Heidelberg Materials AG

XTRA:HEI Stock Report

Market Cap: €30.2b

Heidelberg Materials Management

Management criteria checks 3/4

We currently do not have sufficient information about the CEO.

Key information

Dominik von Achten

Chief executive officer

€8.7m

Total compensation

CEO salary percentage19.55%
CEO tenure18.8yrs
CEO ownershipn/a
Management average tenure4.8yrs
Board average tenure7.2yrs

Recent management updates

Recent updates

Narrative Update • Jun 22

HEI: Autonomous Quarry Rollout And Upgraded Ratings Will Support Future Re Rating

The analyst price target for Heidelberg Materials has been revised to €292 from €285, with analysts citing recent target increases and upgrades as support for the updated view. Analyst Commentary Bullish analysts covering Heidelberg Materials are highlighting recent target changes and upgrades as signs of growing confidence in the company’s outlook and execution.
Narrative Update • Jun 05

HEI: Record Results And Buybacks Will Drive Margin Led Re Rating Potential

Narrative Update: Heidelberg Materials The analyst price target for Heidelberg Materials has been adjusted slightly, with a modest change framed around a mix of recent target increases and a downgrade, as analysts weigh updated expectations for revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research on Heidelberg Materials shows a split in views, with some analysts lifting targets or upgrading the stock and another trimming the target price.
Narrative Update • May 21

HEI: Quarry Autonomy And Margin Conviction Will Drive Re Rating Potential

Narrative Update: Heidelberg Materials The analyst price target for Heidelberg Materials has been adjusted slightly to about €226. This reflects a blend of recent target increases and upgrades alongside at least one target cut, as analysts update their views on the stock.
Narrative Update • May 04

HEI: Medium Term Margin Conviction Will Drive Re Rating Potential

Narrative Update on Heidelberg Materials The analyst price target for Heidelberg Materials has remained at €225.74, with recent research citing mixed moves in individual broker targets and a wave of upgrades as analysts reassess the stock following the recent selloff. Analyst Commentary Recent research on Heidelberg Materials reflects a mix of optimism and caution, with several firms adjusting ratings and price targets following the recent selloff and reassessments of valuation and execution risks.
Narrative Update • Apr 20

HEI: Medium Term Margin Conviction Will Shape Future Upside Potential

Heidelberg Materials' analyst price target has edged up to about €226, with analysts highlighting adjusted assumptions on discount rates, revenue growth, profit margins and future P/E multiples, following a mix of target changes and upgrades across recent research. Analyst Commentary Bullish Takeaways Bullish analysts are raising or reiterating price targets in the €220 range and above, which signals confidence that the current valuation still leaves room for upside if execution on earnings and cash flow meets expectations.
Narrative Update • Apr 06

HEI: Upgraded Ratings And Earnings Quality Will Support Future Re Rating

Analysts have trimmed the fair value estimate for Heidelberg Materials from €300 to €285 as slightly higher discount rate assumptions and a lower future P/E multiple offset modestly stronger views on revenue growth and profit margins, in line with mixed recent price target revisions and upgrades from the Street. Analyst Commentary Recent Street research on Heidelberg Materials reflects a generally constructive tone, with several bullish analysts shifting their stance more positively even as some price targets are adjusted lower.
Narrative Update • Mar 23

HEI: Recent Rating Upgrades And Trimmed Expectations Will Likely Restrain Returns

Analysts have trimmed their fair value estimate for Heidelberg Materials by about €0.88 to €156.11, reflecting recent price target cuts on the stock even as some firms have upgraded their rating and still view the latest share pullback as overdone. Analyst Commentary Recent research points to a more mixed backdrop for Heidelberg Materials, with some firms trimming their fair value assumptions even when reiterating relatively constructive stances on the stock.
Narrative Update • Mar 09

HEI: Upgraded Rating And Stable Fair Value Will Support Re Rating

Analysts have trimmed their average price target on Heidelberg Materials from €239 to €220, citing what they see as an overdone share price selloff while still maintaining a constructive view on the company. Analyst Commentary Bullish Takeaways Bullish analysts have shifted to a more positive stance on Heidelberg Materials with an upgrade to a Buy rating, signalling increased confidence in the shares at current levels.
Narrative Update • Feb 23

HEI: Higher Required Return And P/E Outlook Will Support Re Rating

Analysts are maintaining their €300.00 price target for Heidelberg Materials, citing only small adjustments to discount rate, revenue growth, profit margin and future P/E assumptions in their models. Valuation Changes Fair Value: €300.00 fair value estimate is unchanged, indicating no shift in the overall price target.
Narrative Update • Feb 09

HEI: Higher Discount Rate And Rich P/E Will Likely Cap Upside

Analysts have kept their price target for Heidelberg Materials steady at €156.99, with small tweaks to the discount rate, a revenue growth outlook of 5.56% and a future P/E of 12.58x to reflect updated views on the company’s risk profile and earnings potential. Valuation Changes Fair Value: Model fair value remains unchanged at €156.99.
Narrative Update • Jan 25

