Intrinsic value of Summit Materials Cl A - SUM

Previous Close

$31.77

  Intrinsic Value

$45.95

stock screener

  Rating & Target

buy

+45%

Previous close

$31.77

 
Intrinsic value

$45.95

 
Up/down potential

+45%

 
Rating

buy

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

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 3.6

 

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
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
Revenue, $m
  1,626
  1,915
  2,232
  2,575
  2,944
  3,338
  3,758
  4,201
  4,668
  5,159
  5,673
  6,209
  6,769
  7,353
  7,959
  8,590
  9,246
  9,928
  10,636
  11,372
  12,138
  12,933
  13,761
  14,623
  15,520
  16,454
  17,428
  18,444
  19,503
  20,609
  21,764
Variable operating expenses, $m
 
  1,003
  1,156
  1,322
  1,500
  1,690
  1,893
  2,107
  2,333
  2,569
  2,818
  2,999
  3,269
  3,551
  3,844
  4,148
  4,465
  4,794
  5,136
  5,492
  5,861
  6,246
  6,645
  7,061
  7,495
  7,946
  8,416
  8,907
  9,418
  9,952
  10,510
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
  1,643
  1,812
  1,994
  2,189
  2,396
  2,617
  2,849
  3,093
  3,348
  3,617
  3,818
  4,108
  4,411
  4,726
  5,052
  5,391
  5,743
  6,109
  6,490
  6,883
  7,294
  7,719
  8,162
  8,624
  9,103
  9,602
  10,122
  10,664
  11,229
  11,819
Operating income, $m
  154
  273
  420
  581
  755
  942
  1,141
  1,352
  1,575
  1,810
  2,056
  2,392
  2,661
  2,942
  3,234
  3,538
  3,855
  4,184
  4,527
  4,883
  5,254
  5,640
  6,042
  6,460
  6,897
  7,352
  7,826
  8,322
  8,839
  9,380
  9,945
EBITDA, $m
  315
  477
  646
  829
  1,028
  1,241
  1,467
  1,708
  1,962
  2,229
  2,509
  2,802
  3,108
  3,427
  3,759
  4,105
  4,465
  4,840
  5,229
  5,634
  6,055
  6,494
  6,950
  7,426
  7,921
  8,438
  8,977
  9,539
  10,127
  10,740
  11,382
Interest expense (income), $m
  83
  89
  110
  132
  156
  181
  209
  238
  269
  302
  336
  372
  409
  448
  489
  531
  575
  621
  668
  718
  769
  822
  878
  936
  996
  1,058
  1,123
  1,191
  1,262
  1,336
  1,413
Earnings before tax, $m
  41
  183
  311
  450
  600
  761
  932
  1,114
  1,306
  1,509
  1,721
  2,021
  2,252
  2,494
  2,745
  3,007
  3,280
  3,563
  3,858
  4,165
  4,485
  4,817
  5,164
  5,525
  5,901
  6,293
  6,703
  7,130
  7,577
  8,044
  8,532
Tax expense, $m
  -5
  49
  84
  121
  162
  205
  252
  301
  353
  407
  465
  546
  608
  673
  741
  812
  886
  962
  1,042
  1,125
  1,211
  1,301
  1,394
  1,492
  1,593
  1,699
  1,810
  1,925
  2,046
  2,172
  2,304
Net income, $m
  37
  134
  227
  328
  438
  555
  681
  813
  954
  1,101
  1,256
  1,475
  1,644
  1,820
  2,004
  2,195
  2,394
  2,601
  2,817
  3,041
  3,274
  3,517
  3,770
  4,033
  4,308
  4,594
  4,893
  5,205
  5,531
  5,872
  6,228

