Intrinsic value of Martin Marietta Materials - MLM

Previous Close

$199.20

  Intrinsic Value

$217.46

stock screener

  Rating & Target

hold

+9%

  Value-price divergence*

+201%

Previous close

$199.20

 
Intrinsic value

$217.46

 
Up/down potential

+9%

 
Rating

hold

 
Value-price divergence*

+201%

*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 12.2

 

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
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  3,819
  4,159
  4,513
  4,881
  5,264
  5,662
  6,075
  6,505
  6,951
  7,416
  7,899
  8,401
  8,924
  9,468
  10,036
  10,627
  11,243
  11,887
  12,559
  13,260
  13,993
  14,759
  15,560
  16,398
  17,274
  18,192
  19,152
  20,158
  21,212
  22,315
  23,472
Variable operating expenses, $m
 
  1,337
  1,432
  1,531
  1,634
  1,742
  1,853
  1,969
  2,089
  2,214
  2,344
  2,264
  2,405
  2,551
  2,704
  2,864
  3,030
  3,203
  3,384
  3,573
  3,771
  3,977
  4,193
  4,419
  4,655
  4,902
  5,161
  5,432
  5,716
  6,013
  6,325
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
  3,339
  3,484
  3,634
  3,790
  3,952
  4,118
  4,291
  4,469
  4,653
  4,844
  4,827
  5,032
  5,243
  5,464
  5,693
  5,929
  6,175
  6,430
  6,695
  6,971
  7,257
  7,555
  7,865
  8,187
  8,523
  8,872
  9,236
  9,615
  10,010
  10,422
Operating income, $m
  667
  820
  1,029
  1,247
  1,474
  1,711
  1,957
  2,215
  2,483
  2,762
  3,054
  3,575
  3,893
  4,225
  4,572
  4,935
  5,314
  5,712
  6,128
  6,565
  7,022
  7,502
  8,005
  8,533
  9,087
  9,669
  10,280
  10,922
  11,597
  12,305
  13,051
EBITDA, $m
  952
  1,235
  1,461
  1,696
  1,941
  2,197
  2,464
  2,742
  3,031
  3,333
  3,648
  3,976
  4,319
  4,678
  5,052
  5,443
  5,852
  6,281
  6,729
  7,199
  7,691
  8,208
  8,749
  9,317
  9,913
  10,539
  11,196
  11,886
  12,611
  13,373
  14,173
Interest expense (income), $m
  74
  74
  86
  99
  112
  126
  141
  156
  172
  188
  205
  223
  241
  261
  280
  301
  323
  345
  369
  394
  419
  446
  474
  504
  534
  566
  600
  635
  672
  711
  751
Earnings before tax, $m
  607
  747
  943
  1,148
  1,361
  1,584
  1,816
  2,058
  2,311
  2,574
  2,849
  3,352
  3,651
  3,964
  4,291
  4,633
  4,992
  5,367
  5,759
  6,171
  6,603
  7,055
  7,530
  8,029
  8,553
  9,102
  9,680
  10,287
  10,925
  11,595
  12,300
Tax expense, $m
  182
  202
  255
  310
  368
  428
  490
  556
  624
  695
  769
  905
  986
  1,070
  1,159
  1,251
  1,348
  1,449
  1,555
  1,666
  1,783
  1,905
  2,033
  2,168
  2,309
  2,458
  2,614
  2,777
  2,950
  3,131
  3,321
Net income, $m
  425
  545
  688
  838
  994
  1,156
  1,326
  1,503
  1,687
  1,879
  2,080
  2,447
  2,665
  2,894
  3,133
  3,382
  3,644
  3,918
  4,204
  4,505
  4,820
  5,150
  5,497
  5,861
  6,243
  6,645
  7,066
  7,509
  7,975
  8,464
  8,979

