Report
Kristoffer Inton
EUR 100.00 For Business Accounts Only

Strong Start to Heidelberg’s 2019 in Seasonally Weak First Quarter; Shares Look Undervalued

HeidelbergCement started the year off well. Like-for-like revenue and EBITDA rose 15% and 26%, respectively. Volume rose across all materials. Combined with margin expansion across all product categories, companywide EBITDA margin expanded about 60 basis points on a like-for-like basis. In all, the company had solid performance across the board in the first quarter.
However, the first quarter tends to be the least important quarter in the highly seasonal building materials industry. In 2018, the...
Underlying
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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Kristoffer Inton

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