Sá, Nuno Quartin Bastos de Vasconcelos eBastos, Tomás Gaspar2024-05-032024-05-032023-01-182022-12-16http://hdl.handle.net/10362/166915The objective of this thesis is to provide a detailed analysis of the financial statements of the German company Heidelberg Materials that belongs to the Building Construction Materials industry and provide a recommendation on whether to buy, hold or sell as of the 31st of December 2023. In order to do so, the DCF model was applied and was then reinforced with a valuation by multiples and a sensitivity analysis. One important factor is that the impact of the recent events in the economy specially the inflation and the new energy crisis had an impact on the company share priceengEmissionWaccMultiplesCostsmaster thesis203364139