Intrinsic value of Vulcan Materials - VMC

Previous Close

$99.66

  Intrinsic Value

$7.34

stock screener

  Rating & Target

str. sell

-93%

Previous close

$99.66

 
Intrinsic value

$7.34

 
Up/down potential

-93%

 
Rating

str. sell

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 0001), $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 13.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
Revenue, $m
  4,528
  5,219
  5,962
  6,756
  7,599
  8,490
  9,429
  10,415
  11,447
  12,525
  13,649
  14,819
  16,038
  17,304
  18,621
  19,989
  21,410
  22,888
  24,424
  26,021
  27,683
  29,413
  31,213
  33,090
  35,045
  37,084
  39,211
  41,432
  43,751
  46,173
Variable operating expenses, $m
  3,604
  4,090
  4,612
  5,171
  5,764
  6,391
  7,051
  7,744
  8,470
  9,228
  9,601
  10,424
  11,281
  12,172
  13,098
  14,060
  15,060
  16,099
  17,180
  18,303
  19,472
  20,689
  21,956
  23,275
  24,651
  26,085
  27,581
  29,143
  30,774
  32,478
Fixed operating expenses, $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
Total operating expenses, $m
  3,604
  4,090
  4,612
  5,171
  5,764
  6,391
  7,051
  7,744
  8,470
  9,228
  9,601
  10,424
  11,281
  12,172
  13,098
  14,060
  15,060
  16,099
  17,180
  18,303
  19,472
  20,689
  21,956
  23,275
  24,651
  26,085
  27,581
  29,143
  30,774
  32,478
Operating income, $m
  924
  1,129
  1,350
  1,585
  1,835
  2,100
  2,378
  2,670
  2,977
  3,296
  4,048
  4,395
  4,757
  5,132
  5,523
  5,929
  6,350
  6,789
  7,244
  7,718
  8,211
  8,724
  9,258
  9,814
  10,394
  10,999
  11,630
  12,289
  12,976
  13,695
EBITDA, $m
  1,605
  1,850
  2,113
  2,394
  2,693
  3,009
  3,342
  3,691
  4,057
  4,439
  4,838
  5,252
  5,684
  6,133
  6,600
  7,085
  7,589
  8,112
  8,657
  9,223
  9,812
  10,425
  11,063
  11,728
  12,421
  13,144
  13,898
  14,685
  15,507
  16,365
Interest expense (income), $m
  135
  348
  439
  538
  643
  756
  876
  1,003
  1,137
  1,277
  1,424
  1,577
  1,737
  1,903
  2,077
  2,257
  2,444
  2,639
  2,841
  3,051
  3,270
  3,497
  3,734
  3,980
  4,236
  4,503
  4,781
  5,071
  5,374
  5,690
  6,020
Earnings before tax, $m
  576
  690
  812
  942
  1,079
  1,224
  1,375
  1,534
  1,700
  1,873
  2,471
  2,659
  2,853
  3,056
  3,266
  3,484
  3,711
  3,947
  4,193
  4,448
  4,713
  4,990
  5,278
  5,578
  5,891
  6,218
  6,559
  6,915
  7,286
  7,675
Tax expense, $m
  156
  186
  219
  254
  291
  330
  371
  414
  459
  506
  667
  718
  770
  825
  882
  941
  1,002
  1,066
  1,132
  1,201
  1,273
  1,347
  1,425
  1,506
  1,591
  1,679
  1,771
  1,867
  1,967
  2,072
Net income, $m
  421
  504
  593
  688
  788
  893
  1,004
  1,120
  1,241
  1,367
  1,804
  1,941
  2,083
  2,231
  2,384
  2,544
  2,709
  2,882
  3,061
  3,247
  3,441
  3,643
  3,853
  4,072
  4,301
  4,539
  4,788
  5,048
  5,319
  5,603

