Intrinsic value of Vulcan Materials - VMC

Previous Close

$116.09

  Intrinsic Value

$69.78

stock screener

  Rating & Target

sell

-40%

  Value-price divergence*

+574%

Previous close

$116.09

 
Intrinsic value

$69.78

 
Up/down potential

-40%

 
Rating

sell

 
Value-price divergence*

+574%

*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 15.4

 

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
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  3,593
  3,744
  3,904
  4,074
  4,254
  4,444
  4,646
  4,858
  5,082
  5,319
  5,569
  5,831
  6,108
  6,400
  6,707
  7,030
  7,370
  7,728
  8,104
  8,499
  8,915
  9,352
  9,811
  10,294
  10,802
  11,335
  11,895
  12,484
  13,102
  13,751
  14,434
Variable operating expenses, $m
 
  886
  910
  936
  964
  993
  1,024
  1,057
  1,091
  1,128
  1,166
  897
  940
  985
  1,032
  1,082
  1,134
  1,189
  1,247
  1,308
  1,372
  1,439
  1,510
  1,584
  1,662
  1,744
  1,830
  1,921
  2,016
  2,116
  2,221
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
  3,042
  3,119
  3,201
  3,285
  3,372
  3,463
  3,557
  3,653
  3,754
  3,858
  3,656
  3,768
  3,884
  4,003
  4,128
  4,256
  4,389
  4,527
  4,670
  4,818
  4,971
  5,130
  5,295
  5,466
  5,643
  5,826
  6,017
  6,215
  6,420
  6,632
Operating income, $m
  680
  703
  784
  873
  969
  1,072
  1,182
  1,301
  1,429
  1,565
  1,710
  2,175
  2,340
  2,516
  2,704
  2,903
  3,114
  3,339
  3,577
  3,829
  4,097
  4,381
  4,681
  4,999
  5,336
  5,692
  6,068
  6,467
  6,887
  7,332
  7,802
EBITDA, $m
  965
  1,179
  1,268
  1,364
  1,468
  1,580
  1,699
  1,828
  1,965
  2,112
  2,268
  2,435
  2,613
  2,802
  3,003
  3,216
  3,443
  3,684
  3,939
  4,209
  4,495
  4,798
  5,119
  5,459
  5,818
  6,198
  6,599
  7,024
  7,472
  7,946
  8,446
Interest expense (income), $m
  135
  135
  146
  158
  170
  183
  197
  212
  228
  245
  262
  280
  300
  320
  342
  364
  388
  413
  440
  467
  496
  527
  559
  593
  629
  666
  706
  747
  790
  836
  884
Earnings before tax, $m
  547
  568
  639
  715
  799
  888
  985
  1,089
  1,201
  1,320
  1,448
  1,895
  2,040
  2,196
  2,362
  2,538
  2,726
  2,925
  3,137
  3,362
  3,601
  3,854
  4,122
  4,406
  4,707
  5,026
  5,363
  5,720
  6,097
  6,496
  6,918
Tax expense, $m
  125
  153
  172
  193
  216
  240
  266
  294
  324
  356
  391
  512
  551
  593
  638
  685
  736
  790
  847
  908
  972
  1,040
  1,113
  1,190
  1,271
  1,357
  1,448
  1,544
  1,646
  1,754
  1,868
Net income, $m
  419
  415
  466
  522
  583
  648
  719
  795
  876
  964
  1,057
  1,383
  1,490
  1,603
  1,724
  1,853
  1,990
  2,136
  2,290
  2,454
  2,628
  2,813
  3,009
  3,216
  3,436
  3,669
  3,915
  4,175
  4,451
  4,742
  5,050

