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ValuEngine Detailed Valuation Report for MLM

ValuEngine Detailed Valuation Report for MLM

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Published by ValuEngine.com
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.
Advanced academic research that brings you superior investment strategies in an actionable format. The most comprehensive and useful report available. ValuEngine's three models: Valuation Model, Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Also, detailed Company Profile, ValuEngine Fair Valuation; 1-3-6 month and 1-2-3 yr forecasts, ValuEngine 1-5 Engine Rating, Multi-stock comparison, Financials, Earnings Estimates, Risk Assessment, Data Summary and much more.

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VgluEngine

TM

DETAILED RESEARCH REPORT
Sep. 03, 2010

MARTIN MRT-MATL(MLM)
VALUENGINE RECOMMENDATION & BASIC INFORMATION
1 7 5 ©ValuEngine.com 2009
POSITIVE outperform

RECOMMENDATION NEGATIVE underperform NEUTRAL match

3 2 2 2 1 0

150 125

Volume (million)

Price
Rank btm 23% btm 43% btm 33% btm 40% btm 27% top 15%

VALUENGINE RATING

100 75 50

RECOMMENDATION FACTORS Value Overall Rank Fair Value 1Yr Target Price P/E Ratio Last 1-Y Return Market Cap(bil) $84.05 $75.81 42.06 -8.96% $3.50

25 0 2006 Close Price 2007 2008 2009 Volume Sell 2010 Hold Buy

Model Price

VALUENGINE RECOMMENDATION
ValuEngine has issued a HOLD recommendation for MARTIN MRT-MATL on Sep. 03, 2010. Based on the information we have gathered and our resulting research, we feel that MARTIN MRT-MATL has the probability to ROUGHLY MATCH average market performance for the next year. The company exhibits ATTRACTIVE company size and volatility, but UNATTRACTIVE market/book ratio and momentum.

BASIC INFORMATION Last Trade Trade Date Market Cap(bil) Trailing P/E Forward P/E PEG Ratio P/S Ratio M/B Ratio Sharpe Ratio 5-Y Avg Ann Return Volatility EPS Growth Annual Dividend Dividend Yield LT Debt/Equity Beta VALUATION ANALYSIS MLM Industry Sector Today's Fair value: $84.05 8.21% undervalued Building And Related 14.70% undervalued Basic Industries 4.48% undervalued $77.15 09/02/10 $3.49713 42.06 22.53 0.49 2.05 4.52 -0.01 -0.34% 31.75% 86.70% $1.60 2.07% 1.05 0.98

RECOMMENDATION OVERVIEW
ValuEngine's stock recommendations are based on the proprietary ValuEngine one-year forecast return (1YFR) model output for each individual equity. A stock is rated Strong Buy, Buy, Hold, Sell, Strong Sell based on the Forecast One Year Return. The breakdown for each rating is as follows: • Strong Buy: More than +12% 1YFR • Buy: Between +5% and +12% 1YFR • Hold: Between -5% and +5% 1YFR • Sell: Between -12% and -5% 1YFR • Strong Sell: Less than -12% 1YFR ValuEngine's Strong Buy-rated stocks have an averaged annual return of 19% since 2001. For more details on the ValuEngine One Year Forecast Target price and its components, please go HERE.

FAIR MARKET VALUATION PRICE
Based on available data as of Sep. 03, 2010, we believe that MLM should be trading at $84.05. This makes MLM 8.21% undervalued. Fair Value indicates what we believe the stock should be trading at today if the stock market were perfectly efficient and everything traded at its true worth. For MLM, we base this on actual earnings per share (EPS) for the previous four quarters of $1.83, forecasted EPS for the next four quarters of $3.42, and correlations to the 30year Treasury bond yield of 3.73%. There are an additional 10 firm specific and interest rate related parameters, each playing a role in the valuation analysis. For more details on ValuEngine's Fair Value Model, please go HERE.

