Intrinsic value of Martin Marietta Materials - MLM

Previous Close

$228.10

  Intrinsic Value

$176.24

stock screener

  Rating & Target

sell

-23%

  Value-price divergence*

+945%

Previous close

$228.10

 
Intrinsic value

$176.24

 
Up/down potential

-23%

 
Rating

sell

 
Value-price divergence*

+945%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 14.4

 

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
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  3,819
  4,086
  4,364
  4,653
  4,954
  5,266
  5,592
  5,931
  6,284
  6,652
  7,037
  7,437
  7,856
  8,293
  8,750
  9,228
  9,727
  10,249
  10,796
  11,368
  11,967
  12,595
  13,252
  13,941
  14,663
  15,419
  16,212
  17,044
  17,916
  18,830
  19,789
Variable operating expenses, $m
 
  1,317
  1,392
  1,470
  1,551
  1,635
  1,723
  1,814
  1,909
  2,009
  2,112
  2,004
  2,117
  2,235
  2,358
  2,487
  2,621
  2,762
  2,909
  3,063
  3,225
  3,394
  3,571
  3,757
  3,951
  4,155
  4,369
  4,593
  4,828
  5,074
  5,333
Fixed operating expenses, $m
 
  2,002
  2,052
  2,103
  2,156
  2,210
  2,265
  2,322
  2,380
  2,439
  2,500
  2,563
  2,627
  2,692
  2,760
  2,829
  2,899
  2,972
  3,046
  3,122
  3,200
  3,280
  3,362
  3,446
  3,532
  3,621
  3,711
  3,804
  3,899
  3,997
  4,097
Total operating expenses, $m
  3,151
  3,319
  3,444
  3,573
  3,707
  3,845
  3,988
  4,136
  4,289
  4,448
  4,612
  4,567
  4,744
  4,927
  5,118
  5,316
  5,520
  5,734
  5,955
  6,185
  6,425
  6,674
  6,933
  7,203
  7,483
  7,776
  8,080
  8,397
  8,727
  9,071
  9,430
Operating income, $m
  667
  767
  920
  1,080
  1,247
  1,422
  1,604
  1,795
  1,995
  2,205
  2,425
  2,871
  3,113
  3,366
  3,633
  3,913
  4,207
  4,516
  4,841
  5,183
  5,542
  5,921
  6,319
  6,738
  7,179
  7,643
  8,132
  8,647
  9,189
  9,759
  10,360
EBITDA, $m
  952
  1,179
  1,345
  1,519
  1,700
  1,889
  2,088
  2,295
  2,512
  2,739
  2,977
  3,227
  3,488
  3,763
  4,051
  4,354
  4,672
  5,006
  5,357
  5,726
  6,115
  6,523
  6,953
  7,405
  7,880
  8,381
  8,908
  9,462
  10,046
  10,660
  11,307
Interest expense (income), $m
  74
  74
  83
  93
  104
  115
  127
  138
  151
  164
  177
  191
  206
  221
  237
  254
  272
  290
  309
  329
  350
  372
  395
  419
  444
  471
  498
  528
  558
  590
  623
Earnings before tax, $m
  607
  694
  837
  987
  1,143
  1,307
  1,478
  1,657
  1,844
  2,041
  2,247
  2,679
  2,906
  3,145
  3,395
  3,658
  3,935
  4,226
  4,532
  4,854
  5,192
  5,549
  5,924
  6,319
  6,735
  7,173
  7,634
  8,119
  8,631
  9,170
  9,737
Tax expense, $m
  182
  187
  226
  266
  309
  353
  399
  447
  498
  551
  607
  723
  785
  849
  917
  988
  1,062
  1,141
  1,224
  1,310
  1,402
  1,498
  1,599
  1,706
  1,818
  1,937
  2,061
  2,192
  2,330
  2,476
  2,629
Net income, $m
  425
  507
  611
  720
  834
  954
  1,079
  1,209
  1,346
  1,490
  1,640
  1,956
  2,122
  2,296
  2,479
  2,671
  2,873
  3,085
  3,308
  3,543
  3,790
  4,051
  4,324
  4,613
  4,916
  5,236
  5,573
  5,927
  6,301
  6,694
  7,108