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
  7,892
  8,563
  9,262
  9,988
  10,743
  11,528
  12,343
  13,191
  14,072
  14,988
  15,941
  16,933
  17,966
  19,043
  20,165
  21,335
  22,556
  23,830
  25,161
  26,552
  28,005
  29,525
  31,115
  32,778
  34,519
  36,342
  38,250
  40,250
  42,344
  44,539
Adjusted assets (=assets-cash), $m
  7,251
  7,892
  8,563
  9,262
  9,988
  10,743
  11,528
  12,343
  13,191
  14,072
  14,988
  15,941
  16,933
  17,966
  19,043
  20,165
  21,335
  22,556
  23,830
  25,161
  26,552
  28,005
  29,525
  31,115
  32,778
  34,519
  36,342
  38,250
  40,250
  42,344
  44,539
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
  4,138
  4,490
  4,857
  5,238
  5,633
  6,045
  6,472
  6,917
  7,379
  7,859
  8,359
  8,879
  9,421
  9,985
  10,574
  11,187
  11,827
  12,496
  13,194
  13,923
  14,685
  15,482
  16,316
  17,188
  18,101
  19,056
  20,057
  21,105
  22,204
  23,355
Working capital, $m
  539
  728
  790
  854
  921
  991
  1,063
  1,138
  1,217
  1,298
  1,382
  1,470
  1,562
  1,657
  1,756
  1,860
  1,968
  2,080
  2,198
  2,321
  2,449
  2,583
  2,723
  2,870
  3,023
  3,184
  3,352
  3,528
  3,712
  3,905
  4,108
Total debt, $m
  1,686
  1,911
  2,199
  2,498
  2,810
  3,134
  3,470
  3,820
  4,184
  4,562
  4,955
  5,364
  5,789
  6,233
  6,694
  7,176
  7,678
  8,201
  8,748
  9,319
  9,916
  10,539
  11,191
  11,873
  12,587
  13,334
  14,116
  14,934
  15,792
  16,691
  17,632
Total liabilities, $m
  3,161
  3,386
  3,674
  3,973
  4,285
  4,609
  4,945
  5,295
  5,659
  6,037
  6,430
  6,839
  7,264
  7,708
  8,169
  8,651
  9,153
  9,676
  10,223
  10,794
  11,391
  12,014
  12,666
  13,348
  14,062
  14,809
  15,591
  16,409
  17,267
  18,166
  19,107
Total equity, $m
  4,140
  4,506
  4,890
  5,289
  5,703
  6,134
  6,582
  7,048
  7,532
  8,035
  8,558
  9,102
  9,669
  10,259
  10,873
  11,514
  12,182
  12,879
  13,607
  14,367
  15,161
  15,991
  16,859
  17,767
  18,716
  19,710
  20,751
  21,841
  22,982
  24,179
  25,432
Total liabilities and equity, $m
  7,301
  7,892
  8,564
  9,262
  9,988
  10,743
  11,527
  12,343
  13,191
  14,072
  14,988
  15,941
  16,933
  17,967
  19,042
  20,165
  21,335
  22,555
  23,830
  25,161
  26,552
  28,005
  29,525
  31,115
  32,778
  34,519
  36,342
  38,250
  40,249
  42,345
  44,539
Debt-to-equity ratio
  0.407
  0.420
  0.450
  0.470
  0.490
  0.510
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.680
  0.680
  0.690
  0.690
  0.690
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
  545
  688
  838
  994
  1,156
  1,326
  1,503
  1,687
  1,879
  2,080
  2,447
  2,665
  2,894
  3,133
  3,382
  3,644
  3,918
  4,204
  4,505
  4,820
  5,150
  5,497
  5,861
  6,243
  6,645
  7,066
  7,509
  7,975
  8,464
  8,979
Depreciation, amort., depletion, $m
  285
  415
  432
  449
  468
  487
  507
  527
  548
  571
  594
  402
  427
  453
  480
  508
  538
  569
  601
  634
  669
  706
  744
  784
  826
  870
  916
  964
  1,015
  1,067
  1,123
Funds from operations, $m
  584
  960
  1,120
  1,287
  1,461
  1,643
  1,832
  2,030
  2,235
  2,450
  2,673
  2,849
  3,092
  3,347
  3,613
  3,891
  4,182
  4,486
  4,805
  5,139
  5,489
  5,856
  6,242
  6,646
  7,070
  7,515
  7,983
  8,474
  8,990
  9,532
  10,101
Change in working capital, $m
  -95
  59
  62
  64
  67
  70
  72
  75
  78
  81
  84
  88
  92
  95
  99
  103
  108
  113
  118
  123
  128
  134
  140
  147
  153
  161
  168
  176
  184
  193
  202
Cash from operations, $m
  679
  901
  1,058
  1,223
  1,394
  1,573
  1,760
  1,955
  2,157
  2,369
  2,589