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  11,072
  12,761
  14,578
  16,518
  18,579
  20,759
  23,055
  25,464
  27,987
  30,623
  33,371
  36,233
  39,212
  42,309
  45,527
  48,872
  52,348
  55,961
  59,717
  63,622
  67,685
  71,914
  76,317
  80,903
  85,684
  90,670
  95,871
  101,300
  106,970
  112,892
Adjusted assets (=assets-cash), $m
  11,072
  12,761
  14,578
  16,518
  18,579
  20,759
  23,055
  25,464
  27,987
  30,623
  33,371
  36,233
  39,212
  42,309
  45,527
  48,872
  52,348
  55,961
  59,717
  63,622
  67,685
  71,914
  76,317
  80,903
  85,684
  90,670
  95,871
  101,300
  106,970
  112,892
Revenue / Adjusted assets
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
Average production assets, $m
  6,521
  7,516
  8,586
  9,728
  10,942
  12,226
  13,578
  14,998
  16,483
  18,036
  19,654
  21,340
  23,094
  24,918
  26,814
  28,784
  30,831
  32,959
  35,171
  37,471
  39,864
  42,354
  44,947
  47,649
  50,465
  53,401
  56,464
  59,662
  63,001
  66,489
Working capital, $m
  734
  846
  966
  1,094
  1,231
  1,375
  1,528
  1,687
  1,854
  2,029
  2,211
  2,401
  2,598
  2,803
  3,017
  3,238
  3,468
  3,708
  3,957
  4,215
  4,485
  4,765
  5,057
  5,360
  5,677
  6,008
  6,352
  6,712
  7,088
  7,480
Total debt, $m
  3,600
  4,406
  5,272
  6,198
  7,181
  8,221
  9,316
  10,465
  11,669
  12,926
  14,237
  15,602
  17,023
  18,500
  20,035
  21,631
  23,289
  25,012
  26,804
  28,667
  30,605
  32,622
  34,722
  36,910
  39,190
  41,568
  44,049
  46,639
  49,343
  52,169
Total liabilities, $m
  5,281
  6,087
  6,954
  7,879
  8,862
  9,902
  10,997
  12,147
  13,350
  14,607
  15,918
  17,283
  18,704
  20,181
  21,717
  23,312
  24,970
  26,693
  28,485
  30,348
  32,286
  34,303
  36,403
  38,591
  40,871
  43,249
  45,731
  48,320
  51,024
  53,850
Total equity, $m
  5,790
  6,674
  7,624
  8,639
  9,717
  10,857
  12,058
  13,318
  14,637
  16,016
  17,453
  18,950
  20,508
  22,127
  23,811
  25,560
  27,378
  29,268
  31,232
  33,274
  35,399
  37,611
  39,914
  42,312
  44,813
  47,420
  50,141
  52,980
  55,945
  59,043
Total liabilities and equity, $m
  11,071
  12,761
  14,578
  16,518
  18,579
  20,759
  23,055
  25,465
  27,987
  30,623
  33,371
  36,233
  39,212
  42,308
  45,528
  48,872
  52,348
  55,961
  59,717
  63,622
  67,685
  71,914
  76,317
  80,903
  85,684
  90,669
  95,872
  101,300
  106,969
  112,893
Debt-to-equity ratio
  0.620
  0.660
  0.690
  0.720
  0.740
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.820
  0.830
  0.840
  0.840
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.870
  0.870
  0.870
  0.870
  0.880
  0.880
  0.880
  0.880
  0.880
Adjusted equity ratio
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  421
  504
  593
  688
  788
  893
  1,004
  1,120
  1,241
  1,367
  1,804
  1,941
  2,083
  2,231
  2,384
  2,544
  2,709
  2,882
  3,061
  3,247
  3,441
  3,643
  3,853
  4,072
  4,301
  4,539
  4,788
  5,048
  5,319
  5,603
Depreciation, amort., depletion, $m
  680
  720
  763
  809
  858
  910
  964
  1,021
  1,081
  1,143
  789
  857
  927
  1,001
  1,077
  1,156
  1,238
  1,324
  1,412
  1,505
  1,601
  1,701
  1,805
  1,914
  2,027
  2,145
  2,268
  2,396
  2,530
  2,670
Funds from operations, $m
  1,101
  1,224
  1,356
  1,497
  1,646
  1,803
  1,968
  2,141
  2,321
  2,510
  2,593
  2,798
  3,010
  3,231
  3,461
  3,700
  3,947
  4,205
  4,473
  4,752
  5,042
  5,344
  5,658
  5,986
  6,327
  6,684
  7,056
  7,444
