Intrinsic value of Vulcan Materials - VMC

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$122.80

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$122.80

 
Intrinsic value

$52.50

 
Up/down potential

-57%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of VMC 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 16.7

 

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, %
  5.00
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,593
  3,665
  3,749
  3,846
  3,954
  4,074
  4,205
  4,348
  4,503
  4,670
  4,850
  5,041
  5,246
  5,464
  5,695
  5,941
  6,201
  6,477
  6,768
  7,076
  7,401
  7,744
  8,106
  8,488
  8,889
  9,313
  9,758
  10,227
  10,721
  11,240
  11,786
Variable operating expenses, $m
 
  873
  886
  901
  918
  936
  956
  979
  1,002
  1,028
  1,056
  776
  807
  841
  876
  914
  954
  997
  1,041
  1,089
  1,139
  1,192
  1,247
  1,306
  1,368
  1,433
  1,501
  1,574
  1,649
  1,729
  1,813
Fixed operating expenses, $m
 
  2,156
  2,209
  2,265
  2,321
  2,379
  2,439
  2,500
  2,562
  2,626
  2,692
  2,759
  2,828
  2,899
  2,971
  3,046
  3,122
  3,200
  3,280
  3,362
  3,446
  3,532
  3,620
  3,711
  3,804
  3,899
  3,996
  4,096
  4,199
  4,304
  4,411
Total operating expenses, $m
  2,913
  3,029
  3,095
  3,166
  3,239
  3,315
  3,395
  3,479
  3,564
  3,654
  3,748
  3,535
  3,635
  3,740
  3,847
  3,960
  4,076
  4,197
  4,321
  4,451
  4,585
  4,724
  4,867
  5,017
  5,172
  5,332
  5,497
  5,670
  5,848
  6,033
  6,224
Operating income, $m
  680
  636
  653
  680
  715
  758
  810
  870
  939
  1,016
  1,102
  1,506
  1,610
  1,724
  1,847
  1,981
  2,125
  2,280
  2,447
  2,626
  2,817
  3,021
  3,239
  3,471
  3,718
  3,981
  4,260
  4,557
  4,873
  5,207
  5,561
EBITDA, $m
  965
  1,109
  1,130
  1,161
  1,201
  1,249
  1,307
  1,374
  1,449
  1,534
  1,628
  1,731
  1,845
  1,968
  2,102
  2,246
  2,402
  2,569
  2,749
  2,941
  3,147
  3,366
  3,600
  3,850
  4,115
  4,397
  4,696
  5,014
  5,351
  5,709
  6,088
Interest expense (income), $m
  135
  135
  140
  146
  153
  161
  170
  180
  190
  202
  214
  227
  241
  257
  273
  290
  308
  327
  347
  369
  392
  416
  441
  468
  496
  525
  556
  589
  624
  660
  699
Earnings before tax, $m
  547
  501
  513
  533
  561
  597
  640
  690
  748
  814
  888
  1,279
  1,369
  1,468
  1,575
  1,691
  1,817
  1,953
  2,100
  2,257
  2,425
  2,605
  2,798
  3,003
  3,222
  3,456
  3,704
  3,968
  4,249
  4,547
  4,863
Tax expense, $m
  125
  135
  139
  144
  152
  161
  173
  186
  202
  220
  240
  345
  370
  396
  425
  457
  491
  527
  567
  609
  655
  703
  755
  811
  870
  933
  1,000
  1,071
  1,147
  1,228
  1,313
Net income, $m
  419
  366
  375
  389
  410
  436
  467
  504
  546
  594
  648
  934
  999
  1,071
  1,150
  1,235
  1,327
  1,426
  1,533
  1,647
  1,770
  1,902
  2,042
  2,192
  2,352
  2,523
  2,704
  2,897
  3,102
  3,319
  3,550

