Slow Start to Summit’s 2018, but Underlying Demand Looks Strong; Shares Look Undervalued
Summit had a slightly slow start to 2019, but we think underlying demand remains strong. The first quarter tends to be the smallest contributor to the year given the seasonality of the business--it was only 1% of full-year 2018’s adjusted EBITDA. The company reported adjusted EBITDA of $6.6 million, 19% higher than the prior-year quarter.Results were driven by strong volume and pricing growth in aggregates and asphalt but held back by weakness in cement. Cement’s results were challenged by rive...
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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