Intrinsic value of Summit Materials Cl A - SUM

Previous Close

$31.10

  Intrinsic Value

$32.78

stock screener

  Rating & Target

hold

+5%

Previous close

$31.10

 
Intrinsic value

$32.78

 
Up/down potential

+5%

 
Rating

hold

We calculate the intrinsic value of SUM 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, %
  13.55
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.94
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
Revenue, $m
  1,626
  1,846
  2,079
  2,326
  2,586
  2,860
  3,147
  3,446
  3,758
  4,084
  4,423
  4,775
  5,141
  5,521
  5,917
  6,328
  6,755
  7,199
  7,661
  8,142
  8,642
  9,164
  9,707
  10,274
  10,865
  11,482
  12,126
  12,799
  13,502
  14,237
  15,006
Variable operating expenses, $m
 
  969
  1,082
  1,201
  1,327
  1,459
  1,598
  1,742
  1,893
  2,050
  2,214
  2,306
  2,483
  2,666
  2,857
  3,056
  3,262
  3,476
  3,699
  3,932
  4,173
  4,425
  4,688
  4,961
  5,247
  5,545
  5,856
  6,181
  6,520
  6,875
  7,246
Fixed operating expenses, $m
 
  640
  656
  672
  689
  706
  724
  742
  760
  779
  799
  819
  839
  860
  882
  904
  926
  949
  973
  998
  1,022
  1,048
  1,074
  1,101
  1,129
  1,157
  1,186
  1,215
  1,246
  1,277
  1,309
Total operating expenses, $m
  1,472
  1,609
  1,738
  1,873
  2,016
  2,165
  2,322
  2,484
  2,653
  2,829
  3,013
  3,125
  3,322
  3,526
  3,739
  3,960
  4,188
  4,425
  4,672
  4,930
  5,195
  5,473
  5,762
  6,062
  6,376
  6,702
  7,042
  7,396
  7,766
  8,152
  8,555
Operating income, $m
  154
  237
  341
  453
  570
  695
  825
  962
  1,105
  1,254
  1,410
  1,650
  1,819
  1,995
  2,178
  2,368
  2,567
  2,773
  2,988
  3,212
  3,446
  3,690
  3,945
  4,211
  4,489
  4,780
  5,084
  5,403
  5,736
  6,085
  6,451
EBITDA, $m
  315
  437
  557
  684
  819
  962
  1,111
  1,268
  1,431
  1,602
  1,780
  1,966
  2,159
  2,359
  2,568
  2,786
  3,012
  3,248
  3,494
  3,750
  4,017
  4,295
  4,586
  4,890
  5,207
  5,538
  5,885
  6,248
  6,627
  7,025
  7,441
Interest expense (income), $m
  83
  89
  105
  121
  138
  156
  175
  195
  216
  238
  261
  284
  309
  335
  361
  389
  417
  447
  478
  510
  544
  579
  615
  653
  692
  734
  777
  822
  868
  917
  969
Earnings before tax, $m
  41
  147
  237
  332
  432
  538
  650
  767
  889
  1,016
  1,149
  1,366
  1,510
  1,660
  1,817
  1,980
  2,149
  2,326
  2,510
  2,702
  2,903
  3,112
  3,330
  3,558
  3,797
  4,047
  4,308
  4,581
  4,867
  5,167
  5,482
Tax expense, $m
  -5
  40
  64
  90
  117
  145
  175
  207
  240
  274
  310
  369
  408
  448
  491
  535
  580
  628
  678
  730
  784
  840
  899
  961
  1,025
  1,093
  1,163
  1,237
  1,314
  1,395
  1,480
Net income, $m
  37
  107
  173
  242
  316
  393
  474
  560
  649
  742
  839
  997
  1,102
  1,212
  1,326
  1,445
  1,569
  1,698
  1,832
  1,973
  2,119
  2,272
  2,431
  2,598
  2,772
  2,954
  3,145
  3,344
  3,553
  3,772
  4,002