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  259
  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
  8,471
  8,367
  8,560
  8,780
  9,027
  9,300
  9,601
  9,928
  10,281
  10,663
  11,072
  11,510
  11,977
  12,474
  13,003
  13,564
  14,158
  14,787
  15,453
  16,156
  16,898
  17,681
  18,507
  19,378
  20,296
  21,262
  22,279
  23,350
  24,477
  25,662
  26,909
Adjusted assets (=assets-cash), $m
  8,212
  8,367
  8,560
  8,780
  9,027
  9,300
  9,601
  9,928
  10,281
  10,663
  11,072
  11,510
  11,977
  12,474
  13,003
  13,564
  14,158
  14,787
  15,453
  16,156
  16,898
  17,681
  18,507
  19,378
  20,296
  21,262
  22,279
  23,350
  24,477
  25,662
  26,909
Revenue / Adjusted assets
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
  0.438
Average production assets, $m
  3,977
  4,057
  4,150
  4,257
  4,377
  4,509
  4,655
  4,814
  4,985
  5,170
  5,368
  5,581
  5,807
  6,048
  6,305
  6,577
  6,865
  7,170
  7,493
  7,833
  8,193
  8,573
  8,974
  9,396
  9,841
  10,309
  10,802
  11,322
  11,868
  12,443
  13,047
Working capital, $m
  765
  517
  529
  542
  557
  574
  593
  613
  635
  659
  684
  711
  740
  770
  803
  838
  874
  913
  954
  998
  1,044
  1,092
  1,143
  1,197
  1,253
  1,313
  1,376
  1,442
  1,512
  1,585
  1,662
Total debt, $m
  1,983
  2,058
  2,150
  2,254
  2,372
  2,502
  2,644
  2,800
  2,968
  3,149
  3,343
  3,551
  3,773
  4,009
  4,260
  4,527
  4,809
  5,108
  5,424
  5,758
  6,111
  6,483
  6,875
  7,289
  7,724
  8,183
  8,667
  9,175
  9,710
  10,273
  10,866
Total liabilities, $m
  3,899
  3,974
  4,066
  4,170
  4,288
  4,418
  4,560
  4,716
  4,884
  5,065
  5,259
  5,467
  5,689
  5,925
  6,176
  6,443
  6,725
  7,024
  7,340
  7,674
  8,027
  8,399
  8,791
  9,205
  9,640
  10,099
  10,583
  11,091
  11,626
  12,189
  12,782
Total equity, $m
  4,572
  4,393
  4,494
  4,609
  4,739
  4,883
  5,040
  5,212
  5,398
  5,598
  5,813
  6,043
  6,288
  6,549
  6,827
  7,121
  7,433
  7,763
  8,113
  8,482
  8,872
  9,283
  9,716
  10,174
  10,655
  11,162
  11,696
  12,259
  12,850
  13,473
  14,127
Total liabilities and equity, $m
  8,471
  8,367
  8,560
  8,779
  9,027
  9,301
  9,600
  9,928
  10,282
  10,663
  11,072
  11,510
  11,977
  12,474
  13,003
  13,564
  14,158
  14,787
  15,453
  16,156
  16,899
  17,682
  18,507
  19,379
  20,295
  21,261
  22,279
  23,350
  24,476
  25,662
  26,909
Debt-to-equity ratio
  0.434
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.540
  0.550
  0.560
  0.580
  0.590
  0.600
  0.610
  0.620
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
Adjusted equity ratio
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525
  0.525

