Intrinsic value of Martin Marietta Materials - MLM

Previous Close

$224.92

  Intrinsic Value

$91.58

stock screener

  Rating & Target

str. sell

-59%

Previous close

$224.92

 
Intrinsic value

$91.58

 
Up/down potential

-59%

 
Rating

str. sell

We calculate the intrinsic value of MLM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.88
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  3,819
  4,121
  4,286
  4,462
  4,649
  4,848
  5,059
  5,283
  5,519
  5,769
  6,033
  6,311
  6,605
  6,915
  7,241
  7,585
  7,947
  8,328
  8,729
  9,151
  9,595
  10,062
  10,553
  11,069
  11,612
  12,182
  12,782
  13,412
  14,074
  14,769
  15,500
Variable operating expenses, $m
 
  3,381
  3,506
  3,639
  3,780
  3,931
  4,090
  4,259
  4,438
  4,626
  4,826
  4,770
  4,992
  5,226
  5,472
  5,732
  6,006
  6,294
  6,597
  6,916
  7,252
  7,604
  7,975
  8,366
  8,776
  9,207
  9,660
  10,136
  10,636
  11,162
  11,714
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,151
  3,381
  3,506
  3,639
  3,780
  3,931
  4,090
  4,259
  4,438
  4,626
  4,826
  4,770
  4,992
  5,226
  5,472
  5,732
  6,006
  6,294
  6,597
  6,916
  7,252
  7,604
  7,975
  8,366
  8,776
  9,207
  9,660
  10,136
  10,636
  11,162
  11,714
Operating income, $m
  667
  740
  780
  823
  869
  917
  969
  1,024
  1,081
  1,142
  1,207
  1,541
  1,613
  1,689
  1,769
  1,853
  1,941
  2,034
  2,132
  2,235
  2,344
  2,458
  2,578
  2,704
  2,836
  2,975
  3,122
  3,276
  3,437
  3,607
  3,786
EBITDA, $m
  952
  1,648
  1,715
  1,785
  1,860
  1,940
  2,024
  2,113
  2,208
  2,308
  2,413
  2,525
  2,642
  2,766
  2,897
  3,034
  3,179
  3,332
  3,492
  3,661
  3,838
  4,025
  4,222
  4,428
  4,645
  4,873
  5,113
  5,365
  5,630
  5,908
  6,201
Interest expense (income), $m
  74
  147
  156
  165
  175
  185
  196
  207
  219
  232
  246
  260
  276
  292
  309
  326
  345
  365
  386
  408
  431
  455
  481
  508
  536
  565
  597
  629
  664
  700
  738
Earnings before tax, $m
  607
  592
  624
  658
  694
  733
  773
  816
  862
  910
  961
  1,281
  1,338
  1,397
  1,460
  1,526
  1,596
  1,669
  1,746
  1,827
  1,913
  2,002
  2,097
  2,196
  2,300
  2,410
  2,525
  2,646
  2,774
  2,907
  3,048
Tax expense, $m
  182
  160
  169
  178
  187
  198
  209
  220
  233
  246
  259
  346
  361
  377
  394
  412
  431
  451
  471
  493
  516
  541
  566
  593
  621
  651
  682
  715
  749
  785
  823
Net income, $m
  425
  433
  456
  480
  507
  535
  565
  596
  629
  664
  701
  935
  976
  1,020
  1,066
  1,114
  1,165
  1,218
  1,275
  1,334
  1,396
  1,462
  1,531
  1,603
  1,679
  1,759
  1,843
  1,932
  2,025
  2,122
  2,225