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  143
  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
  2,781
  2,996
  3,375
  3,776
  4,199
  4,643
  5,108
  5,594
  6,101
  6,630
  7,180
  7,751
  8,346
  8,963
  9,605
  10,272
  10,966
  11,687
  12,437
  13,217
  14,030
  14,876
  15,758
  16,678
  17,638
  18,639
  19,685
  20,777
  21,919
  23,112
  24,360
Adjusted assets (=assets-cash), $m
  2,638
  2,996
  3,375
  3,776
  4,199
  4,643
  5,108
  5,594
  6,101
  6,630
  7,180
  7,751
  8,346
  8,963
  9,605
  10,272
  10,966
  11,687
  12,437
  13,217
  14,030
  14,876
  15,758
  16,678
  17,638
  18,639
  19,685
  20,777
  21,919
  23,112
  24,360
Revenue / Adjusted assets
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
  0.616
Average production assets, $m
  1,374
  1,559
  1,757
  1,966
  2,186
  2,417
  2,659
  2,912
  3,176
  3,451
  3,737
  4,035
  4,344
  4,666
  5,000
  5,347
  5,708
  6,083
  6,473
  6,880
  7,303
  7,743
  8,202
  8,681
  9,181
  9,702
  10,246
  10,815
  11,409
  12,030
  12,680
Working capital, $m
  245
  137
  154
  172
  191
  212
  233
  255
  278
  302
  327
  353
  380
  409
  438
  468
  500
  533
  567
  602
  640
  678
  718
  760
  804
  850
  897
  947
  999
  1,054
  1,110
Total debt, $m
  1,533
  1,775
  2,051
  2,343
  2,651
  2,974
  3,313
  3,667
  4,036
  4,420
  4,821
  5,237
  5,670
  6,119
  6,587
  7,072
  7,577
  8,102
  8,648
  9,216
  9,808
  10,424
  11,066
  11,736
  12,434
  13,163
  13,925
  14,720
  15,551
  16,420
  17,328
Total liabilities, $m
  1,939
  2,181
  2,457
  2,749
  3,057
  3,380
  3,719
  4,073
  4,442
  4,826
  5,227
  5,643
  6,076
  6,525
  6,993
  7,478
  7,983
  8,508
  9,054
  9,622
  10,214
  10,830
  11,472
  12,142
  12,840
  13,569
  14,331
  15,126
  15,957
  16,826
  17,734
Total equity, $m
  842
  815
  918
  1,027
  1,142
  1,263
  1,389
  1,522
  1,660
  1,803
  1,953
  2,108
  2,270
  2,438
  2,613
  2,794
  2,983
  3,179
  3,383
  3,595
  3,816
  4,046
  4,286
  4,536
  4,797
  5,070
  5,354
  5,651
  5,962
  6,286
  6,626
Total liabilities and equity, $m
  2,781
  2,996
  3,375
  3,776
  4,199
  4,643
  5,108
  5,595
  6,102
  6,629
  7,180
  7,751
  8,346
  8,963
  9,606
  10,272
  10,966
  11,687
  12,437
  13,217
  14,030
  14,876
  15,758
  16,678
  17,637
  18,639
  19,685
  20,777
  21,919
  23,112
  24,360
Debt-to-equity ratio
  1.821
  2.180
  2.230
  2.280
  2.320
  2.350
  2.380
  2.410
  2.430
  2.450
  2.470
  2.480
  2.500
  2.510
  2.520
  2.530
  2.540
  2.550
  2.560
  2.560
  2.570
  2.580
  2.580
  2.590
  2.590
  2.600
  2.600
  2.600
  2.610
  2.610
  2.620
Adjusted equity ratio
  0.265
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  37
  107
  173
  242
  316
  393
  474
  560
  649
  742
  839
  997
  1,102
  1,212
  1,326
  1,445
  1,569
  1,698
  1,832
  1,973
  2,119
  2,272