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  419
  366
  375
  389
  410
  436
  467
  504
  546
  594
  648
  934
  999
  1,071
  1,150
  1,235
  1,327
  1,426
  1,533
  1,647
  1,770
  1,902
  2,042
  2,192
  2,352
  2,523
  2,704
  2,897
  3,102
  3,319
  3,550
Depreciation, amort., depletion, $m
  285
  473
  477
  481
  486
  491
  497
  504
  511
  518
  526
  225
  234
  244
  254
  265
  277
  289
  302
  316
  330
  346
  362
  379
  397
  416
  436
  457
  479
  502
  526
Funds from operations, $m
  556
  839
  852
  871
  896
  927
  964
  1,007
  1,057
  1,112
  1,174
  1,159
  1,234
  1,315
  1,404
  1,500
  1,604
  1,715
  1,835
  1,963
  2,101
  2,247
  2,404
  2,571
  2,749
  2,938
  3,140
  3,353
  3,580
  3,821
  4,076
Change in working capital, $m
  -89
  10
  12
  14
  15
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
Cash from operations, $m
  645
  883
  840
  857
  880
  910
  946
  987
  1,035
  1,089
  1,149
  1,132
  1,205
  1,284
  1,371
  1,465
  1,567
  1,676
  1,794
  1,920
  2,055
  2,199
  2,353
  2,517
  2,692
  2,879
  3,077
  3,287
  3,511
  3,748
  3,999
Maintenance CAPEX, $m
  0
  -160
  -164
  -167
  -172
  -176
  -182
  -188
  -194
  -201
  -208
  -216
  -225
  -234
  -244
  -254
  -265
  -277
  -289
  -302
  -316
  -330
  -346
  -362
  -379
  -397
  -416
  -436
  -457
  -479
  -502
New CAPEX, $m
  -350
  -80
  -93
  -107
  -120
  -133
  -146
  -159
  -172
  -185
  -198
  -212
  -226
  -241
  -256
  -272
  -288
  -305
  -323
  -341
  -360
  -380
  -401
  -422
  -445
  -468
  -493
  -519
  -546
  -575
  -605
Cash from investing activities, $m
  -365
  -240
  -257
  -274
  -292
  -309
  -328
  -347
  -366
  -386
  -406
  -428
  -451
  -475
  -500
  -526
  -553
  -582
  -612
  -643
  -676
  -710
  -747
  -784
  -824
  -865
  -909
  -955
  -1,003
  -1,054
  -1,107
Free cash flow, $m
  280
  642
  583
  583
  589
  601
  618
  641
  669
  703
  742
  703
  753
  809
  871
  939
  1,013
  1,094
  1,182
  1,277
  1,379
  1,489
  1,607
  1,733
  1,869
  2,013
  2,168
  2,332
  2,508
  2,694
  2,893
Issuance/(repayment) of debt, $m
  0
  75
  91
  104
  117
  130
  143
  155
  168
  181
  194
  208
  222
  236
  251
  266
  282
  299
  316
  334
  353
  372
  392
  414
  436
  459
  483
  509
  535
  563
  592
Issuance/(repurchase) of shares, $m
  -161
  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  
  -199
  75
  91
  104
  117
  130
  143
  155
  168
  181
  194
  208
  222
  236
  251
  266
  282
  299
  316
  334
  353
  372
  392
  414
  436
  459
  483
  509
  535
  563
  592
Total cash flow (excl. dividends), $m
  81
  718
  674
  687
  706
  731
  761
  796
  837
  884
  936
  911
  975
  1,045
  1,122
  1,206
  1,296
  1,393
  1,498
  1,611
  1,732
  1,861
  1,999
  2,147
  2,305
  2,472
  2,651
  2,841
  3,043
  3,257
  3,485
Retained Cash Flow (-), $m
  -118
  -80
  -101
  -115
  -130
  -144
  -158
  -172
  -186
  -200
  -215
  -230
  -245
  -261
  -278
  -294
  -312
  -330
  -349
  -369
  -390
  -411
  -434
  -457
  -482
  -507
  -534
  -562
  -592
  -622
  -655
Prev. year cash balance distribution, $m
 
  259
  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
 
  897
  573
  572
  577
  587
  603
  625
  651
  684
  721
  681
  730
  784
  845
  911
  984
  1,063
  1,149
  1,242
  1,342
  1,450
  1,566
  1,690
  1,823
  1,965
  2,117
  2,279
  2,451
  2,635
  2,830
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  853
  516
  485
  458
  435
  413
  393
  374
  356
  337
  283
  268
  251
  234
  215
  196
  177
  157
  138
  119
  101
  84
  69
  55
  44
  34
  25
  19
  13
  9
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

