Intrinsic value of Vulcan Materials - VMC

Previous Close

$123.11

  Intrinsic Value

$99.93

stock screener

  Rating & Target

hold

-19%

Previous close

$123.11

 
Intrinsic value

$99.93

 
Up/down potential

-19%

 
Rating

hold

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 16.3

 

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
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  3,593
  3,870
  4,157
  4,456
  4,766
  5,089
  5,425
  5,774
  6,137
  6,515
  6,909
  7,320
  7,748
  8,194
  8,660
  9,147
  9,655
  10,186
  10,741
  11,322
  11,929
  12,565
  13,230
  13,927
  14,656
  15,421
  16,222
  17,061
  17,941
  18,863
  19,830
Variable operating expenses, $m
 
  905
  949
  995
  1,043
  1,093
  1,144
  1,198
  1,254
  1,312
  1,373
  1,126
  1,192
  1,261
  1,332
  1,407
  1,486
  1,567
  1,653
  1,742
  1,835
  1,933
  2,036
  2,143
  2,255
  2,373
  2,496
  2,625
  2,760
  2,902
  3,051
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
  3,061
  3,158
  3,260
  3,364
  3,472
  3,583
  3,698
  3,816
  3,938
  4,065
  3,885
  4,020
  4,160
  4,303
  4,453
  4,608
  4,767
  4,933
  5,104
  5,281
  5,465
  5,656
  5,854
  6,059
  6,272
  6,492
  6,721
  6,959
  7,206
  7,462
Operating income, $m
  680
  809
  999
  1,196
  1,402
  1,617
  1,842
  2,076
  2,321
  2,577
  2,845
  3,434
  3,727
  4,034
  4,356
  4,694
  5,047
  5,419
  5,809
  6,218
  6,648
  7,099
  7,574
  8,073
  8,598
  9,149
  9,729
  10,340
  10,982
  11,657
  12,368
EBITDA, $m
  965
  1,291
  1,494
  1,705
  1,925
  2,154
  2,393
  2,643
  2,905
  3,177
  3,463
  3,761
  4,073
  4,400
  4,743
  5,102
  5,478
  5,873
  6,288
  6,723
  7,180
  7,660
  8,165
  8,695
  9,252
  9,838
  10,454
  11,101
  11,783
  12,499
  13,253
Interest expense (income), $m
  135
  135
  155
  176
  198
  221
  245
  270
  296
  322
  350
  379
  410
  441
  474
  508
  544
  582
  621
  662
  705
  749
  796
  845
  897
  951
  1,007
  1,066
  1,128
  1,193
  1,261
Earnings before tax, $m
  547
  674
  844
  1,020
  1,204
  1,396
  1,597
  1,806
  2,026
  2,255
  2,495
  3,055
  3,318
  3,593
  3,882
  4,185
  4,503
  4,837
  5,188
  5,556
  5,943
  6,350
  6,778
  7,228
  7,701
  8,199
  8,723
  9,274
  9,854
  10,465
  11,107
Tax expense, $m
  125
  182
  228
  275
  325
  377
  431
  488
  547
  609
  674
  825
  896
  970
  1,048
  1,130
  1,216
  1,306
  1,401
  1,500
  1,605
  1,714
  1,830
  1,951
  2,079
  2,214
  2,355
  2,504
  2,661
  2,825
  2,999
Net income, $m
  419
  492
  616
  745
  879
  1,019
  1,166
  1,319
  1,479
  1,646
  1,821
  2,230
  2,422
  2,623
  2,834
  3,055
  3,287
  3,531
  3,787
  4,056
  4,338
  4,635
  4,948
  5,276
  5,622
  5,985
  6,367
  6,770
  7,193
  7,639
  8,108

