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Martin Marietta

Martin Marietta is the second largest US producer of construction aggregates (primarily crushed stone, sand and gravel), behind VMC. MLM also manufactures and markets, through its Specialty Products business, magnesia-based chemical and dolomitic lime and cement inc. RMC (after the merger with Texas Industries in 2014). In 2017, MLM sold 157.7 mn tons of aggregates, 3.3 mn tons of asphalt, 8.6 mn cubic yards of RMC, and 3.5 mn tons of cement. Aggregates generates around 57% of group revenues, with 25% coming from RMC, 10% from cement, 7.9% from Asphalt & Paving and 6.7% from Magnesia Specialities (all these figures are before intra-group sales). MLM's top ten revenue producing states in 2017 were TX, CO, NC, IA, GA, SC, FL, IN, LA, and NE. Infrastructure construction accounted for 44% of MLM's 2017 aggregates shipments, 31% Non-Residential, 21% Residential and 8% ChemRock/Rail. In Jun 17, MLM bought Bluegrass, an aggregates supplier with 23 quarries in Georgia, South Carolina, Maryland, Kentucky, and Tennessee. The acquisition will cost MLM $1.625 bn, and is expected to completed in 1H18. (13 Apr 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

May 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of May.

Martin Marietta vs Vulcan: Peer Comp & RV Reset

Company Analysis: 21 May 2018, 5:55 AM ET - We re calibrate our RelVal views on Vulcan Materials and Martin Marietta after a detailed, updated peer comparison. 

Masco vs Owens Corning: Peer Comp and RelVal Reset

Company Analysis: 21 May 2018, 5:54 AM ET - We recalibrate our RelVal views on Masco and Owens Corning after a detailed, updated peer comparison. 

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Vulcan & Martin Marietta: Fundamentals vs M&A

Company Analysis: 27 Feb 2018, 4:46 AM ET - We are rolling our Market perform Recommendation on Vulcan Materials and our Underperform stance on Martin Marietta, after a detailed peer comparison on their 2017 financials and 2018 outlooks. 

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

2018 Outlook: European IG Building Materials

Sector Outlook: 05 Feb 2018, 10:22 PM ET - In this piece, the third of our Global Building Materials & Construction series, we review our outlook for the European Construction Aggregates sub-sector of the BAML High Grade Index. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US Constructn Outlook: Kingdom for an (Infra) Bill

Sector Outlook: 23 Jan 2018, 9:56 PM ET - In the second of our Global Building Materials and Construction Outlook series, we examine the prospects for the US Construction Market in 2018 after a year that promised much but delivered somewhat less.

2017 Euro Conference: Buildng Materials Transcript

Transcript: 12 Dec 2017, 4:04 PM ET - In this presentation to our Annual Conference last week, we outlined our preliminary thoughts on the Outlook for the European IG Building Materials sector in 2018.

MLM: New Issue: $1.4 bn Bond (2yr FRN, 10/30 Fxd)

IG Note: 06 Dec 2017, 11:35 AM ET - Martin Marietta is in the market with a $1.4 bn issue of FRNs and 10 / 30 year fixed rate notes.

Vulcan & M Marietta Peer Comp: Hurricanes Bite

Company Spotlight: 12 Nov 2017, 9:33 PM ET - We discuss VMC and MLM's trading performance in the year to date, financials profile and relative value propositions. 

Boral Ltd – Coverage Initiation on New USD Issue

Company Spotlight: 24 Oct 2017, 9:38 AM ET - Boral Ltd (Baa2/BBB), an Australian-domiciled building materials credit, is in the market with a debut US$ bond issue. We like the name and advise using the new transaction to gain exposure given the deal's initial price talk.

US IG Strategy Basic Industries: After the Storms

Sector Weightings: 14 Sep 2017, 4:44 AM ET - We present a review of Basic Industries returns, as well as some commentary around the impact of Harvey and Irma. 

Vulcan Matls vs Martin Marietta: Mid-Yr Peer Comp

Company Analysis: 30 Aug 2017, 9:50 AM ET - 2017 has been a mixed year thus far for our heavy-side US construction aggregates credits. 

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