Pit & Quarry, November 2015
markets the Dow Jones Industrial Average DJIA and the Standard and Poors 500 S P 500 While the index remains behind the broader market over a 10 year period the CM Index companies have vastly outperformed the broader market since The Department of Transportation has determined that it has sufficient funding to meet its obligations through next summer early 2015 The successful IPO of Summit Materials completion of the Holcim Lafarge merger and the continued improvement of the residential sector are all factors in the rise to date Stock valuations for the top public Figure 4 CNI Valuation Metrics Figure 5 CMI Companies TEV EBITDA Oct 10 Ma r 11 Jan 12 Jun 12 Au g 11 Feb 14 Apr 13 Sep 13 Nov 12 Jul 14 Dec 14 May 15 Source S P Capital IQ as of October 2 2015 companies have followed a strong trend line since fall 2008 When the enterprise value to EBITDA ratio rises to todays levels it implies that investors believe in the growth story for an industry Because the stock market is a leading indicator of economic performance Debt levels are a key discussion point among public companies and maintaining ratios that satisfy bank covenants is a key capital consideration as the Federal Reserve may increase rates this is a good sign for the materials sector as we look ahead to 2016 Combined earnings for the CM Index companies have been relatively steady since 2011 due primarily to pressure on price As volumes increase and plant efficiencies improve we ex ECONOMICS PULSE 1300x 1200x 1100x 1000x 900x 800x 700x 600x 500x 400x 300x Oct 05 Jan 07 Jun 07 Mar 06 Aug 06 Apr 08 Sep 08 Nov 07 Jul 09 Dec 09 Feb 09 Dont let an ounce of dirt STOP 1000 TONS OF ROCK Improved Innovative Sealing Technology The Sealmaster family of mounted bearings has a proven history of performance with innovative seal design specifc for challenging applications Simplifed Designs Easier Installation The Browning TorqTaper Plus shaft mount speed reducer uses a patented single mounting bushing and requires no special tools for installation Lifecycle Engineering Services We can help you operate at maximum effciency Call 606 564 2477 @ AggSolutions PowerTransmissionSolutions PowerTransmissionSolutions com Aggregate Browning and Sealmaster are trademarks of Regal Beloit Corporation or one of its affliated companies 2015 Regal Beloit Corporation All Rights Reserved MCAD14021E Form 9286E May 10 54 PIT QUARRY November 2015 www pitandquarry com
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