  7,849
  8,273
Change in working capital, $m
  103
  112
  120
  129
  137
  144
  152
  160
  167
  175
  182
  190
  197
  205
  213
  222
  230
  239
  249
  259
  269
  280
  292
  304
  317
  330
  345
  360
  376
  392
Cash from operations, $m
  998
  1,112
  1,236
  1,368
  1,509
  1,658
  1,816
  1,981
  2,154
  2,335
  2,411
  2,608
  2,813
  3,026
  3,248
  3,478
  3,717
  3,966
  4,224
  4,493
  4,773
  5,064
  5,366
  5,682
  6,011
  6,353
  6,711
  7,084
  7,474
  7,881
Maintenance CAPEX, $m
  -225
  -262
  -302
  -345
  -391
  -439
  -491
  -545
  -602
  -662
  -724
  -789
  -857
  -927
  -1,001
  -1,077
  -1,156
  -1,238
  -1,324
  -1,412
  -1,505
  -1,601
  -1,701
  -1,805
  -1,914
  -2,027
  -2,145
  -2,268
  -2,396
  -2,530
New CAPEX, $m
  -918
  -995
  -1,070
  -1,143
  -1,214
  -1,284
  -1,352
  -1,419
  -1,486
  -1,552
  -1,619
  -1,686
  -1,754
  -1,824
  -1,896
  -1,970
  -2,047
  -2,128
  -2,212
  -2,300
  -2,393
  -2,490
  -2,593
  -2,702
  -2,816
  -2,936
  -3,063
  -3,198
  -3,339
  -3,488
Cash from investing activities, $m
  -1,143
  -1,257
  -1,372
  -1,488
  -1,605
  -1,723
  -1,843
  -1,964
  -2,088
  -2,214
  -2,343
  -2,475
  -2,611
  -2,751
  -2,897
  -3,047
  -3,203
  -3,366
  -3,536
  -3,712
  -3,898
  -4,091
  -4,294
  -4,507
  -4,730
  -4,963
  -5,208
  -5,466
  -5,735
  -6,018
Free cash flow, $m
  -145
  -145
  -136
  -119
  -96
  -65
  -27
  16
  66
  121
  68
  133
  202
  275
  351
  431
  514
  600
  689
  780
  875
  972
  1,072
  1,175
  1,281
  1,390
  1,503
  1,619
  1,739
  1,862
Issuance/(repayment) of debt, $m
  745
  806
  866
  926
  983
  1,040
  1,095
  1,149
  1,203
  1,257
  1,311
  1,365
  1,421
  1,477
  1,535
  1,596
  1,658
  1,723
  1,791
  1,863
  1,938
  2,017
  2,100
  2,188
  2,280
  2,378
  2,481
  2,590
  2,704
  2,825
Issuance/(repurchase) of shares, $m
  401
  380
  357
  327
  290
  247
  197
  141
  79
  11
  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  
  1,146
  1,186
  1,223
  1,253
  1,273
  1,287
  1,292
  1,290
  1,282
  1,268
  1,311
  1,365
  1,421
  1,477
  1,535
  1,596
  1,658
  1,723
  1,791
  1,863
  1,938
  2,017
  2,100
  2,188
  2,280
  2,378
  2,481
  2,590
  2,704
  2,825
Total cash flow (excl. dividends), $m
  1,001
  1,041
  1,088
  1,133
  1,178
  1,222
  1,264
  1,306
  1,348
  1,390
  1,379
  1,498
  1,623
  1,752
  1,887
  2,027
  2,172
  2,323
  2,480
  2,643
  2,813
  2,989
  3,172
  3,363
  3,562
  3,768
  3,984
  4,209
  4,443
  4,687
Retained Cash Flow (-), $m
  -822
  -884
  -950
  -1,015
  -1,078
  -1,140
  -1,201
  -1,260
  -1,319
  -1,378
  -1,437
  -1,497
  -1,558
  -1,620
  -1,683
  -1,749
  -1,818
  -1,889
  -1,964
  -2,043
  -2,125
  -2,212
  -2,303
  -2,399
  -2,500
  -2,607
  -2,720
  -2,839
  -2,965
  -3,098
Prev. year cash balance distribution, $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 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
  179
  157
  138
  119
  100
  82
  64
  46
  29
  11
  -58
  1
  65
  132
  203
  277
  354
  434
  516
  601
  688
  778
  870
  964
  1,061
  1,161
  1,264
  1,369
  1,478
  1,590
Discount rate, %
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
  169
  139
  113
  90
  69
  51
  36
  23
  13
  4
  -20
  0
  16
  27
  35
  39
  40
  38
  35
  31
  27
  22
  18
  14
  10
  8
  5
  4
  2
  2
Current shareholders' claim on cash, %
  97.0
  94.7
  92.8
  91.4
  90.2
  89.4
  88.8
  88.4
  88.2
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1
  88.1

