Summit's growth strategy is heavily dependent on finding attractive assets at good prices.
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...Summit Materials is a holding company. Through its subsidiaries, the company is a construction materials company. The company produces and sells aggregates, cement, ready-mix concrete, asphalt paving mix and concrete products and owns and operates quarries, sand and gravel pits, cement plants, cement distribution terminals, ready-mix concrete plants, asphalt plants and landfill sites. The company is engaged in paving and related services. The company has operations in various states across the United States and in British Columbia, Canada. The company operates a municipal waste landfill in its East segment, and has construction and demolition debris landfills and liquid asphalt terminal operations in its West and East segments.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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