Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Martin Marietta Materials, Inc. (0JZ0.L)

Company Dividend Discount ModelIndustry: Construction MaterialsSector: Basic Materials

Valuation Snapshot

Stable Growth$1,179.00 - $3,761.97$3,525.52
Multi-Stage$493.71 - $540.61$516.73
Blended Fair Value$2,021.13
Current Price$630.28
Upside220.67%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.80%7.55%3.102.862.632.432.302.131.911.791.721.76
YoY Growth--8.62%8.75%8.25%5.35%8.09%11.51%6.89%3.68%-2.26%17.70%
Dividend Yield--0.65%0.47%0.74%0.63%0.69%1.13%0.94%0.86%0.79%1.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,152.00
(-) Cash Dividends Paid (M)195.00
(=) Cash Retained (M)957.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)230.40144.0086.40
Cash Retained (M)957.00957.00957.00
(-) Cash Required (M)-230.40-144.00-86.40
(=) Excess Retained (M)726.60813.00870.60
(/) Shares Outstanding (M)60.9060.9060.90
(=) Excess Retained per Share11.9313.3514.30
LTM Dividend per Share3.203.203.20
(+) Excess Retained per Share11.9313.3514.30
(=) Adjusted Dividend15.1316.5517.50
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate5.50%6.50%7.50%
Fair Value$1,179.00$3,525.52$3,761.97
Upside / Downside87.06%459.36%496.87%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,152.001,226.881,306.631,391.561,482.011,578.341,625.69
Payout Ratio16.93%31.54%46.16%60.77%75.39%90.00%92.50%
Projected Dividends (M)195.00386.98603.09845.661,117.221,420.511,503.76

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.85%6.85%6.85%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)358.76362.16365.56
Year 2 PV (M)518.33528.20538.17
Year 3 PV (M)673.80693.14712.85
Year 4 PV (M)825.25856.98889.63
Year 5 PV (M)972.751,019.731,068.51
PV of Terminal Value (M)26,718.3228,008.8329,348.72
Equity Value (M)30,067.2031,469.0432,923.44
Shares Outstanding (M)60.9060.9060.90
Fair Value$493.71$516.73$540.61
Upside / Downside-21.67%-18.02%-14.23%

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