  2,761
  3,001
  3,251
  3,513
  3,787
  4,074
  4,374
  4,688
  5,016
  5,361
  5,722
  6,101
  6,499
  6,916
  7,354
  7,814
  8,298
  8,805
  9,339
  9,899
Maintenance CAPEX, $m
  0
  -183
  -199
  -216
  -233
  -252
  -271
  -291
  -311
  -333
  -355
  -378
  -402
  -427
  -453
  -480
  -508
  -538
  -569
  -601
  -634
  -669
  -706
  -744
  -784
  -826
  -870
  -916
  -964
  -1,015
  -1,067
New CAPEX, $m
  -387
  -337
  -352
  -366
  -381
  -396
  -411
  -428
  -444
  -462
  -480
  -500
  -520
  -542
  -564
  -588
  -614
  -640
  -668
  -698
  -729
  -762
  -797
  -834
  -872
  -913
  -956
  -1,001
  -1,048
  -1,098
  -1,151
Cash from investing activities, $m
  -555
  -520
  -551
  -582
  -614
  -648
  -682
  -719
  -755
  -795
  -835
  -878
  -922
  -969
  -1,017
  -1,068
  -1,122
  -1,178
  -1,237
  -1,299
  -1,363
  -1,431
  -1,503
  -1,578
  -1,656
  -1,739
  -1,826
  -1,917
  -2,012
  -2,113
  -2,218
Free cash flow, $m
  124
  381
  507
  641
  780
  926
  1,078
  1,236
  1,402
  1,574
  1,754
  1,883
  2,079
  2,283
  2,496
  2,719
  2,952
  3,196
  3,451
  3,718
  3,998
  4,291
  4,598
  4,921
  5,260
  5,615
  5,988
  6,381
  6,793
  7,226
  7,681
Issuance/(repayment) of debt, $m
  97
  275
  288
  300
  312
  324
  337
  350
  364
  378
  393
  409
  426
  443
  462
  481
  502
  524
  547
  571
  597
  624
  652
  682
  714
  747
  782
  819
  858
  899
  942
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
  275
  288
  300
  312
  324
  337
  350
  364
  378
  393
  409
  426
  443
  462
  481
  502
  524
  547
  571
  597
  624
  652
  682
  714
  747
  782
  819
  858
  899
  942
Total cash flow (excl. dividends), $m
  -13
  655
  795
  940
  1,092
  1,250
  1,414
  1,586
  1,765
  1,952
  2,147
  2,292
  2,504
  2,726
  2,958
  3,200
  3,454
  3,719
  3,997
  4,289
  4,594
  4,914
  5,250
  5,603
  5,973
  6,362
  6,770
  7,199
  7,650
  8,124
  8,622
Retained Cash Flow (-), $m
  -83
  -366
  -383
  -399
  -415
  -431
  -448
  -466
  -484
  -503
  -523
  -544
  -567
  -590
  -615
  -641
  -668
  -697
  -728
  -760
  -794
  -830
  -868
  -908
  -950
  -994
  -1,041
  -1,090
  -1,142
  -1,196
  -1,253
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
 
  289
  412
  541
  677
  819
  966
  1,121
  1,281
  1,449
  1,624
  1,748
  1,938
  2,136
  2,343
  2,560
  2,786
  3,022
  3,270
  3,529
  3,800
  4,084
  4,383
  4,695
  5,024
  5,368
  5,730
  6,110
  6,509
  6,928
  7,369
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
 
  276
  372
  462
  543
  613
  672
  718
  752
  772
  780
  751
  738
  714
  680
  638
  590
  537
  481
  424
  368
  314
  262
  216
  174
  137
  106
  80
  59
  42
  30
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 29.6
Price to Sales 3.3
Price to Book 3
Price to Tangible Book
Price to Cash Flow 18.5
Price to Free Cash Flow 43.1
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 8.9% 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 4.9%, 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 61.42 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 $12.2 billion.

RELATED COMPANIES Price Int.Val. Rating
USLM U.S. Lime&Mine 80.14 95.20  buy
VMC Vulcan Materia 113.21 101.00  hold
DOW Dow Chemical 66.65 138.77  str.buy
SUM Summit Materia 29.42 46.88  str.buy
EXP Eagle Material 101.86 5.26  str.sell

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▶ 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]
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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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