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
  8,835
  9,491
  10,173
  10,882
  11,619
  12,385
  13,182
  14,012
  14,875
  15,775
  16,712
  17,689
  18,708
  19,772
  20,883
  22,043
  23,256
  24,523
  25,849
  27,235
  28,686
  30,206
  31,796
  33,462
  35,207
  37,036
  38,952
  40,961
  43,067
  45,275
Adjusted assets (=assets-cash), $m
  8,212
  8,835
  9,491
  10,173
  10,882
  11,619
  12,385
  13,182
  14,012
  14,875
  15,775
  16,712
  17,689
  18,708
  19,772
  20,883
  22,043
  23,256
  24,523
  25,849
  27,235
  28,686
  30,206
  31,796
  33,462
  35,207
  37,036
  38,952
  40,961
  43,067
  45,275
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
  4,284
  4,602
  4,933
  5,276
  5,634
  6,005
  6,392
  6,794
  7,212
  7,649
  8,103
  8,577
  9,071
  9,587
  10,125
  10,688
  11,276
  11,890
  12,533
  13,205
  13,909
  14,646
  15,417
  16,225
  17,071
  17,957
  18,887
  19,861
  20,882
  21,952
Working capital, $m
  765
  546
  586
  628
  672
  718
  765
  814
  865
  919
  974
  1,032
  1,092
  1,155
  1,221
  1,290
  1,361
  1,436
  1,514
  1,596
  1,682
  1,772
  1,865
  1,964
  2,067
  2,174
  2,287
  2,406
  2,530
  2,660
  2,796
Total debt, $m
  1,983
  2,281
  2,592
  2,916
  3,253
  3,603
  3,967
  4,346
  4,740
  5,150
  5,577
  6,022
  6,486
  6,970
  7,476
  8,003
  8,554
  9,130
  9,732
  10,362
  11,021
  11,710
  12,432
  13,187
  13,978
  14,807
  15,676
  16,586
  17,540
  18,541
  19,590
Total liabilities, $m
  3,899
  4,197
  4,508
  4,832
  5,169
  5,519
  5,883
  6,262
  6,656
  7,066
  7,493
  7,938
  8,402
  8,886
  9,392
  9,919
  10,470
  11,046
  11,648
  12,278
  12,937
  13,626
  14,348
  15,103
  15,894
  16,723
  17,592
  18,502
  19,456
  20,457
  21,506
Total equity, $m
  4,572
  4,638
  4,983
  5,341
  5,713
  6,100
  6,502
  6,921
  7,356
  7,809
  8,282
  8,774
  9,287
  9,822
  10,380
  10,964
  11,573
  12,209
  12,875
  13,571
  14,299
  15,060
  15,858
  16,693
  17,568
  18,484
  19,444
  20,450
  21,504
  22,610
  23,769
Total liabilities and equity, $m
  8,471
  8,835
  9,491
  10,173
  10,882
  11,619
  12,385
  13,183
  14,012
  14,875
  15,775
  16,712
  17,689
  18,708
  19,772
  20,883
  22,043
  23,255
  24,523
  25,849
  27,236
  28,686
  30,206
  31,796
  33,462
  35,207
  37,036
  38,952
  40,960
  43,067
  45,275
Debt-to-equity ratio
  0.434
  0.490
  0.520
  0.550
  0.570
  0.590
  0.610
  0.630
  0.640
  0.660
  0.670
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.780
  0.780
  0.790
  0.800
  0.800
  0.810
  0.810
  0.820
  0.820
  0.820
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
  492
  616
  745
  879
  1,019
  1,166
  1,319
  1,479
  1,646
  1,821
  2,230
  2,422
  2,623
  2,834
  3,055
  3,287
  3,531
  3,787
  4,056
  4,338
  4,635
  4,948
  5,276
  5,622
  5,985
  6,367
  6,770
  7,193
  7,639
  8,108
Depreciation, amort., depletion, $m
  285
  482
  495
  508
  522
  537
  552
  567
  583
  600
  618
  327
  346
  366
  387
  408
  431
  455
  479
  505
  532
  561
  591
  622
  654
  688
  724
  762
  801
  842
  885
Funds from operations, $m
  556
  975
  1,111
  1,253
  1,401
  1,556
  1,717
  1,886
  2,062
  2,246
  2,439
  2,557
  2,768
  2,989
  3,221
  3,464
  3,718
  3,986
  4,266
  4,561
  4,871
  5,196
  5,538
  5,898
  6,276
  6,673
  7,092
  7,531
  7,994
  8,481
  8,994
Change in working capital, $m
  -89
  39
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  98
  103
  108
  113
  118
  124
  130
  136
Cash from operations, $m
  645
  936
  1,070
  1,211
  1,357
  1,510
  1,670
  1,837
  2,011
  2,193
  2,383
  2,499
  2,708
  2,926
  3,155
  3,395
  3,647
  3,911
  4,188
  4,479
  4,785
  5,107
  5,444
  5,800
  6,173
  6,566
  6,979
  7,413
  7,870
  8,351
  8,857
Maintenance CAPEX, $m
  0
  -160
  -173
  -186
  -199
  -213
  -227
  -242
  -258
  -274
  -291
  -308
  -327
  -346
  -366
  -387
  -408
  -431
  -455
  -479
  -505
  -532
  -561
  -591
  -622
  -654
  -688
  -724
  -762
  -801
  -842
New CAPEX, $m
  -350
  -307
  -318
  -331
  -344
  -357
  -372
  -386
  -402
  -419
  -436
  -454
  -474
  -494
  -516
  -539
  -563
  -588
  -615
  -643
  -672
  -704
  -737
  -771
  -808
  -846
  -887
  -929
  -974
  -1,021
  -1,071
Cash from investing activities, $m
  -365
  -467
  -491
  -517
  -543
  -570
  -599
  -628
  -660
  -693
  -727
  -762
  -801
  -840
  -882
  -926
  -971
  -1,019
  -1,070
  -1,122
  -1,177
  -1,236
  -1,298
  -1,362
  -1,430
  -1,500
  -1,575
  -1,653
  -1,736
  -1,822
  -1,913
Free cash flow, $m
  280
  468
  579
  694
  815
  940
  1,071
  1,208
  1,351
  1,500
  1,656
  1,736
  1,907
  2,086
  2,273
  2,470
  2,676
  2,892
  3,119
  3,357
  3,608
  3,871
  4,147
  4,438
  4,744
  5,065
  5,404
  5,760
  6,135
  6,529
  6,945
Issuance/(repayment) of debt, $m
  0
  298
  312
  324
  337
  350
  364
  379
  394
  410
  427
  445
  464
  484
  505
  528
  551
  576
  602
  630
  659
  689
  722
  756
  791
  829
  869
  910
  954
  1,000
  1,049
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
  298
  312
  324
  337
  350
  364
  379
  394
  410
  427
  445
  464
  484
  505
  528
  551
  576
  602
  630
  659
  689
  722
  756
  791
  829
  869
  910
  954
  1,000
  1,049
Total cash flow (excl. dividends), $m
  81
  766
  891
  1,018
  1,151
  1,290
  1,435
  1,587
  1,745
  1,910
  2,084
  2,181
  2,371
  2,570
  2,779
  2,997
  3,227
  3,468
  3,721
  3,987
  4,266
  4,560
  4,869
  5,193
  5,535
  5,894
  6,272
  6,670
  7,089
  7,530
  7,993
Retained Cash Flow (-), $m
  -118
  -325
  -345
  -358
  -372
  -387
  -402
  -418
  -435
  -453
  -472
  -492
  -513
  -535
  -559
  -583
  -609
  -637
  -665
  -696
  -728
  -762
  -798
  -835
  -875
  -916
  -960
  -1,006
  -1,055
  -1,106
  -1,159
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
 
