Our State-Level Road Spending Study Reveals Divergent Growth Prospects for Aggregates Firms
Over the past two years, U.S. aggregates and concrete stocks have rallied about 60%, far outpacing the S&P 500's 15% return and pricing in significant future profit growth. Industry leaders Martin Marietta and Vulcan Materials, for example, trade at 15 and 16 times estimated 2017 EBITDA, respectively, substantially higher than both historical and midcycle levels. As a result, value-conscious investors are questioning whether the runup has been justified and whether the market is appropriatel...Martin Marietta Materials is a natural resource-based building materials company. The company supplies aggregates (crushed stone, sand and gravel) through its network of quarries, mines and distribution yards. The company also provides cement and downstream products, namely, ready mixed concrete, asphalt and paving services. The company conducts its Building Materials business through three segments: Mid-America Group, Southeast Group and West Group. The Mid-America and Southeast Groups provide aggregates products only. The West Group provides aggregates, cement and downstream products. The company also has the Magnesia Specialties segment, which includes its magnesia-based chemicals and dolomitic lime businesses.
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