  2,431
  2,598
  2,772
  2,954
  3,145
  3,344
  3,553
  3,772
  4,002
Depreciation, amort., depletion, $m
  161
  200
  215
  232
  249
  267
  286
  306
  326
  348
  370
  315
  339
  364
  391
  418
  446
  475
  506
  537
  571
  605
  641
  678
  717
  758
  800
  845
  891
  940
  991
Funds from operations, $m
  246
  307
  388
  474
  564
  660
  760
  865
  975
  1,090
  1,209
  1,312
  1,442
  1,577
  1,717
  1,863
  2,015
  2,173
  2,338
  2,510
  2,689
  2,877
  3,072
  3,276
  3,489
  3,712
  3,945
  4,189
  4,445
  4,712
  4,992
Change in working capital, $m
  1
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
Cash from operations, $m
  245
  291
  371
  456
  545
  640
  739
  843
  952
  1,066
  1,184
  1,286
  1,415
  1,548
  1,688
  1,832
  1,983
  2,140
  2,304
  2,475
  2,652
  2,838
  3,032
  3,234
  3,445
  3,666
  3,897
  4,139
  4,393
  4,658
  4,935
Maintenance CAPEX, $m
  0
  -107
  -122
  -137
  -154
  -171
  -189
  -208
  -227
  -248
  -270
  -292
  -315
  -339
  -364
  -391
  -418
  -446
  -475
  -506
  -537
  -571
  -605
  -641
  -678
  -717
  -758
  -800
  -845
  -891
  -940
New CAPEX, $m
  -153
  -185
  -197
  -209
  -220
  -231
  -242
  -253
  -264
  -275
  -286
  -298
  -309
  -321
  -334
  -347
  -361
  -375
  -390
  -406
  -423
  -441
  -459
  -479
  -499
  -521
  -544
  -569
  -594
  -621
  -650
Cash from investing activities, $m
  -471
  -292
  -319
  -346
  -374
  -402
  -431
  -461
  -491
  -523
  -556
  -590
  -624
  -660
  -698
  -738
  -779
  -821
  -865
  -912
  -960
  -1,012
  -1,064
  -1,120
  -1,177
  -1,238
  -1,302
  -1,369
  -1,439
  -1,512
  -1,590
Free cash flow, $m
  -226
  -2
  52
  110
  172
  238
  308
  382
  460
  542
  628
  697
  790
  888
  989
  1,095
  1,205
  1,319
  1,438
  1,563
  1,692
  1,827
  1,968
  2,114
  2,268
  2,428
  2,595
  2,770
  2,953
  3,145
  3,346
Issuance/(repayment) of debt, $m
  233
  260
  276
  292
  308
  323
  339
  354
  369
  385
  400
  416
  433
  450
  467
  486
  505
  525
  546
  568
  592
  616
  642
  670
  699
  729
  761
  795
  831
  869
  909
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  183
  260
  276
  292
  308
  323
  339
  354
  369
  385
  400
  416
  433
  450
  467
  486
  505
  525
  546
  568
  592
  616
  642
  670
  699
  729
  761
  795
  831
  869
  909
Total cash flow (excl. dividends), $m
  -43
  258
  328
  402
  479
  561
  647
  736
  830
  927
  1,028
  1,113
  1,223
  1,337
  1,456
  1,580
  1,709
  1,844
  1,984
  2,131
  2,284
  2,443
  2,610
  2,784
  2,966
  3,157
  3,356
  3,566
  3,784
  4,014
  4,255
Retained Cash Flow (-), $m
  -214
  -98
  -103
  -109
  -115
  -121
  -127
  -132
  -138
  -144
  -150
  -156
  -162
  -168
  -175
  -181
  -189
  -196
  -204
  -212
  -221
  -230
  -240
  -250
  -261
  -272
  -284
  -297
  -311
  -325
  -339
Prev. year cash balance distribution, $m
 