Vulcan Materials Company produces and sells construction aggregates, asphalt mix, and ready-mixed concrete primarily in the United States. It operates through four segments: Aggregates, Asphalt Mix, Concrete, and Calcium. The Aggregates segment offers crushed stone, sand and gravel, sand, and other aggregates, as well as related products and services. This segmentÂ’s aggregates are used in publicly funded construction, such as highways, airports, and government buildings; and sold to federal, state, county, or municipal governments/agencies. The Asphalt Mix segment offers asphalt mix in Arizona, California, New Mexico, and Texas. The Concrete segment provides ready-mixed concrete in Arizona, Georgia, Maryland, New Mexico, Texas, Virginia, Washington D.C., and the Bahamas. The Calcium segment mines, produces, and sells calcium products for the animal feed, plastics, and water treatment industries. The company was formerly known as Virginia Holdco, Inc. Vulcan Materials Company was founded in 1909 and is headquartered in Birmingham, Alabama.

FINANCIAL RATIOS  of  Vulcan Materials (VMC)

Valuation Ratios
P/E Ratio 38.8
Price to Sales 4.5
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 25.2
Price to Free Cash Flow 55.1
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.1%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 43.4%
Total Debt to Equity 43.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 6.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 27.9%
Gross Margin - 3 Yr. Avg. 24.2%
EBITDA Margin 26.9%
EBITDA Margin - 3 Yr. Avg. 26%
Operating Margin 18.9%
Oper. Margin - 3 Yr. Avg. 17.7%
Pre-Tax Margin 15.2%
Pre-Tax Margin - 3 Yr. Avg. 11.6%
Net Profit Margin 11.7%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 22.9%
Eff/ Tax Rate - 3 Yr. Avg. 27.5%
Payout Ratio 25.3%

VMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VMC stock intrinsic value calculation we used $3593 million for the last fiscal year's total revenue generated by Vulcan Materials. The default revenue input number comes from 2016 income statement of Vulcan 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 VMC stock valuation model: a) initial revenue growth rate of 2% 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 5.1%, whose default value for VMC is calculated based on our internal credit rating of Vulcan 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 Vulcan 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 VMC stock the variable cost ratio is equal to 24%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2103 million in the base year in the intrinsic value calculation for VMC 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 6.8% for Vulcan Materials.

Corporate tax rate of 27% is the nominal tax rate for Vulcan 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 VMC 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 VMC are equal to 110.7%.

Life of production assets of 24.8 years is the average useful life of capital assets used in Vulcan 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 VMC is equal to 14.1%. 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 - $4572 million for Vulcan 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 135.79 million for Vulcan 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 Vulcan Materials at the current share price and the inputted number of shares is $16.7 billion.


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COMPANY NEWS

▶ Vulcan Announces First Quarter Conference Call   [Apr-26-17 01:25PM  PR Newswire]
▶ Homebuilders Set Post-Election Highs, Materials Stocks Lag   [Apr-20-17 10:29AM  TheStreet.com]
▶ Trumps Role in the Markets Current Guessing Game   [Apr-19-17 07:37AM  Market Realist]
▶ The Hot Stock: Vulcan Materials Jumps 3.9%   [Apr-07-17 05:17PM  Barrons.com]
▶ Stocks Weaken At Close; Dow, S&P 500 Take First Monthly Hits Since October   [Mar-31-17 04:25PM  Investor's Business Daily]
▶ Vulcan Increases Quarterly Dividend On Common Stock   [Feb-10-17 04:30PM  PR Newswire]
▶ Vulcan Announces Fourth Quarter Conference Call   [Jan-24-17 04:39PM  PR Newswire]
▶ Big Dividend Hikes Expected from Cisco, TJX and Home Depot   [Jan-06-17 04:42PM  at Barrons.com]
▶ Make America's Airports Great Again   [Dec-20-16 02:07PM  at Forbes]
▶ Vulcan Materials Vaults Up The Charts   [Dec-07-16 12:53PM  at Forbes]
▶ [$$] Numbers Dont Add Up for Trumps Trillion-Dollar Building Plan   [Dec-01-16 12:54AM  at The Wall Street Journal]
▶ [$$] Numbers Don't Add Up for Trump's Trillion-Dollar Building Plan   [Nov-30-16 11:24PM  at The Wall Street Journal]
Stock chart of VMC Financial statements of VMC
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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