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
  8,548
  8,914
  9,301
  9,712
  10,147
  10,606
  11,092
  11,604
  12,144
  12,714
  13,314
  13,946
  14,612
  15,313
  16,050
  16,826
  17,643
  18,501
  19,404
  20,353
  21,351
  22,400
  23,503
  24,661
  25,878
  27,157
  28,501
  29,913
  31,396
  32,954
Adjusted assets (=assets-cash), $m
  8,212
  8,548
  8,914
  9,301
  9,712
  10,147
  10,606
  11,092
  11,604
  12,144
  12,714
  13,314
  13,946
  14,612
  15,313
  16,050
  16,826
  17,643
  18,501
  19,404
  20,353
  21,351
  22,400
  23,503
  24,661
  25,878
  27,157
  28,501
  29,913
  31,396
  32,954
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
  4,145
  4,322
  4,510
  4,709
  4,920
  5,143
  5,378
  5,626
  5,888
  6,164
  6,455
  6,762
  7,085
  7,425
  7,782
  8,159
  8,554
  8,971
  9,408
  9,869
  10,353
  10,861
  11,396
  11,957
  12,548
  13,168
  13,819
  14,504
  15,223
  15,978
Working capital, $m
  765
  528
  550
  574
  600
  627
  655
  685
  717
  750
  785
  822
  861
  902
  946
  991
  1,039
  1,090
  1,143
  1,198
  1,257
  1,319
  1,383
  1,451
  1,523
  1,598
  1,677
  1,760
  1,847
  1,939
  2,035
Total debt, $m
  1,983
  2,144
  2,318
  2,502
  2,697
  2,904
  3,122
  3,353
  3,596
  3,852
  4,123
  4,408
  4,708
  5,025
  5,358
  5,708
  6,077
  6,464
  6,872
  7,301
  7,752
  8,226
  8,724
  9,248
  9,798
  10,376
  10,984
  11,622
  12,293
  12,997
  13,737
Total liabilities, $m
  3,899
  4,060
  4,234
  4,418
  4,613
  4,820
  5,038
  5,269
  5,512
  5,768
  6,039
  6,324
  6,624
  6,941
  7,274
  7,624
  7,993
  8,380
  8,788
  9,217
  9,668
  10,142
  10,640
  11,164
  11,714
  12,292
  12,900
  13,538
  14,209
  14,913
  15,653
Total equity, $m
  4,572
  4,488
  4,680
  4,883
  5,099
  5,327
  5,568
  5,823
  6,092
  6,376
  6,675
  6,990
  7,322
  7,671
  8,039
  8,426
  8,834
  9,262
  9,713
  10,187
  10,686
  11,209
  11,760
  12,339
  12,947
  13,586
  14,258
  14,963
  15,704
  16,483
  17,301
Total liabilities and equity, $m
  8,471
  8,548
  8,914
  9,301
  9,712
  10,147
  10,606
  11,092
  11,604
  12,144
  12,714
  13,314
  13,946
  14,612
  15,313
  16,050
  16,827
  17,642
  18,501
  19,404
  20,354
  21,351
  22,400
  23,503
  24,661
  25,878
  27,158
  28,501
  29,913
  31,396
  32,954
Debt-to-equity ratio
  0.434
  0.480
  0.500
  0.510
  0.530
  0.550
  0.560
  0.580
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.780
  0.780
  0.790
  0.790
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
  415
  466
  522
  583
  648
  719
  795
  876
  964
  1,057
  1,383
  1,490
  1,603
  1,724
  1,853
  1,990
  2,136
  2,290
  2,454
  2,628
  2,813
  3,009
  3,216
  3,436
  3,669
  3,915
  4,175
  4,451
  4,742
  5,050
Depreciation, amort., depletion, $m
  285
  477
  484
  491
  499
  508
  517
  526
  536
  547
  558
  260
  273
  286
  299
  314
  329
  345
  362
  379
  398
  417
  438
  459
  482
  506
  531
  557
  585
  614
  644
Funds from operations, $m
  556
  891
  950
  1,014
  1,082
  1,156
  1,236
  1,321
  1,413
  1,511
  1,615
  1,643
  1,762
  1,889
  2,024
  2,167
  2,319
  2,480
  2,652
  2,834
  3,026
  3,231
  3,447
  3,676
  3,918
  4,175
  4,446
  4,733
  5,036
  5,356
  5,694
Change in working capital, $m
  -89
  21
  23
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  50
  53
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  92
  96
Cash from operations, $m
  645
  870
  927
  990
  1,057
  1,129
  1,208
  1,291
  1,381
  1,477
  1,580
  1,606
  1,723
  1,848
  1,980
  2,121
  2,271
  2,430
  2,599
  2,778
  2,968
  3,169
  3,382
  3,608
  3,847
  4,099
  4,367
  4,650
  4,949
  5,264
  5,598
Maintenance CAPEX, $m
  0
  -160
  -167
  -174
  -182
  -190
  -198
  -207
  -217
  -227
  -237
  -249
  -260
  -273
  -286
  -299
  -314
  -329
  -345
  -362
  -379
  -398
  -417
  -438
  -459
  -482
  -506
  -531
  -557
  -585
  -614
New CAPEX, $m
  -350
  -168
  -177
  -188
  -199
  -211
  -223
  -235
  -248
  -262
  -276
  -291
  -307
  -323
  -340
  -358
  -376
  -396
  -416
  -438
  -460
  -484
  -509
  -534
  -562
  -590
  -620
  -652
  -685
  -719
  -755
Cash from investing activities, $m
  -365
  -328
  -344
  -362
  -381
  -401
  -421
  -442
  -465
  -489
  -513
  -540
  -567
  -596
  -626
  -657
  -690
  -725
  -761
  -800
  -839
  -882
  -926
  -972
  -1,021
  -1,072
  -1,126
  -1,183
  -1,242
  -1,304
  -1,369
Free cash flow, $m
  280
  542
  583
  627
  676
  729
  786
  849
  916
  989
  1,067
  1,067
  1,156
  1,252
  1,355
  1,464
  1,581
  1,705
  1,838
  1,978
  2,128
  2,287
  2,456
  2,635
  2,826
  3,027
  3,241
  3,467
  3,707
  3,961
  4,229
Issuance/(repayment) of debt, $m
  0
  161
  174
  184
  195
  206
  218
  230
  243
  257
  271
  285
  300
  316
  333
  350
  369
  388
  408
  429
  451
  474
  498
  524
  550
  578
  608
  638
  671
  704
  740
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
  161
  174
  184
  195
  206
  218
  230
  243
  257
  271
  285
  300
  316
  333
  350
  369
  388
  408
  429
  451
  474
  498
  524
  550
  578
  608
  638
  671
  704
  740
Total cash flow (excl. dividends), $m
  81
  703
  757
  812
  871
  935
  1,005
  1,079
  1,159
  1,245
  1,337
  1,352
  1,457
  1,568
  1,688
  1,815
  1,950
  2,093
  2,245
  2,407
  2,579
  2,761
  2,954
  3,159
  3,376
  3,605
  3,848
  4,105
  4,377
  4,665
  4,969
Retained Cash Flow (-), $m
  -118
  -175
  -192
  -204
  -216
  -228
  -241
  -255
  -269
  -284
  -299
  -315
  -332
  -350
  -368
  -387
  -407
  -429
  -451
  -474
  -498
  -524
  -551
  -579
  -608
  -639
  -672
  -706
  -741
  -779
  -818
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
 
