Discounted Cash Flow (DCF) Analysis Levered
Martin Marietta Materials, Inc. (MLM)
$349.45
+15.40 (+4.61%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 3,965.59 | 4,244.27 | 4,739.10 | 4,729.90 | 5,414 | 5,860.05 | 6,342.85 | 6,865.43 | 7,431.06 | 8,043.29 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 657.88 | 705.15 | 966.10 | 1,050.10 | 1,137.70 | 1,134.56 | 1,228.04 | 1,329.21 | 1,438.72 | 1,557.26 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -410.33 | -375.95 | -393.50 | -359.70 | -423.10 | -503.12 | -544.57 | -589.44 | -638 | -690.57 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 247.55 | 329.19 | 572.60 | 690.40 | 714.60 | 631.44 | 683.46 | 739.77 | 800.72 | 866.69 |
Weighted Average Cost Of Capital
Share price | $ 349.45 |
---|---|
Beta | 0.785 |
Diluted Shares Outstanding | 62.40 |
Cost of Debt | |
Tax Rate | 17.88 |
After-tax Cost of Debt | 2.12% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.449 |
Total Debt | 5,534.10 |
Total Equity | 21,805.68 |
Total Capital | 27,339.78 |
Debt Weighting | 20.24 |
Equity Weighting | 79.76 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 3,965.59 | 4,244.27 | 4,739.10 | 4,729.90 | 5,414 | 5,860.05 | 6,342.85 | 6,865.43 | 7,431.06 | 8,043.29 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 657.88 | 705.15 | 966.10 | 1,050.10 | 1,137.70 | 1,134.56 | 1,228.04 | 1,329.21 | 1,438.72 | 1,557.26 |
Capital Expenditure | -410.33 | -375.95 | -393.50 | -359.70 | -423.10 | -503.12 | -544.57 | -589.44 | -638 | -690.57 |
Free Cash Flow | 247.55 | 329.19 | 572.60 | 690.40 | 714.60 | 631.44 | 683.46 | 739.77 | 800.72 | 866.69 |
WACC | ||||||||||
PV LFCF | 598.13 | 613.25 | 628.75 | 644.64 | 660.94 | |||||
SUM PV LFCF | 3,145.71 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.57 |
Free cash flow (t + 1) | 884.03 |
Terminal Value | 24,762.67 |
Present Value of Terminal Value | 18,884.04 |
Intrinsic Value
Enterprise Value | 22,029.75 |
---|---|
Net Debt | 5,275.70 |
Equity Value | 16,754.05 |
Shares Outstanding | 62.40 |
Equity Value Per Share | 268.49 |