HEI: Richer P/E Assumptions Will Likely Limit Long Term Upside Potential

Analysts have lifted their price target for Heidelberg Materials from €146.80 to €157.00. This reflects updated assumptions on revenue growth, profit margins and the future P/E multiple.
Narrative Update • Jan 11

HEI: Higher Multiple Outlook Will Support More Constructive Future Re Rating

Analysts have raised their price target on Heidelberg Materials from €240 to €300, citing higher expected growth. They see this as supporting a higher future P/E multiple, even with more conservative margin assumptions and a slightly higher discount rate.
Analysis Article • Dec 29

Heidelberg Materials AG's (ETR:HEI) Shareholders Might Be Looking For Exit

Heidelberg Materials AG's ( ETR:HEI ) price-to-earnings (or "P/E") ratio of 21x might make it look like a sell right...
Narrative Update • Dec 25

HEI: Future Margin Pressures May Cap Upside Despite Recent Optimism

Analysts have raised their price target for Heidelberg Materials from about EUR 121 to approximately EUR 147, citing expectations that the company's higher growth and improving profitability will support a higher earnings multiple. Analyst Commentary Recent Street research has highlighted a more constructive stance on Heidelberg Materials, with some major houses citing stronger growth prospects and room for the valuation multiple to expand.
Analysis Article • Dec 16

Is It Too Late To Consider Buying Heidelberg Materials AG (ETR:HEI)?

Let's talk about the popular Heidelberg Materials AG ( ETR:HEI ). The company's shares saw a decent share price growth...
Narrative Update • Dec 11

HEI: Higher Multiple Outlook And Cyclical Risks Will Shape Future Opportunity

Analysts have raised their price target on Heidelberg Materials from EUR 214.01 to EUR 224.67, citing expectations that the company’s higher growth will support a stronger valuation multiple. Analyst Commentary Recent research highlights that bullish analysts are turning more positive on Heidelberg Materials as they factor in stronger growth prospects and potential for multiple expansion.
Analysis Article • Dec 03

We Like These Underlying Return On Capital Trends At Heidelberg Materials (ETR:HEI)

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? One common approach...
Narrative Update • Nov 27

HEI: Upgraded Growth Outlook And Acquisition Activity Will Shape Future Opportunity

Analysts have raised their price target for Heidelberg Materials from €188 to €230, citing stronger growth prospects and improved profit margins as supporting factors for the upgrade. Analyst Commentary Recent research has highlighted a shift in sentiment toward Heidelberg Materials, with valuation and growth expectations playing central roles in the latest assessment.
Narrative Update • Nov 11

HEI: Future Profit Margins And Potential Acquisitions Will Shape Risk And Opportunity

The analyst price target for Heidelberg Materials has increased slightly to €210.29 from €210.55. Analysts cite improved revenue growth projections and expanding profit margins as factors supporting a higher stock valuation.
Narrative Update • Oct 28

Upgraded Outlook and Market Opportunities Will Drive Long-Term Share Price Gains

Narrative Update on Heidelberg Materials Analysts have raised their price target for Heidelberg Materials from €204.16 to €210.55, citing improved growth outlook and expectations for higher valuation multiples. Analyst Commentary Recent assessments by bullish analysts have provided further insight into Heidelberg Materials’ prospects, with both optimistic and cautious points coming to the forefront as they evaluated the company’s execution and valuation trajectory.
Narrative Update • Oct 14

Emerging Markets And Green Construction Will Create Long-Term Value

Analysts have raised their price target for Heidelberg Materials to approximately EUR 204 from about EUR 201, citing expectations of higher growth that could support an improved stock multiple. Analyst Commentary Analyst perspectives on Heidelberg Materials highlight both opportunities for continued growth and potential risks that could impact valuation and performance.
Narrative Update • Sep 18

Emerging Markets And Green Construction Will Create Long-Term Value

The slight increase in Heidelberg Materials' future P/E ratio despite a modest decline in expected revenue growth suggests improved market sentiment or confidence in profitability, leading to a higher consensus price target, which has risen from €195.16 to €200.62. What's in the News Heidelberg Materials is among the bidders for NCC AB's aggregates, asphalt, and paving business, currently valued at up to $1 billion, with the sale process advancing to the next round of bidding.
Narrative Update • Sep 03

Emerging Markets And Green Construction Will Create Long-Term Value

The modest increase in Heidelberg Materials' consensus analyst price target is primarily underpinned by a slightly higher forward P/E multiple, reflecting improved earnings expectations, raising fair value from €191.28 to €195.16. Valuation Changes Summary of Valuation Changes for Heidelberg Materials The Consensus Analyst Price Target has risen slightly from €191.28 to €195.16.
Analysis Article • Sep 03

At €197, Is Heidelberg Materials AG (ETR:HEI) Worth Looking At Closely?