  700
  546
  660
  779
  903
  1,033
  1,168
  1,310
  1,457
  1,611
  1,689
  1,858
  2,035
  2,220
  2,414
  2,618
  2,831
  3,056
  3,291
  3,538
  3,798
  4,071
  4,358
  4,660
  4,978
  5,312
  5,664
  6,034
  6,424
  6,834
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
 
  666
  492
  560
  620
  669
  708
  735
  752
  758
  753
  702
  681
  651
  614
  570
  522
  471
  418
  365
  313
  264
  219
  178
  142
  111
  84
  63
  46
  33
  22
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 is a supplier of construction aggregates (primarily crushed stone, sand and gravel) and a producer of asphalt mix and ready-mixed concrete. The Company operates through four segments: Aggregates, Asphalt Mix, Concrete and Calcium. The Aggregates segment produces and sells aggregates (crushed stone, sand and gravel, sand, and other aggregates) and related products and services (transportation and other). The Company produces and sells asphalt mix in Arizona, California, New Mexico and Texas. The Company produces and sells ready-mixed concrete in Georgia, Maryland, New Mexico, Texas, Virginia, Washington District of Columbia and the Bahamas. The Calcium segment consists of a Florida facility that mines, produces and sells calcium products. As of December 31, 2016, it had 337 active aggregates facilities. The Company sells aggregates that are used as ballast for construction and maintenance of railroad tracks.

FINANCIAL RATIOS  of  Vulcan Materials (VMC)

Valuation Ratios
P/E Ratio 38.9
Price to Sales 4.5
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 25.3
Price to Free Cash Flow 55.2
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 7.7% 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 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 132.308 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 $16.3 billion.

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▶ ETFs with exposure to Vulcan Materials Co. : May 30, 2017   [May-30-17 12:50PM  Capital Cube]
▶ [$$] Vulcan Materials Buys Aggregrates Business for $900 Million   [May-25-17 09:39AM  The Wall Street Journal]
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▶ KB, Toll, Lennox Lead Housing Index to Post-Election High   [May-18-17 12:27PM  TheStreet.com]
▶ Vulcan Declares Quarterly Dividend On Common Stock   [May-12-17 04:32PM  PR Newswire]
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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