FORECAST ANALYSIS 1-Month 3-Month 6-Month 1-Year 2-Year 3-Year Target Price $77.92 $77.03 $75.92 $75.81 $74.46 $89.10 Exp. Return 1.00% -0.16% -1.59% -1.74% -3.48% 15.49%

FORECASTED TARGET PRICES
The predictive variables used in Valuengine's forecast target price models include both proprietary and well-established forecasting variables derived from credible financial research studies and publications. Our forecasting models capture, among other things, several important tendencies that stock prices consistently exhibit: Short-term price reversals, Intermediate-term momentum continuation, and Long-term price reversals. We use a distinct forecasting model for each time horizon and for every industry. We then apply the most advanced statistical/econometric techniques to ensure that our stock return forecasts are as reliable as possible. For more details on ValuEngine's Fair Value Model, please go HERE.

Contact ValuEngine:
ValuEngine, Inc. 41 University Drive, Suite 400 Newtown, PA 18940, U.S.A. (800) 381-5576 (T) support@ValuEngine.com www.ValuEngine.com

Copyright © 1998 - 2010 ValuEngine Inc

1

00%).06 Rank 43 27 65 83 78 86 64 36 20 40 1. Fair Value Historical Average PEG PEG-Based Fair Value 2.2010 ValuEngine Inc 2 .5 -0. Among the three. The analyst consensus estimate is $3.83 per share in its recent 4 quarters.25 $358. MLM earned $1.75% 86. Valuation Based on MLM's Past PEG Over the past 10 years. Comparables' PEG Comparables JHX SNOFF VAL VMC WSO. Otherwise. VMC and WSO.42 for its 4-quarterforward EPS.01 $159. we apply the P/E to give a fair value for the stock as of today.25. In other words a high rank is always better. MLM's average PEG is 2. and dolomitic lime. commercial and residential. The following assessment is based on multiplying the historical PEG with recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters for MLM. PEG is the most informative as it reflects both the price/earnings ratio and expected future EPS growth. This is sometimes confusing to newcomers to ValuEngine.21% -8. we resort to the P/S to assess its fair value.96% -0.VgluEngine BUSINESS SUMMARY TM DETAILED RESEARCH REPORT MARTIN MRT-MATL(MLM) BUSINESS SUMMARY. including highways. including heat-resistant refractory products for the steel industry.61 n/a Fair Value Comparable Stocks' Avg PEG Comparable PEG-Based Fair Value 1. chemicals products for industrial.52 42. while P/E is better than P/S. For each given stock.42 for its 4 quarter forward EPS. Each of these quantitative measurements is ranked on a scale of 1 to 100.01. MLM's current price sales ratio is 2. If its forecasted EPS growth is negative but its forward 4 quarter EPS is positive. divided by the consensus analyst forecasted next year EPS growth). These two alternative perspectives should give you a good idea about where this stock's valuation stands today. On this page.05.01 2. we apply the PEG to give a fair value assessment if both its trailing 4 quarter EPS and forecasted EPS growth rate are positive.70% 3. The current PEG average of these comparables is 1. the best time to buy would be below $67. agricultural and environmental uses. OPTIMAL BUY-SELL Based solely on the Historical Mispricing of MLM. Let's take them one by one: • Valuation rank 43: 57% of stocks are more undervalued • Momentum rank 27: 73% of stocks have higher momentum • Sharpe Ratio rank 64: 36% of stocks have a higher Sharpe Ratio • 5-Year Average Annual Return 65: 35% of stocks have higher average annual return • Volatility rank 83: 17% of stocks have less volatility • EPS growth rank 78: 22% of stocks have greater projected EPS growth • Size rank 86: 14% of companies have higher market capitalization • P/E rank 40: 60% of stocks have lower P/E ratios • Price/Sales rank 36: 64% of stocks have lower price/sales ratios • Market/Book rank 20: 80% of stocks have lower market/book value ratios 2.34% 31. P/E (price to forward 4 quarter earnings ratio). and P/S ratio (price to trailing 4 quarter sales). MLM earned $1. SNOFF.05 4. EVALUATION & RANKINGS Valuation 12-Month Return 5-Y Avg Ann Rtn Volatility EPS Growth Market Cap(bill) Sharpe Ratio P/S Ratio M/B Ratio P/E Ratio Value -8. The following assessment is based on multiplying comparable stocks' average PEG today with MLM's recent 4 quarter EPS and the forecasted EPS growth rate over the next 4 quarters .95 (or valuation above 32.83 per share in its recent 4 quarters.4 0. the more positive the influence each measurement has on the overall attractiveness of the stock.89 Copyright © 1998 . we present such a valuation based on one of three market ratios: PEG (price to trailing 4 quarter earnings ratio. The best time to sell would be above $110. Martin Marietta Materials producer of aggregates for the construction industry.02 EVALUATION & RANKINGS SUMMARY Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. Generally the higher the ranking.05. The company also manufactures and markets magnesia-based products.B. The analyst consensus estimate is $3. we use both (i) the average historical market ratio of the stock over the past 10 years (or however long there is data available for the stock). DATA SUMMARY & MARKET RATIO BASED VALUATION MARKET RATIO BASED VALUATION Portfolio managers and professionals traditionally rely on market ratios to gauge whether a stock is fair valued or overvalued. MLM's current price sales ratio is 2. and (ii) the average market ratio today of five comparable stocks in the same sector and from companies of similar size. To establish a valuation standard.00%). VAL.B Current PEG n/a n/a 1. infrastructure. Valuation Based on Comparables' PEG MLM's comparables are JHX.24 (or valuation below 20.