Heidelberg Materials AG ( ETR:HEI ) saw a decent share price growth of 14% on the XTRA over the last few months. The...
Analysis Article • Aug 19

These 4 Measures Indicate That Heidelberg Materials (ETR:HEI) Is Using Debt Reasonably Well

XTRA:HEI 1 Year Share Price vs Fair Value Explore Heidelberg Materials's Fair Values from the Community and select...
Analysis Article • Aug 04

Analysts Have Made A Financial Statement On Heidelberg Materials AG's (ETR:HEI) Interim Report

Last week saw the newest half-yearly earnings release from Heidelberg Materials AG ( ETR:HEI ), an important milestone...
Analysis Article • Jul 31

Heidelberg Materials (ETR:HEI) Is Looking To Continue Growing Its Returns On Capital

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
User avatar
New Narrative • Nov 10

Sustainability Projects And Calculated Moves Fuel Exciting Growth And Margin Expansion

Transformation initiatives and sustainability projects are set to improve margins, revenues, and earnings through cost efficiencies and eco-friendly strategies.

CEO Compensation Analysis

How has Dominik von Achten's remuneration changed compared to Heidelberg Materials's earnings?
DateTotal CompensationSalaryCompany Earnings
Dec 31 2025€9m€2m

€2b

Sep 30 2025n/an/a

€2b

Jun 30 2025n/an/a

€2b

Mar 31 2025n/an/a

€2b

Dec 31 2024€9m€2m

€2b

Sep 30 2024n/an/a

€2b

Jun 30 2024n/an/a

€2b

Mar 31 2024n/an/a

€2b

Dec 31 2023€7m€2m

€2b

Sep 30 2023n/an/a

€2b

Jun 30 2023n/an/a

€2b

Mar 31 2023n/an/a

€2b

Dec 31 2022€6m€1m

€2b

Sep 30 2022n/an/a

€2b

Jun 30 2022n/an/a

€2b

Mar 31 2022n/an/a

€2b

Dec 31 2021€6m€1m

€2b

Sep 30 2021n/an/a

€2b

Jun 30 2021n/an/a

€2b

Mar 31 2021n/an/a

-€133m

Dec 31 2020€5m€1m

-€2b

Sep 30 2020n/an/a

-€2b

Jun 30 2020n/an/a

-€2b

Mar 31 2020n/an/a

-€544m

Dec 31 2019€4m€1m

€1b

Compensation vs Market: Dominik's total compensation ($USD9.93M) is above average for companies of similar size in the German market ($USD6.03M).

Compensation vs Earnings: Dominik's compensation has been consistent with company performance over the past year.

CEO

Dominik von Achten (61 yo)

18.8yrs
Tenure
€8,696,000
Compensation

Dr. Dominik Von Achten is Member of Supervisory Board of E.ON SE from April 23, 2026. He has been Chairman of Managing Board at Heidelberg Materials AG (formerly known as HeidelbergCement AG) (a/k/a Heidel...

Leadership Team

NamePositionTenureCompensationOwnership
Dominik von Achten
Chairman of Managing Board18.8yrs€8.70mno data
Rene Aldach
CFO & Member of the Managing Board4.8yrs€3.34mno data
Hayrullah Gurdal
Member of Managing Board10.4yrs€4.03mno data
Jon Morrish
Member of Managing Board10.4yrs€4.37mno data
Axel Conrads
CTO & Member of Management Board2.4yrs€1.46mno data
Dennis Lentz
Chief Digital Officer & Member of Managing Board4.8yrs€3.67mno data
Chris Ward
Member of Managing Board6.8yrs€4.39mno data
Roberto Callieri
Member of the Managing Board2.5yrs€2.59mno data
Katharina Beumelburg
Chief Sustainability & New Technologies Officer and Member of the Managing Board1.8yrs€1.94mno data
Anna Toborek-Kacar
Member of Supervisory Board & Director of Group Corporate Financeno data€132.00kno data
Christoph Beumelburg
Director of Group Communication & Investor Relationsno datano datano data
Andreas Schnurr
Director of Group Human Resources & Group Complianceno datano datano data
4.8yrs
Average Tenure
55yo
Average Age

Experienced Management: HEI's management team is considered experienced (4.8 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Anna Toborek-Kacar
Member of Supervisory Board & Director of Group Corporate Finance1.7yrs€132.00kno data
John Baker
Member of Advisory Council22.5yrsno datano data
Paul Vanfrachem
Member of Advisor Councilno datano datano data
Ludwig Merckle
Independent Member of Supervisory Board27.1yrs€229.00kno data
Bernd Scheifele
Independent Chairman of Supervisory Board4.2yrs€332.00kno data
Marinus Platschorre
Member of Advisory Councilno datano datano data
Jacques Merceron-Vicat
Member of Advisory Councilno datano datano data
Karl Kronimus
Member of Advisory Councilno datano datano data
Jochen Kirchhoff
Member of Advisory Councilno datano datano data
Werner Schraeder
Employee Representative Deputy Chairman of Supervisory Board17.2yrs€216.00kno data
Luka Mucic
Independent Member of Supervisory Board7.2yrs€211.00kno data
Sopna Sury
Independent Member of Supervisory Board4.2yrs€195.00kno data
7.2yrs
Average Tenure
65yo
Average Age

Experienced Board: HEI's board of directors are considered experienced (7.2 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/10 00:01
End of Day Share Price 2026/07/10 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Heidelberg Materials AG is covered by 34 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Gerhard SchwarzBaader Helvea Equity Research
Tom ZhangBarclays
Katherine HearneBarclays