Materials
SRC was one of the stocks highlighted at MYST’s Top Post-Election Ideas Forum - Trump’s victory is expected to accelerate a potential resolution of the war in Ukraine and the recent closure of SRC’s acquisition of CRH’s Polish lime operations positions the company as a “stealth beneficiary” of reconstruction efforts. The stock trades at just ~5x FY25 EBITDA with a ~13% FCF Yield, a substantial discount to US peers including Martin Marietta, Vulcan Materials and Summit Materials. Notably, SRC's closest comp by size, US Lime & Minerals, trades at ~28x EBITDA. Presenter’s 2-year TP is £1.54 (95% upside), but he sees potential for a 3-to-4-bagger over time.
Edition: 200
- 29 November, 2024
Corporate Access: 24 events hosted so far in 2022...
Peter Daniel hosts Zoom based calls with interesting industry (public & private companies) thought leaders for institutional equity investors. Highlights from this year include Tamara Lundgren (CEO, Schnitzer Steel); Lee Cooperman (Omega Family Office); Bill Rooney (VP- Strategic Development, Kuehne & Nagel); Ward Nye (CEO, Martin Marietta Materials); Scott Hamilton (President, Leeham Company); and Ken Langone (Co-Founder, Home Depot). Further details and a full list of all the events that Peter has hosted this year can be found here.
Edition: 148
- 11 November, 2022
Corporate Access: Hosting calls with industry thought-leaders
Peter Daniel hosts Zoom based calls with interesting industry (public & private companies) thought leaders for institutional equity investors. Here are some recent events. Stay tuned for future meetings...
Steve Saxon - Partner, McKinsey & Co., lives in Shanghai - Update on China Covid lockdown implications and supply chain issues.
Ward Nye - CEO - Martin Marietta Materials - Company update.
Dave Jackson - CEO - Knight-Swift Transportation - Company update.
Ryan Green - CEO - Gridwise - A mobile app that gig economy drivers use to track important job-related operating metrics.
Curtis Garrett - Former Chief Strategy Officer - Reconex - Update on the LTL Industry.
Bob Martin - CEO - Thor Industries - Company update and RVing industry review.
Spencer Patton - CEO - Route Consultant - Update on FDX ISP operators.
Edition: 141
- 05 August, 2022
2Q22 Heavy Materials survey
TRG’s survey focuses on aggregate, concrete, asphalt and cement volume and pricing trends throughout the quarter. During this survey season, they have been particularly focused on the relative changes in momentum, especially for the residential end market. Pricing is going through while volumes and margins are a mixed bag. TRG’s 25-page report also includes earnings previews and estimate changes for Arcosa, Atlas Technical Consultants, Eagle Materials, Martin Marietta Materials, Summit Materials and Vulcan Materials.
Edition: 139
- 08 July, 2022