in comparison with the Industry -15.96% 27 performance of a stock over the recent 12 months. MLM has a Market/Book rank of 20. and S&P 500 averages. S&P 500 17. MLM is in Sector -4.17 24. MLM is moderately lower than the S&P 500 n/a n/a industry rank of 66. Industry -14.This is slightly higher than the industry Sector 63. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 12-Month Return Rank The ValuEngine 12-Month Return Rank reflects the relative stock MLM -8.21% 43 company's stock price and its Fair Value.15 61 MLM is significantly higher than the industry. S&P 500 29. A higher rank indicates a better return performance. Sector 37. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- M/B Ratio Rank The Market/Book Rank is a measure of a stock's market to book ratio MLM 4. MLM is slightly higher than the S&P 500 -0.21 46 (over the last five years) divided by its annualized volatility over the Sector -0. A higher Volatility Rank indicates a lower volatile percentile of Industry 68.49% 41 than the industry Rank of 49. Stocks with the lowest P/S ratio are Industry 0. A higher rank corresponds to a lower Industry 3.64 46 substantially lower than the industry rank of 55.VgluEngine TM DETAILED RESEARCH REPORT MARTIN MRT-MATL(MLM) VALUENGINE RANKINGS Just as important as the percentages shown for our ten predictive variables for each stock is the way they are ranked against the 7000 plus stocks in our database. On a scale of 1 to Industry 2.59% 45 industry's rank score of 39.5 86 market capitalization.02 Rank 40 43 51 65 The ValuEngine P/E Rank signifies the relative standing of a company on its P/E ratio.02 49 ranked 1. which has a S&P 500 -2. With a rank of 64.69% 59 With a 12-Month Return Rank of 27. With a P/E rank of 40.48 16. MLM has a Volatility Rank of 83. In other words a high rank is always better.41 50 capitalization within ValuEngine's stock universe.52 20 relative to the stock universe. which carries a Valuation S&P 500 -12.99 66 assigned a rank of 100 while stocks with the highest P/S ratio are Sector 4.2010 ValuEngine Inc . which is significantly higher Sector 68.06 22. MLM is slightly higher than the industry. MLM is in line with the industry P/E rank of 43. which is Sector 3. 3 Copyright © 1998 . Stocks in the top P/E percentile are each assigned a rank of 1(highest P/E stocks) while those in the bottom P/E percentile are assigned a rank of 100 (traditional value stocks).14 50 industry.48% 43 line with the average of its industry group. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Sharpe Ratio Rank The ValuEngine Sharpe Ratio Rank measures the risk return tradeoff MLM -0.70% 53 the more undervalued the stock. With a Size rank of 86. S&P 500 n/a n/a -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/E Ratio MLM Industry Sector S&P 500 42. a higher 12-Month Return rank indicates a stronger performance.20% 58 has an EPS Growth Rank of 78. which has a rank of 50. Sector 4.14% 50 Rank of 53. Sector -4. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 5-Y Avg Ann Rtn Rank The ValuEngine 5-Years Average Return Rank reflects a stock's MLM -0.75% 83 stock.02 60 same 5 years.06% 60 With a rank of 65. MLM Industry 52. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Volatility Rank The ValuEngine Volatility Rank reflects the volatility associated with the MLM 31.77% 49 stocks. the more positive the influence each measurement has on the overall attractiveness of the stock. With a Valuation Rank of 43.01 64 offered by a stock. The below data points show how the rank for each data point for MLM relates to the overall industry.50% 56 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Market Cap(bill) Rank The ValuEngine Size rank signifies the company's size in terms of MLM 3. At a Price/Sales rank of 36. MLM is slightly lower than the S&P 500 9. sector.40% 59 rank of 45. relative to the universe.57% 99 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- EPS Growth Rank The ValuEngine EPS Growth Rank indicates a stock's expected EPS MLM 86. which has a rank of 46. A higher rank denotes a larger market Industry 1.63 55 market book value. A high rank indicates a high growth rate expectation. Sharpe ratio is the stock's average annual return Industry -0. The higher the Valuation rank. Each of these quantitative measurements is ranked on a scale of 1 to 100. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Valuation Rank The ValuEngine Valuation Rank measures the relationship between a MLM -8. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- P/S Ratio Rank The ValuEngine Price/Sales rank signifies the relative position of the MLM 2.33% 45 coverage universe.44% 57 rank of 58.01% 39 100.70% 78 growth rate.34% 65 average annual return over the last 5 years.05 36 company based on its P/S ratio. Generally the higher the ranking.