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
  3,109
  3,623
  4,180
  4,779
  5,419
  6,100
  6,820
  7,578
  8,375
  9,209
  10,080
  10,989
  11,936
  12,921
  13,945
  15,010
  16,117
  17,267
  18,462
  19,704
  20,996
  22,340
  23,738
  25,194
  26,711
  28,292
  29,941
  31,661
  33,456
  35,331
Adjusted assets (=assets-cash), $m
  2,638
  3,109
  3,623
  4,180
  4,779
  5,419
  6,100
  6,820
  7,578
  8,375
  9,209
  10,080
  10,989
  11,936
  12,921
  13,945
  15,010
  16,117
  17,267
  18,462
  19,704
  20,996
  22,340
  23,738
  25,194
  26,711
  28,292
  29,941
  31,661
  33,456
  35,331
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
  1,619
  1,886
  2,176
  2,488
  2,821
  3,175
  3,550
  3,945
  4,359
  4,793
  5,247
  5,720
  6,213
  6,726
  7,259
  7,813
  8,389
  8,988
  9,610
  10,256
  10,929
  11,628
  12,356
  13,114
  13,904
  14,727
  15,585
  16,480
  17,415
  18,390
Working capital, $m
  245
  142
  165
  191
  218
  247
  278
  311
  345
  382
  420
  459
  501
  544
  589
  636
  684
  735
  787
  842
  898
  957
  1,018
  1,082
  1,148
  1,218
  1,290
  1,365
  1,443
  1,525
  1,611
Total debt, $m
  1,533
  1,858
  2,232
  2,637
  3,073
  3,539
  4,035
  4,559
  5,111
  5,691
  6,298
  6,932
  7,594
  8,283
  9,001
  9,746
  10,521
  11,327
  12,164
  13,034
  13,939
  14,879
  15,857
  16,875
  17,936
  19,040
  20,191
  21,391
  22,643
  23,950
  25,315
Total liabilities, $m
  1,939
  2,264
  2,638
  3,043
  3,479
  3,945
  4,441
  4,965
  5,517
  6,097
  6,704
  7,338
  8,000
  8,689
  9,407
  10,152
  10,927
  11,733
  12,570
  13,440
  14,345
  15,285
  16,263
  17,281
  18,342
  19,446
  20,597
  21,797
  23,049
  24,356
  25,721
Total equity, $m
  842
  846
  985
  1,137
  1,300
  1,474
  1,659
  1,855
  2,061
  2,278
  2,505
  2,742
  2,989
  3,247
  3,515
  3,793
  4,083
  4,384
  4,697
  5,022
  5,359
  5,711
  6,076
  6,457
  6,853
  7,266
  7,696
  8,144
  8,612
  9,100
  9,610
Total liabilities and equity, $m
  2,781
  3,110
  3,623
  4,180
  4,779
  5,419
  6,100
  6,820
  7,578
  8,375
  9,209
  10,080
  10,989
  11,936
  12,922
  13,945
  15,010
  16,117
  17,267
  18,462
  19,704
  20,996
  22,339
  23,738
  25,195
  26,712
  28,293
  29,941
  31,661
  33,456
  35,331
Debt-to-equity ratio
  1.821
  2.200
  2.260
  2.320
  2.360
  2.400
  2.430
  2.460
  2.480
  2.500
  2.510
  2.530
  2.540
  2.550
  2.560
  2.570
  2.580
  2.580
  2.590
  2.600
  2.600
  2.610
  2.610
  2.610
  2.620
  2.620
  2.620
  2.630
  2.630
  2.630
  2.630
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
  134
  227
  328
  438
  555
  681
  813
  954
  1,101
  1,256
  1,475
  1,644
  1,820
  2,004
  2,195
  2,394
  2,601
  2,817
  3,041
  3,274
  3,517
  3,770
  4,033
  4,308
  4,594
  4,893
  5,205
  5,531
  5,872
  6,228
Depreciation, amort., depletion, $m
  161
  205
  226
  248
  273
  299
  326
  356
  386
  419
  453
  410
  447
  485
  525
  567
  610
  655
  702
  751
  801
  854
  908
  965
  1,025
  1,086
  1,151
  1,218
  1,288
  1,361
  1,437
Funds from operations, $m
  246
  338
  452
  576
  710
  854
  1,007
  1,169
  1,340
  1,520
  1,709
  1,885
  2,091
  2,306
  2,530
  2,762
  3,005
  3,257
  3,519
  3,791
  4,075
  4,370
  4,678
  4,998
  5,332
  5,680
  6,044
  6,423
  6,819
  7,233
  7,665
Change in working capital, $m
  1
  21
  23
  25
  27
  29
  31
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49
  50
  52
  54
  57
  59
  61
  64
  66
  69
  72
  75
  78
  82
  85
Cash from operations, $m
  245
  317
  429
  551
  683
  825
  976
  1,136
  1,306
  1,484
  1,671
  1,845
  2,050
  2,263
  2,485
  2,716
  2,956
  3,206
  3,466
  3,737
  4,019
  4,312
  4,617
  4,935
  5,266
  5,611
  5,972
  6,348
  6,740
  7,151
  7,580
Maintenance CAPEX, $m
  0
  -107
  -126
  -147
  -170
  -194
  -220
  -248
  -277
  -308
  -341
  -374
  -410
  -447
  -485
  -525
  -567
  -610
  -655
  -702
  -751
  -801
  -854
  -908
  -965
  -1,025
  -1,086
  -1,151
  -1,218
  -1,288
  -1,361
New CAPEX, $m
  -153
  -245
  -267
  -290
  -312
  -333
  -354
  -375
  -395
  -415
  -434
  -454
  -473
  -493
  -513
  -533
  -554
  -576
  -599
  -622
  -647
  -672
  -700
  -728
  -758
  -790
  -823
  -858
  -895
  -934
  -976
Cash from investing activities, $m
  -471
  -352
  -393
  -437
  -482
  -527
  -574
  -623
  -672
  -723
  -775
  -828
  -883
  -940
  -998
  -1,058
  -1,121
  -1,186
  -1,254
  -1,324
  -1,398
  -1,473
  -1,554
  -1,636
  -1,723
  -1,815
  -1,909
  -2,009
  -2,113
  -2,222
  -2,337
Free cash flow, $m
  -226
  -35
  35
  114
  201
  297
  401
  513
  633
  761
  896
  1,017
  1,166
  1,323
  1,486
  1,657
  1,835
  2,020
  2,212
  2,413
  2,621
  2,838
  3,063
  3,298
  3,542
  3,797
  4,062
  4,339
  4,628
  4,929
  5,243
Issuance/(repayment) of debt, $m
  233
  343
  374
  405
  436
  466
  495
  524
  552
  580
  607
  634
  662
  689
  717
  746
  775
  806
  837
  870
  904
  940
  978
  1,018
  1,060
  1,104
  1,151
  1,200
  1,252
  1,307
  1,365
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
  343
  374
  405
  436
  466
  495
  524
  552
  580
  607
  634
  662
  689
  717
  746
  775
  806
  837
  870
  904
  940
  978
  1,018
  1,060
  1,104
  1,151
  1,200
  1,252
  1,307
  1,365
Total cash flow (excl. dividends), $m
  -43
  308
  409
  519
  637
  763
  897
  1,037
  1,186
  1,341
  1,503
  1,652
  1,828
  2,012
  2,204
  2,403
  2,610
  2,825
  3,050
  3,283
  3,526
  3,778
  4,042
  4,316
  4,603
  4,901
  5,213
  5,539
  5,880
  6,236
  6,608
Retained Cash Flow (-), $m
  -214
  -129
  -140
  -151
  -163
  -174
  -185
  -196
  -206
  -217
  -227
  -237
  -247
  -258
  -268
  -279
  -290
  -301
  -313
  -325
  -338
  -351
  -366
  -380
  -396
  -413
  -430
  -448
  -468
  -488
  -510
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
 
