Martin Marietta Earns Record $1 Billion in EBITDA in 2017; Shares Look Cheap
We’re raising narrow-moat Martin Marietta’s fair value estimate to $265 per share from $263. The increase is due to the impact of the time value of money on our model and the impact of U.S. tax reform, partially offset by slightly reduced outlooks for volume and pricing. We trimmed our forecasts to reflect that not all tons lost due to hurricanes in 2017 will be recovered. Nevertheless, we think the market continues to underestimate Martin Marietta’s growth. We forecast EBITDA to more than doubl...
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