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
  7,754
  8,281
  8,829
  9,400
  9,993
  10,611
  11,254
  11,924
  12,623
  13,352
  14,113
  14,907
  15,737
  16,603
  17,510
  18,457
  19,448
  20,486
  21,572
  22,708
  23,899
  25,146
  26,453
  27,823
  29,258
  30,763
  32,341
  33,996
  35,731
  37,551
Adjusted assets (=assets-cash), $m
  7,251
  7,754
  8,281
  8,829
  9,400
  9,993
  10,611
  11,254
  11,924
  12,623
  13,352
  14,113
  14,907
  15,737
  16,603
  17,510
  18,457
  19,448
  20,486
  21,572
  22,708
  23,899
  25,146
  26,453
  27,823
  29,258
  30,763
  32,341
  33,996
  35,731
  37,551
Revenue / Adjusted assets
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
Average production assets, $m
  3,801
  4,066
  4,342
  4,630
  4,929
  5,240
  5,564
  5,901
  6,253
  6,619
  7,001
  7,400
  7,817
  8,252
  8,706
  9,181
  9,678
  10,198
  10,742
  11,311
  11,907
  12,532
  13,186
  13,871
  14,589
  15,342
  16,131
  16,958
  17,826
  18,736
  19,691
Working capital, $m
  539
  715
  764
  814
  867
  922
  979
  1,038
  1,100
  1,164
  1,231
  1,302
  1,375
  1,451
  1,531
  1,615
  1,702
  1,794
  1,889
  1,989
  2,094
  2,204
  2,319
  2,440
  2,566
  2,698
  2,837
  2,983
  3,135
  3,295
  3,463
Total debt, $m
  1,686
  1,851
  2,078
  2,313
  2,557
  2,812
  3,077
  3,353
  3,641
  3,940
  4,253
  4,579
  4,920
  5,276
  5,648
  6,037
  6,443
  6,868
  7,313
  7,779
  8,267
  8,778
  9,313
  9,873
  10,461
  11,077
  11,722
  12,399
  13,109
  13,854
  14,634
Total liabilities, $m
  3,161
  3,326
  3,553
  3,788
  4,032
  4,287
  4,552
  4,828
  5,116
  5,415
  5,728
  6,054
  6,395
  6,751
  7,123
  7,512
  7,918
  8,343
  8,788
  9,254
  9,742
  10,253
  10,788
  11,348
  11,936
  12,552
  13,197
  13,874
  14,584
  15,329
  16,109
Total equity, $m
  4,140
  4,428
  4,729
  5,042
  5,367
  5,706
  6,059
  6,426
  6,809
  7,208
  7,624
  8,058
  8,512
  8,986
  9,481
  9,998
  10,539
  11,105
  11,697
  12,317
  12,966
  13,646
  14,359
  15,105
  15,887
  16,706
  17,566
  18,467
  19,412
  20,402
  21,442
Total liabilities and equity, $m
  7,301
  7,754
  8,282
  8,830
  9,399
  9,993
  10,611
  11,254
  11,925
  12,623
  13,352
  14,112
  14,907
  15,737
  16,604
  17,510
  18,457
  19,448
  20,485
  21,571
  22,708
  23,899
  25,147
  26,453
  27,823
  29,258
  30,763
  32,341
  33,996
  35,731
  37,551
Debt-to-equity ratio
  0.407
  0.420
  0.440
  0.460
  0.480
  0.490
  0.510
  0.520
  0.530
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.680
  0.680
Adjusted equity ratio
  0.564
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571
  0.571

