissement fait désormais partie de l’ADN du groupe PSA. Elle garde ainsi l’organisation sous tension et force tous les projets à démontrer leur rentabilité. Cette discipline conduit le groupe à rester sélectif dans ses choix, utiliser le levier des partenariats et de l’intégration d’Opel et privilégier la flexibilité, sans faire d’impasse préjudiciable à son avenir. Sa santé financière retrouvée lui don...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Delphine Brault
  • Geoffroy Michalet
  • Olfa Taamallah
  • Roland Pfaender
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/21/2019

We are downgrading Vivendi to Neutral vs Buy (target price unchanged at € 26.2) and we recommend taking positions on Bolloré (Buy, target price of € 5 vs € 4.8). Vivendi’s share price implicitly values UMG at more than € 23bn, offering limited potential for a pleasant surprise at the time of the sale of part of the subsidiary’s capital. In contrast, Bolloré seems to offer greater upside: 1/ the outlook for Bolloré Transport & Logistics looks particularly bright out to 2021, buoyed by ...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Delphine Brault
  • Olfa Taamallah
  • Roland Pfaender
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/03/2019

Nous dégradons Vivendi à Neutre vs Achat (OC inchangé de 26,2 €) et conseillons de se positionner sur Bolloré (Achat ; OC de 5 € vs 4.8 €). Le cours de Vivendi valorise implicitement UMG à plus de 23 Md€ offrant un potentiel limité de bonne surprise lors de la cession d’une partie du capital de cette filiale. Au contraire, le titre Bolloré nous semble recéler un potentiel plus important : 1/ les perspectives de Bolloré Transport & Logistics nous paraissent particulièrement porteuses d...

Alain William ...
  • Benoit Valleaux
  • Cecile De Coincy
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Michael Foundoukidis
  • Olfa Taamallah
  • Pierre Tegner
  • Samantha Jeary
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/19/2019

In spite of a thorough restructuring programme (operational and financial), Veolia’s valuation multiples remain close to their average historic levels. The group has significantly reduced its areas of industrial risk and is benefiting from its revamped commercial positioning. Optimisation is set to continue in the medium term and should drive performance, along with bolt-on acquisitions. Whilst there is a risk of macroeconomic slowdown, this is yet to be reflected in volumes. The valu...

Nurhayati Wan

Heidelberg Cement

Nurhayati Wan

Heidelberg Cement

Nurhayati Wan

Heidelberg Cement

Nurhayati Wan

Heidelberg Cement

Nurhayati Wan

Heidelberg Cement

HEIDELBERGCEMENT – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 10/05/2017

Item 5: Ernst & Young, Stuttgart, is proposed as auditor for the current financial year. Ratio of non-audit/audit fees was 67.39% during the year under review and 68.64% over a three-year aggregate period which exceeds our guidelines. Furthermore, we note that Ernst & Young has audited the Company since at least the financial year 2000 (no earlier data available) which exceeds our maximum acceptable term of office. We therefore recommend opposing the re-election of Ernst & Young as auditor​

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, providing further evidence that global equities are going through a bottoming process. • Remain overweight China which is leading global equities higher. RS uptrends remain intact for the Shanghai Composite and MSCI China indexes. In today's report we highlight a number of actionable charts Chinese companies, focusing on less-exploited price patterns... see page 2. • EAFE small- vs large-cap ratio exhibits early signs of bottoming. We view the potential bottom for the MSCI EAFE small- vs. larg...

Valérie GASTALDY

Short term view - HEIDELBERGCEMENT AG : The background trend is clearly bearish.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €64.70. The next target is at €57.20, then €53.04. Passing €64.70 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - HEIDELBERGCEMENT AG : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 64,70 € prochainement. Le prochain objectif est à 57,20 €, puis 53,04 €. Le franchissement de 64,70 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Analyse court terme - HEIDELBERGCEMENT AG : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 57,20 €. La tendance de fond serait remise en cause en cas de franchissement de 64,70 €.

Valérie GASTALDY

Short term view - HEIDELBERGCEMENT AG : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €57.20. The background trend would be questioned should prices rise above €64.70.

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