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  50
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,301
  8,567
  8,910
  9,277
  9,666
  10,080
  10,518
  10,982
  11,474
  11,993
  12,542
  13,121
  13,731
  14,375
  15,054
  15,769
  16,521
  17,314
  18,148
  19,025
  19,948
  20,919
  21,940
  23,013
  24,141
  25,327
  26,573
  27,883
  29,259
  30,706
  32,225
Adjusted assets (=assets-cash), $m
  7,251
  8,567
  8,910
  9,277
  9,666
  10,080
  10,518
  10,982
  11,474
  11,993
  12,542
  13,121
  13,731
  14,375
  15,054
  15,769
  16,521
  17,314
  18,148
  19,025
  19,948
  20,919
  21,940
  23,013
  24,141
  25,327
  26,573
  27,883
  29,259
  30,706
  32,225
Revenue / Adjusted assets
  0.527
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
Average production assets, $m
  3,801
  6,420
  6,677
  6,952
  7,244
  7,554
  7,882
  8,230
  8,598
  8,988
  9,399
  9,833
  10,290
  10,773
  11,281
  11,817
  12,381
  12,975
  13,600
  14,257
  14,949
  15,677
  16,442
  17,246
  18,091
  18,980
  19,914
  20,896
  21,927
  23,011
  24,149
Working capital, $m
  539
  429
  446
  464
  484
  504
  526
  549
  574
  600
  627
  656
  687
  719
  753
  789
  826
  866
  908
  952
  998
  1,046
  1,098
  1,151
  1,208
  1,267
  1,329
  1,395
  1,464
  1,536
  1,612
Total debt, $m
  1,686
  2,887
  3,054
  3,232
  3,422
  3,623
  3,837
  4,063
  4,302
  4,555
  4,822
  5,104
  5,402
  5,715
  6,046
  6,394
  6,761
  7,147
  7,553
  7,980
  8,429
  8,902
  9,399
  9,922
  10,471
  11,049
  11,656
  12,294
  12,964
  13,668
  14,408
Total liabilities, $m
  3,161
  4,172
  4,339
  4,518
  4,707
  4,909
  5,122
  5,348
  5,588
  5,841
  6,108
  6,390
  6,687
  7,001
  7,331
  7,679
  8,046
  8,432
  8,838
  9,265
  9,715
  10,188
  10,685
  11,207
  11,757
  12,334
  12,941
  13,579
  14,249
  14,954
  15,694
Total equity, $m
  4,140
  4,395
  4,571
  4,759
  4,959
  5,171
  5,396
  5,634
  5,886
  6,152
  6,434
  6,731
  7,044
  7,375
  7,723
  8,089
  8,475
  8,882
  9,310
  9,760
  10,233
  10,731
  11,255
  11,806
  12,384
  12,993
  13,632
  14,304
  15,010
  15,752
  16,531
Total liabilities and equity, $m
  7,301
  8,567
  8,910
  9,277
  9,666
  10,080
  10,518
  10,982
  11,474
  11,993
  12,542
  13,121
  13,731
  14,376
  15,054
  15,768
  16,521
  17,314
  18,148
  19,025
  19,948
  20,919
  21,940
  23,013
  24,141
  25,327
  26,573
  27,883
  29,259
  30,706
  32,225
Debt-to-equity ratio
  0.407
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.780
  0.790
  0.800
  0.800
  0.810
  0.820
  0.820
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.860
  0.870
  0.870
Adjusted equity ratio
  0.564
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  425
  433
  456
  480
  507
  535
  565
  596
  629
  664
  701
  935
  976
  1,020
  1,066
  1,114
  1,165
  1,218
  1,275
  1,334
  1,396
  1,462
  1,531
  1,603
  1,679
  1,759
  1,843
  1,932
  2,025
  2,122
  2,225
Depreciation, amort., depletion, $m
  285
  909
  934
  962
  991
  1,022
  1,055
  1,090
  1,127
  1,165
  1,207
  983
  1,029
  1,077
  1,128
  1,182
  1,238
  1,297
  1,360
  1,426
  1,495
  1,568
  1,644
  1,725
  1,809
  1,898
  1,991
  2,090
  2,193
  2,301
  2,415
Funds from operations, $m
  584
  1,341
  1,390
  1,442
  1,498
  1,557
  1,619
  1,686
  1,756
  1,830
  1,908
  1,918
  2,005
  2,097
  2,194
  2,296
  2,403
  2,516
  2,635
  2,760
  2,891
  3,029
  3,175
  3,328
  3,488
  3,657
  3,835
  4,021
  4,217
  4,423
  4,640
Change in working capital, $m
  -95
  16
  17
  18
  19
  21
  22
  23
  25
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
  66
  69
  72
  76
Cash from operations, $m
  679
  1,325
  1,373
  1,424
  1,478
  1,536
  1,598
  1,662
  1,731
  1,804
  1,880
  1,889
  1,975
  2,065
  2,160
  2,260
  2,365
  2,476
  2,593
  2,716
  2,845
  2,981
  3,124
  3,274
  3,432
  3,598
  3,772
  3,956
  4,149
  4,351
  4,564
Maintenance CAPEX, $m
  0
  -618
  -642
  -668
  -695
  -724
  -755
  -788
  -823
  -860
  -899
  -940
  -983
  -1,029
  -1,077
  -1,128
  -1,182
  -1,238
  -1,297
  -1,360
  -1,426
  -1,495
  -1,568
  -1,644
  -1,725
  -1,809
  -1,898
  -1,991
  -2,090
  -2,193
  -2,301
New CAPEX, $m
  -387
  -243
  -257
  -274
  -292
  -310
  -329
  -348
  -368
  -389
  -411
  -434
  -458
  -483
  -509
  -536
  -564
  -594
  -625
  -658
  -692
  -727
  -765
  -804
  -845
  -889
  -934
  -982
  -1,031
  -1,084
  -1,139
Cash from investing activities, $m
  -555
  -861
  -899
  -942
  -987
  -1,034
  -1,084
  -1,136
  -1,191
  -1,249
  -1,310
  -1,374
  -1,441
  -1,512
  -1,586
  -1,664
  -1,746
  -1,832
  -1,922
  -2,018
  -2,118
  -2,222
  -2,333
  -2,448
  -2,570
  -2,698
  -2,832
  -2,973
  -3,121
  -3,277
  -3,440
Free cash flow, $m
  124
  464
  474
  482
  491
  502
  514
  526
  540
  555
  571
  516
  534
  553
  574
  596
  620
  644
  671
  698
  728
  758
  791
  826
  862
  900
  940
  983
  1,028
  1,075
  1,124
Issuance/(repayment) of debt, $m
  97
  159
  167
  178
  190
  201
  214
  226
  239
  253
  267
  282
  297
  314
  330
  348
  367
  386
  406
  427
  449
  473
  497
  523
  549
  578
  607
  638
  670
  704
  740
Issuance/(repurchase) of shares, $m
  -238
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -137
  159
  167
  178
  190
  201
  214
  226
  239
  253
  267
  282
  297
  314
  330
  348
  367
  386
  406
  427
  449
  473
  497
  523
  549
  578
  607
  638
  670
  704
  740
Total cash flow (excl. dividends), $m
  -13
  624
  641
  660
  681
  703
  727
  752
  779
  808
  838
  798
  831
  867
  905
  944
  986
  1,030
  1,077
  1,126
  1,177
  1,231
  1,288
  1,348
  1,411
  1,478
  1,547
  1,621
  1,698
  1,779
  1,864
Retained Cash Flow (-), $m
  -83
  -167
  -176
  -188
  -200
  -212
  -225
  -238
  -252
  -266
  -281
  -297
  -313
  -330
  -348
  -367
  -386
  -406
  -428
  -450
  -473
  -498
  -524
  -551
  -579
  -608
  -639
  -672
  -706
  -742
  -779
Prev. year cash balance distribution, $m
 
