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$1,024.33 - $3,761.97$3,155.64
Multi-Stage$467.29 - $511.59$489.03
Blended Fair Value$1,822.34
Current Price$630.28
Upside189.13%
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 Rate7.06%7.06%7.06%
Growth Rate5.50%6.50%7.50%
Fair Value$1,024.33$3,155.64$3,761.97
Upside / Downside62.52%400.67%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 Rate7.06%7.06%7.06%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)358.07361.46364.86
Year 2 PV (M)516.35526.19536.11
Year 3 PV (M)669.95689.18708.77
Year 4 PV (M)818.96850.46882.85
Year 5 PV (M)963.491,010.031,058.35
PV of Terminal Value (M)25,130.9626,344.7927,605.08
Equity Value (M)28,457.7829,782.1131,156.03
Shares Outstanding (M)60.9060.9060.90
Fair Value$467.29$489.03$511.59
Upside / Downside-25.86%-22.41%-18.83%

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