  788
  565
  608
  655
  707
  763
  824
  890
  962
  1,038
  1,037
  1,125
  1,219
  1,320
  1,427
  1,542
  1,664
  1,795
  1,933
  2,081
  2,237
  2,404
  2,580
  2,768
  2,966
  3,177
  3,400
  3,636
  3,886
  4,151
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
 
  749
  509
  516
  521
  523
  523
  519
  511
  500
  485
  431
  412
  390
  365
  337
  308
  277
  245
  214
  184
  156
  129
  105
  84
  66
  50
  38
  28
  20
  14
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 36.7
Price to Sales 4.3
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 23.8
Price to Free Cash Flow 52.1
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 4.2% 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 132.336 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 $15.4 billion.

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COMPANY NEWS

▶ Options say Vulcan Materials & Teradyne may break out   [Aug-14-17 01:39PM  CNBC Videos]
▶ Vulcan misses Street 2Q forecasts   [Aug-02-17 06:19PM  Associated Press]
▶ Vulcan Announces Second Quarter Conference Call   [Jul-19-17 05:02PM  PR Newswire]
▶ Top 4 Long-Term Infrastructure Stocks for 2017   [Jul-12-17 04:25PM  Investopedia]
▶ Building Stock With 77% Growth Cements New Breakout   [Jun-20-17 04:23PM  Investor's Business Daily]
▶ As U.S. Concrete Breaks Out, This Other Building Stock May Be Next   [Jun-19-17 04:13PM  Investor's Business Daily]
▶ Which Stocks Are Showing Rising Relative Strength?   [02:17PM  Investor's Business Daily]
▶ Will Trump Infrastructure Spending Lift This No. 1-Ranked Cement Stock?   [Jun-07-17 01:41PM  Investor's Business Daily]
▶ 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]
▶ 3 Top Dividend Stocks in Cement   [May-23-17 11:00AM  Motley Fool]
▶ ETFs with exposure to Vulcan Materials Co. : May 19, 2017   [May-19-17 02:14PM  Capital Cube]
▶ 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]
▶ Trump Infrastructure Play Hits Buy Zone On Earnings, Price Hikes   [May-10-17 04:31PM  Investor's Business Daily]
▶ Vulcan beats Street 1Q forecasts   [08:10AM  Associated Press]
▶ 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]
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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