  452
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
  77
  80
  84
  89
  93
  97
  102
  107
  113
  118
Cash available for distribution, $m
 
  909
  465
  472
  481
  491
  502
  514
  527
  541
  556
  501
  518
  537
  556
  578
  600
  624
  649
  675
  704
  733
  765
  798
  833
  869
  908
  949
  992
  1,037
  1,085
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  868
  422
  406
  389
  372
  354
  335
  316
  296
  275
  222
  205
  187
  169
  152
  135
  119
  103
  88
  75
  62
  51
  41
  33
  26
  20
  15
  11
  8
  5
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Martin Marietta Materials, Inc. is a supplier of aggregates products (crushed stone, sand, and gravel) used for the construction of infrastructure, nonresidential, and residential projects. Aggregates products are also used for railroad ballast and in agricultural, utility and environmental applications. The Company's Aggregates business operates through three segments: the Mid-America Group, Southeast Group and West Group. The Company's business is categorized into Aggregates Business, Cement Business and Magnesia Specialties Business. Its Cement business is reported through the Cement segment. Its Magnesia Specialties business manufactures and markets magnesia-based chemical products used in industrial, agricultural, and environmental applications, and dolomitic lime sold to customers in the steel industry. Its Cement business produces Portland and specialty cements. It manufactures and markets, through its Magnesia Specialties business, magnesia-based chemical products.

FINANCIAL RATIOS  of  Martin Marietta Materials (MLM)

Valuation Ratios
P/E Ratio 33.4
Price to Sales 3.7
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 20.9
Price to Free Cash Flow 48.7
Growth Rates
Sales Growth Rate 7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.7%
Cap. Spend. - 3 Yr. Gr. Rate 20.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 36.4%
Total Debt to Equity 40.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 5.4%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 7.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 23.8%
Gross Margin - 3 Yr. Avg. 20.6%
EBITDA Margin 25.3%
EBITDA Margin - 3 Yr. Avg. 21.7%
Operating Margin 17.5%
Oper. Margin - 3 Yr. Avg. 13.9%
Pre-Tax Margin 15.9%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 11.1%
Net Profit Margin - 3 Yr. Avg. 8.2%
Effective Tax Rate 30%
Eff/ Tax Rate - 3 Yr. Avg. 32.8%
Payout Ratio 24.7%

MLM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MLM stock intrinsic value calculation we used $3966 million for the last fiscal year's total revenue generated by Martin Marietta Materials. The default revenue input number comes from 2016 income statement of Martin Marietta Materials. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MLM stock valuation model: a) initial revenue growth rate of 3.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.7%, whose default value for MLM is calculated based on our internal credit rating of Martin Marietta Materials, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Martin Marietta Materials.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MLM stock the variable cost ratio is equal to 82.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MLM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Martin Marietta Materials.