  304
  269
  368
  474
  589
  712
  842
  979
  1,124
  1,276
  1,414
  1,581
  1,755
  1,936
  2,124
  2,320
  2,524
  2,737
  2,958
  3,188
  3,427
  3,676
  3,936
  4,207
  4,489
  4,783
  5,091
  5,412
  5,747
  6,098
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
 
  279
  225
  277
  319
  351
  371
  379
  377
  365
  345
  314
  284
  250
  216
  182
  149
  120
  94
  71
  53
  38
  27
  18
  12
  8
  5
  3
  2
  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 82.5
Price to Sales 1.9
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 33.2
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 17.8% 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 111.741 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 $3.6 billion.

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COMPANY NEWS

▶ 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]
▶ Summit Materials misses 4Q profit forecasts   [06:25AM  Associated Press]
▶ 3 Construction Stocks Set to Top Q4 Earnings   [Feb-15-17 04:25PM  Zacks]
▶ Summit Materials Inc (SUM) Is Poised For Growth   [Feb-09-17 10:09AM  at Insider Monkey]
▶ Summit Materials Prices Common Stock Offering   [Jan-05-17 09:26PM  Business Wire]
▶ Is Select Income REIT (SIR) A Good Stock To Buy?   [Dec-12-16 04:57PM  at Insider Monkey]
▶ Should You Buy Summit Materials Inc (SUM)?   [Dec-01-16 03:46PM  at Insider Monkey]
▶ Postelection Optimism Boosts U.S. Building Materials Firms   [Nov-18-16 07:00AM  at Morningstar]
▶ Summit Materials Prices Secondary Offering of Common Stock   [Nov-09-16 07:52PM  Business Wire]
▶ Summit Materials to Attend Upcoming Investor Conferences   [Nov-07-16 07:00AM  Business Wire]
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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