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  425
  507
  611
  720
  834
  954
  1,079
  1,209
  1,346
  1,490
  1,640
  1,956
  2,122
  2,296
  2,479
  2,671
  2,873
  3,085
  3,308
  3,543
  3,790
  4,051
  4,324
  4,613
  4,916
  5,236
  5,573
  5,927
  6,301
  6,694
  7,108
Depreciation, amort., depletion, $m
  285
  411
  425
  438
  453
  468
  483
  500
  517
  534
  553
  356
  376
  397
  419
  441
  465
  490
  516
  544
  572
  602
  634
  667
  701
  738
  776
  815
  857
  901
  947
Funds from operations, $m
  584
  918
  1,036
  1,159
  1,287
  1,422
  1,562
  1,709
  1,863
  2,024
  2,193
  2,312
  2,498
  2,692
  2,897
  3,112
  3,338
  3,575
  3,825
  4,087
  4,363
  4,653
  4,958
  5,280
  5,618
  5,974
  6,348
  6,742
  7,158
  7,595
  8,055
Change in working capital, $m
  -95
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  87
  91
  96
  100
  105
  110
  115
  121
  126
  132
  139
  146
  153
  160
  168
Cash from operations, $m
  679
  871
  987
  1,108
  1,235
  1,367
  1,505
  1,650
  1,801
  1,960
  2,126
  2,242
  2,424
  2,616
  2,817
  3,028
  3,250
  3,484
  3,729
  3,987
  4,258
  4,543
  4,843
  5,159
  5,491
  5,841
  6,209
  6,597
  7,005
  7,435
  7,887
Maintenance CAPEX, $m
  0
  -183
  -195
  -209
  -223
  -237
  -252
  -267
  -284
  -301
  -318
  -337
  -356
  -376
  -397
  -419
  -441
  -465
  -490
  -516
  -544
  -572
  -602
  -634
  -667
  -701
  -738
  -776
  -815
  -857
  -901
New CAPEX, $m
  -387
  -265
  -276
  -287
  -299
  -311
  -324
  -337
  -352
  -366
  -382
  -399
  -416
  -435
  -455
  -475
  -497
  -520
  -544
  -569
  -596
  -624
  -654
  -685
  -718
  -753
  -789
  -827
  -868
  -910
  -954
Cash from investing activities, $m
  -555
  -448
  -471
  -496
  -522
  -548
  -576
  -604
  -636
  -667
  -700
  -736
  -772
  -811
  -852
  -894
  -938
  -985
  -1,034
  -1,085
  -1,140
  -1,196
  -1,256
  -1,319
  -1,385
  -1,454
  -1,527
  -1,603
  -1,683
  -1,767
  -1,855
Free cash flow, $m
  124
  423
  515
  612
  713
  819
  929
  1,045
  1,166
  1,293
  1,425
  1,506
  1,652
  1,805
  1,966
  2,135
  2,312
  2,499
  2,695
  2,901
  3,118
  3,346
  3,587
  3,840
  4,106
  4,387
  4,683
  4,994
  5,322
  5,668
  6,032
Issuance/(repayment) of debt, $m
  97
  215
  226
  235
  245
  255
  265
  276
  288
  300
  313
  326
  341
  356
  372
  389
  407
  425
  445
  466
  488
  511
  535
  561
  588
  616
  646
  677
  710
  744
  781
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
  215
  226
  235
  245
  255
  265
  276
  288
  300
  313
  326
  341
  356
  372
  389
  407
  425
  445
  466
  488
  511
  535
  561
  588
  616
  646
  677
  710
  744
  781
Total cash flow (excl. dividends), $m
  -13
  639
  741
  847
  958
  1,073
  1,194
  1,321
  1,453
  1,592
  1,738
  1,832
  1,993
  2,161
  2,338
  2,523
  2,719
  2,924
  3,140
  3,367
  3,606
  3,857
  4,122
  4,401
  4,694
  5,003
  5,328
  5,671
  6,032
  6,412
  6,812
Retained Cash Flow (-), $m
  -83
  -288
  -301
  -313
  -326
  -339
  -353
  -367
  -383
  -399
  -416
  -434
  -453
  -474
  -495
  -517
  -541
  -566
  -592
  -620
  -649
  -680
  -712
  -746
  -782
  -820
  -859
  -901
  -945
  -991
  -1,039
Prev. year cash balance distribution, $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
Cash flow adjustment, $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
Cash available for distribution, $m
 
  351
  440
  534
  632
  735
  842
  954
  1,071
  1,193
  1,322
  1,398
  1,539
  1,687
  1,843
  2,006
  2,178
  2,358
  2,547
  2,747
  2,957
  3,177
  3,410
  3,654
  3,912
  4,183
  4,469
  4,770
  5,087
  5,421
  5,773
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  335
  398
  456
  507
  550
  585
  611
  628
  636
  635
  601
  586
  564
  535
  500
  461
  419
  375
  330
  286
  244
  204
  168
  135
  107
  83
  62
  46
  33
  23
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., together with its subsidiaries, supplies aggregates products and heavy building materials for the construction industry in the United States and internationally. The company mines, processes, and sells granite, limestone, sand, gravel, and other aggregate products for use in the public infrastructure, and nonresidential and residential construction industries, as well as in the agriculture, railroad ballast, chemical, and other applications. It also offers asphalt products, ready mixed concrete, and road paving construction services; and produces Portland and specialty cements for use in infrastructure projects, and nonresidential and residential construction, as well as in the railroad, agricultural, utility, and environmental industries. In addition, the company manufactures and markets magnesia-based chemical products for the industrial, agricultural, and environmental applications; and dolomitic lime primarily for use in the steel industry. Its chemical products are used in flame retardants, wastewater treatment, pulp and paper production, and other environmental applications. The company was founded in 1993 and is headquartered in Raleigh, North Carolina.

