Discounted Cash Flow (DCF) Analysis Levered
Martin Marietta Materials, Inc. (MLM)
$415.08
+10.68 (+2.64%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 4,244.27 | 4,739.10 | 4,729.90 | 5,414 | 6,160.70 | 6,772.46 | 7,444.97 | 8,184.25 | 8,996.95 | 9,890.35 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 705.15 | 966.10 | 1,050.10 | 1,137.70 | 991.20 | 1,304.43 | 1,433.96 | 1,576.36 | 1,732.89 | 1,904.97 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -375.95 | -393.50 | -359.70 | -423.10 | -481.80 | -547.23 | -601.58 | -661.31 | -726.98 | -799.17 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 329.19 | 572.60 | 690.40 | 714.60 | 509.40 | 757.20 | 832.39 | 915.05 | 1,005.91 | 1,105.80 |
Weighted Average Cost Of Capital
Share price | $ 415.08 |
---|---|
Beta | 0.864 |
Diluted Shares Outstanding | 62.50 |
Cost of Debt | |
Tax Rate | 20.56 |
After-tax Cost of Debt | 2.47% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.768 |
Total Debt | 5,428 |
Total Equity | 25,942.50 |
Total Capital | 31,370.50 |
Debt Weighting | 17.30 |
Equity Weighting | 82.70 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 4,244.27 | 4,739.10 | 4,729.90 | 5,414 | 6,160.70 | 6,772.46 | 7,444.97 | 8,184.25 | 8,996.95 | 9,890.35 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 705.15 | 966.10 | 1,050.10 | 1,137.70 | 991.20 | 1,304.43 | 1,433.96 | 1,576.36 | 1,732.89 | 1,904.97 |
Capital Expenditure | -375.95 | -393.50 | -359.70 | -423.10 | -481.80 | -547.23 | -601.58 | -661.31 | -726.98 | -799.17 |
Free Cash Flow | 329.19 | 572.60 | 690.40 | 714.60 | 509.40 | 757.20 | 832.39 | 915.05 | 1,005.91 | 1,105.80 |
WACC | ||||||||||
PV LFCF | 708.66 | 729.08 | 750.10 | 771.72 | 793.97 | |||||
SUM PV LFCF | 3,753.53 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.85 |
Free cash flow (t + 1) | 1,127.91 |
Terminal Value | 23,255.94 |
Present Value of Terminal Value | 16,697.88 |
Intrinsic Value
Enterprise Value | 20,451.41 |
---|---|
Net Debt | 5,070 |
Equity Value | 15,381.41 |
Shares Outstanding | 62.50 |
Equity Value Per Share | 246.10 |