
Koninklijke Heijmans N.V. (HEIJM.AS)
ValueMarkers Composite Index
133% above intrinsic value ($44)
Koninklijke Heijmans N.V. (HEIJM.AS) — VMCI valuation read
Headline read on HEIJM.AS: VMCI of 60/100 versus a Industrials sector median of 50. The 10-point above-median position is what makes Koninklijke Heijmans N.V. a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on HEIJM.AS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on HEIJM.AS: value (HEIJM.AS trades at 25.0x earnings, 39% above the Industrials median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Industrials median (10.0%)), and risk (net debt to EBITDA of -1.5x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Industrials 12.0x baseline.
HEIJM.AS fell 3.4% over the trailing 7 days, with a -20.8% read on a 30-day basis.
Heijmans N.V. engages in the property development, construction and technical services, and infrastructure businesses in the Netherlands and internationally. The company focuses on the development of large and smaller-scale projects in urban and out-of-town areas, as well as acts as an initiator, developer, and seller of residential properties. It also engages in building homes; and the restoration, redevelopment, renovation, maintenance, and service of existing housing stock. In addition, the company designs, realizes, and maintains electro-technical and mechanical installations; and realizes large-scale and complex construction contracts in the customer and market segments of health care, government and semi-government organizations, commercial property, the high-tech clean industry, and datacenters, as well as provides management and maintenance services. Further, it focuses on the construction, enhancement, and maintenance of road infrastructure and public spaces, including related installations and on-site objects. The company was founded in 1923 and is headquartered in Rosmalen, the Netherlands.
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