Corporate tax rate of 27% is the nominal tax rate for Martin Marietta Materials. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MLM stock is equal to 0.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MLM are equal to 155.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Martin Marietta Materials operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MLM is equal to 10.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4680 million for Martin Marietta Materials - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 63 million for Martin Marietta Materials is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Martin Marietta Materials at the current share price and the inputted number of shares is $14.2 billion.

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COMPANY NEWS

▶ Cramer's Exec Cut: Business is bigger in Texas   [Jul-13-18 06:00PM  CNBC Videos]
▶ The Triangle's top inside stock sales in the first half of 2018   [Jul-09-18 05:25PM  American City Business Journals]
▶ 31 Undervalued Stocks   [Jul-02-18 06:00AM  Morningstar]
▶ When Should You Buy Martin Marietta Materials Inc (NYSE:MLM)?   [Jun-24-18 09:53AM  Simply Wall St.]
▶ With federal greenlight, $1.2B in contracts up for grabs with 'Complete 540' project   [Jun-08-18 03:12PM  American City Business Journals]
▶ 3 Infrastructure Plays for the Trump Economy   [May-23-18 11:47AM  InvestorPlace]
▶ Martin Marietta Declares Regular Cash Dividend   [May-17-18 05:15PM  GlobeNewswire]
▶ Why Martin Marietta's CEO expects a 'record year'   [May-09-18 08:31AM  American City Business Journals]
▶ Martin Marietta: 1Q Earnings Snapshot   [07:46AM  Associated Press]
▶ [$$] Deal Close Announcements: April 30-May 4   [May-04-18 06:28PM  The Wall Street Journal]
▶ Martin Marietta closes Bluegrass deal, integration underway   [11:30AM  American City Business Journals]
▶ Feds file antitrust complaint against Martin Marietta Materials   [Apr-27-18 12:02PM  American City Business Journals]
▶ Executive Pay: How much execs at Raleigh's Martin Marietta earned in 2017   [Apr-24-18 11:07AM  American City Business Journals]
▶ From BDSI to Red Hat: The Triangle's top inside stock sales of 1Q2018   [08:36AM  American City Business Journals]
▶ Trump border wall charges ahead in spite of infrastructure plan   [Mar-12-18 04:49PM  Fox Business Videos]
▶ Martin Marietta Declares Regular Cash Dividend   [Feb-22-18 05:05PM  GlobeNewswire]
▶ Infrastructure Plan Underwhelms   [Feb-14-18 07:00AM  Morningstar]
▶ Market Underestimating Martin Marietta   [Feb-13-18 05:29PM  Morningstar]
▶ Martin Marietta Stock Rises On Strong Earnings, Guidance   [04:13PM  Investor's Business Daily]
▶ Stocks Down, But Optimism Gauge And This Group Show Strength   [12:00PM  Investor's Business Daily]
▶ Martin Marietta beats 4Q profit forecasts   [07:47AM  Associated Press]
▶ Highwoods Names Anne Lloyd to Board of Directors   [Jan-31-18 06:00PM  GlobeNewswire]
▶ New Strong Sell Stocks for January 9th   [Jan-09-18 08:26AM  Zacks]
▶ Basic Materials: The Most Overvalued Sector We Cover   [Dec-27-17 06:00AM  Morningstar]
▶ Martin Marietta Has a Solid Foundation for Profit Growth   [Dec-13-17 07:00AM  Morningstar]
▶ Martin Marietta Announces Pricing Terms of Debt Offering   [Dec-07-17 10:25AM  Business Wire]
▶ 3 Top Building-Materials Stocks to Buy Now   [Nov-30-17 08:30AM  Motley Fool]
▶ Martin Marietta Declares Regular Cash Dividend   [Nov-16-17 04:05PM  GlobeNewswire]
▶ Martin Marietta misses Street 3Q forecasts   [06:51AM  Associated Press]
▶ Stifel's case for materials stocks   [Oct-18-17 01:20PM  CNBC Videos]
Financial statements of MLM
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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