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 31.5
Price to Sales 3.7
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 20.4
Price to Free Cash Flow 44.7
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 $3890.296 million for the last fiscal year's total revenue generated by Vulcan Materials. The default revenue input number comes from 0001 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 16.4% 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 6.3%, 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 81.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 12.2% 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 144%.

Life of production assets of 24.9 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 16.2%. 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 - $4968.893 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 132.268 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 $13.2 billion.

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COMPANY NEWS

▶ Should You Buy Vulcan Materials Company (VMC)?   [Dec-10-18 11:24AM  Insider Monkey]
▶ Wallace Weitz's Top 5 Buys in 3rd Quarter   [Nov-19-18 05:12PM  GuruFocus.com]
▶ The 7 Best Stocks to Buy Now That Jeff Sessions Is Gone   [Nov-08-18 12:16PM  InvestorPlace]
▶ US Stock Market Rises Tuesday   [01:47PM  GuruFocus.com]
▶ Vulcan: 3Q Earnings Snapshot   [08:19AM  Associated Press]
▶ The Midterm Elections Wont Save the Stock Market   [Oct-26-18 04:33PM  Barrons.com]
▶ Fed Chair Powell 'like a racehorse with blinkers on'   [Oct-22-18 07:24PM  CNBC Videos]
▶ Vulcan Announces Third Quarter Conference Call   [Oct-16-18 05:18PM  PR Newswire]
▶ Vulcan Declares Quarterly Dividend On Common Stock   [Oct-12-18 04:41PM  PR Newswire]
▶ Is It Time To Buy Vulcan Materials Company (NYSE:VMC)?   [Sep-12-18 07:47AM  Simply Wall St.]
▶ Top 4 Long-Term Infrastructure Stocks for 2018   [Aug-29-18 06:46PM  Investopedia]
▶ 3 Bearish Stocks To Trade Over The Next Few Days   [Aug-16-18 11:52AM  Benzinga]
▶ Vulcan: 2Q Earnings Snapshot   [08:18AM  Associated Press]
▶ Four Bham execs tapped for Alabama Business Hall of Fame   [Jul-18-18 02:17PM  American City Business Journals]
▶ Vulcan Announces Second Quarter Conference Call   [Jul-16-18 04:42PM  PR Newswire]
▶ Vulcan Declares Quarterly Dividend On Common Stock   [Jul-13-18 04:30PM  PR Newswire]
▶ Vulcan Materials CFO to leave company   [Jul-10-18 07:16AM  MarketWatch]
▶ Vulcan Declares Quarterly Dividend on Common Stock   [May-11-18 04:30PM  PR Newswire]
▶ 6 Growth Stocks Ready for Outsized Gains   [May-08-18 08:00AM  Investopedia]
▶ Vulcan: 1Q Earnings Snapshot   [08:18AM  Associated Press]
▶ Vulcan Announces First Quarter Conference Call   [Apr-17-18 06:00PM  PR Newswire]
▶ Construction materials company funds training, equipment to prepare workforce   [Apr-03-18 06:45AM  American City Business Journals]
▶ SpaceX rival ULA stakes future on new Vulcan rocket   [Mar-19-18 05:29AM  CBS MoneyWatch]
▶ Vulcan beats Street 4Q forecasts   [08:27AM  Associated Press]
▶ Wally Weitz Establishes 4 Positions in 4th Quarter   [Feb-15-18 04:10PM  GuruFocus.com]
▶ Martin Marietta Stock Rises On Strong Earnings, Guidance   [Feb-13-18 04:13PM  Investor's Business Daily]

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