FINANCIAL RATIOS  of  Martin Marietta Materials (MLM)

Valuation Ratios
P/E Ratio 33.9
Price to Sales 3.8
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 21.2
Price to Free Cash Flow 49.4
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 $3819 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 7% 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 4.9%, 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 32.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1953 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 4.5% 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%.

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 99.5%.

Life of production assets of 20.8 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 17.5%. 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 - $4140 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 63.256 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 $14.4 billion.

RELATED COMPANIES Price Int.Val. Rating
USLM U.S. Lime&Mine 81.55 59.17  sell
VMC Vulcan Materia 127.10 69.78  sell
CX Cemex ADR 10.10 18.59  str.buy
SUM Summit Materia 28.89 60.95  str.buy
EXP Eagle Material 93.92 6.28  str.sell

COMPANY NEWS

▶ Stock Market News for June 27, 2017   [Jun-27-17 10:47AM  Zacks]
▶ Nestle, Pandora and Children's Place gain; Arconic slides   [Jun-26-17 04:38PM  Associated Press]
▶ Martin Marietta to acquire Bluegrass Materials for $1.6B cash   [11:14AM  American City Business Journals]
▶ Martin Marietta CFO to retire, to be replaced by Caterpillar vet   [Jun-22-17 06:05PM  American City Business Journals]
▶ Building Stock With 77% Growth Cements New Breakout   [Jun-20-17 04:23PM  Investor's Business Daily]
▶ Will Trump Infrastructure Spending Lift This No. 1-Ranked Cement Stock?   [Jun-07-17 01:41PM  Investor's Business Daily]
▶ 3 Top Dividend Stocks in Cement   [May-23-17 11:00AM  Motley Fool]
▶ Stock Rating Upgrades: Martin Marietta Shows Improved Price Strength   [May-19-17 12:11PM  Investor's Business Daily]
▶ Martin Marietta Announces Pricing Terms of Debt Offering   [May-18-17 07:00AM  Business Wire]
▶ Trump Infrastructure Play Hits Buy Zone On Earnings, Price Hikes   [May-10-17 04:31PM  Investor's Business Daily]
▶ Trump Infrastructure Play Soars As Earnings Top On Price Hikes   [04:35PM  Investor's Business Daily]
▶ Martin Marietta tops Street 1Q forecasts   [07:19AM  Associated Press]
▶ 3 Top Infrastructure Stocks to Buy in 2017   [Apr-22-17 11:19AM  Motley Fool]
▶ 8 N.C. companies are 'interested vendors' to build Trump's border wall   [Apr-17-17 03:05PM  American City Business Journals]
▶ Notable drops in market momentum   [Apr-11-17 02:16PM  CNBC Videos]
▶ Forget About the 'Trump Trade' Narrative   [Apr-03-17 12:31PM  The Wall Street Journal]
▶ Stocks Weaken At Close; Dow, S&P 500 Take First Monthly Hits Since October   [Mar-31-17 04:25PM  Investor's Business Daily]
▶ Buy Strength in Martin Marietta   [09:10AM  TheStreet.com]
▶ The Biggest Loser: Martin Marietta Materials Drops 2.9%   [Mar-24-17 05:47PM  Barrons.com]
▶ Cramer: 3 Health Care Bill Scenarios, 3 Game Plans   [Mar-23-17 07:01PM  TheStreet.com]
▶ [$$] Our Skepticism on AmTrust Reserves Borne Out   [Mar-04-17 02:16AM  at Barrons.com]
▶ Martin Marietta CEO: 2017 could be a year of deals   [Feb-15-17 10:15AM  at bizjournals.com]
▶ [$$] Martin Marietta Optimistic on Infrastructure Investment   [08:51AM  at The Wall Street Journal]
Stock chart of MLM Financial statements of MLM Annual reports 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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