  125
  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
 
  286
  225
  292
  364
  440
  520
  604
  692
  783
  879
  957
  1,061
  1,169
  1,282
  1,399
  1,521
  1,648
  1,780
  1,918
  2,062
  2,213
  2,370
  2,534
  2,705
  2,884
  3,072
  3,268
  3,474
  3,689
  3,915
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  262
  187
  220
  245
  262
  271
  272
  266
  255
  238
  213
  190
  167
  143
  120
  98
  78
  61
  46
  34
  25
  17
  12
  8
  5
  3
  2
  1
  1
  0
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

Summit Materials, Inc. is a construction materials company. The Company operates through three segments: West, East and Cement. As of December 31, 2016, the Company had operations in 21 states in the United States and in British Columbia, Canada. The Company's materials include aggregates, which it supplies across the United States, and in British Columbia, Canada, and cement, which it supplies along the Mississippi River from Minneapolis to New Orleans. Within its markets, it offers construction materials and related downstream products through its vertical integration. In addition to supplying of aggregates to its customers, the Company also uses its materials internally to produce ready-mix concrete and asphalt paving mix. Its construction materials operations consists of aggregates production, including crushed stone and construction sand and gravel, cement and ready-mixed concrete production, and asphalt paving mix production.

FINANCIAL RATIOS  of  Summit Materials Cl A (SUM)

Valuation Ratios
P/E Ratio 81.9
Price to Sales 1.9
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow 32.9
Growth Rates
Sales Growth Rate 13.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 71.9%
Cap. Spend. - 3 Yr. Gr. Rate 18.3%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity 179.9%
Total Debt to Equity 182.1%
Interest Coverage 1
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 1.7%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity 5%
Return On Equity - 3 Yr. Avg. 2.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 34.1%
Gross Margin - 3 Yr. Avg. 30.4%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 14.4%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 1.2%
Effective Tax Rate -12.2%
Eff/ Tax Rate - 3 Yr. Avg. 45.5%
Payout Ratio 0%

SUM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SUM stock intrinsic value calculation we used $1626 million for the last fiscal year's total revenue generated by Summit Materials Cl A. The default revenue input number comes from 2016 income statement of Summit Materials Cl A. 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 SUM stock valuation model: a) initial revenue growth rate of 13.5% 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 9%, whose default value for SUM is calculated based on our internal credit rating of Summit Materials Cl A, 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 Summit Materials Cl A.
    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 SUM stock the variable cost ratio is equal to 53.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $624 million in the base year in the intrinsic value calculation for SUM 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 5.9% for Summit Materials Cl A.

Corporate tax rate of 27% is the nominal tax rate for Summit Materials Cl A. 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 SUM 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 SUM are equal to 84.5%.

Life of production assets of 12.8 years is the average useful life of capital assets used in Summit Materials Cl A 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 SUM is equal to 7.4%. 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 - $842 million for Summit Materials Cl A - 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 112.913 million for Summit Materials Cl A 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 Summit Materials Cl A at the current share price and the inputted number of shares is $3.5 billion.

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COMPANY NEWS

▶ Stocks With Rising Relative Strength: Summit Materials   [Jan-12-18 03:00AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: Summit Materials   [03:00AM  Investor's Business Daily]
▶ 3 Stocks to Buy for This Years Santa Claus Rally   [Dec-20-17 07:00AM  InvestorPlace]
▶ Stocks Close Higher As This Big Retailer Reaches A Buy Point   [Dec-08-17 04:14PM  Investor's Business Daily]
▶ Summit Materials Declares Special Stock Dividend   [Nov-28-17 04:25PM  Business Wire]
▶ Summit Materials, Inc. Class A to Host Earnings Call   [Oct-30-17 07:10AM  ACCESSWIRE]
▶ Summit Materials misses 3Q profit forecasts   [06:43AM  Associated Press]
▶ Stifel's case for materials stocks   [Oct-18-17 01:20PM  CNBC Videos]
▶ [$$] Cement Company Should Go With Solid Choice   [Oct-17-17 12:28AM  The Wall Street Journal]
▶ [$$] Cement Company Should Go With Solid Choice   [Oct-16-17 02:34PM  The Wall Street Journal]
▶ Summit Materials to Attend Upcoming Investor Conference   [Sep-29-17 06:00AM  Business Wire]
▶ Is Summit Materials Inc (SUM) Undervalued?   [Sep-06-17 05:56PM  Simply Wall St.]
▶ Stocks Showing Rising Market Leadership: Summit Materials Earns 82 RS Rating   [Aug-29-17 03:00AM  Investor's Business Daily]
▶ New Strong Sell Stocks for August 3rd   [Aug-03-17 08:13AM  Zacks]
▶ Summit Materials misses 2Q profit forecasts   [12:23AM  Associated Press]
▶ Summit Materials to Attend Upcoming Investor Conferences   [Jun-08-17 04:05PM  Business Wire]
▶ 3 Concrete Picks For Your Portfolio   [May-19-17 11:50AM  Zacks]
▶ Summit Materials reports 1Q loss   [May-03-17 06:06AM  Associated Press]
▶ New Strong Sell Stocks for April 19th   [Apr-19-17 08:06AM  Zacks]
Financial statements of SUM
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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