78% 79.75% 24.82% 46.58% 48.87 0.25% 49.91% 48.83% 52.47% n/a -13.01 0.09% 56.09% 51.21% -7.33 Rank 64 87 81 48 31 P/S Ratio MLM VAL SNOFF JHX VMC 2.1 n/a n/a 3.26% 45.85% 12-Month Return Rank MLM VAL SNOFF JHX VMC -8.05 11.10% -2.96% 20.39% 52.46% 1.92% 89.27 0.83 1.74% Rank 15 53 68 RISK ASSESSMENT: CHANCE OF LOSS JHX 78 One-Month Three-Month Six-Month 95 One-Year Two-Year 86 85 88 81 88 Three-Year 46.42% 51.85% 27 60 n/a 24 20 Six-Month One-Year Two-Year Three-Year 5-Y Avg Ann Rtn Rank MLM VAL SNOFF JHX VMC -0.86 n/a 230.45% EPS Growth MLM VAL SNOFF JHX VMC 0.67 Rank 40 71 79 n/a 34 Copyright © 1998 .09% VAL 61.74% 54.05 0.98 3.9 Rank * Comparables are companies in the same Sector and Industry and of approximately similar market capitalization value.34% 6.22% 20.58% 58.VgluEngine Valuation MLM VAL SNOFF JHX VMC -8.17% 47.15 -0.41% 65 81 n/a 48 38 RISK ASSESSMENT: CHANCE OF GAIN JHX One-Month Three-Month Six-Month One-Year 83 92 Two-Year Three-Year 53.2010 ValuEngine Inc 4 .16% 47.42% 41.00% -0.38 2.75% 50.75 Rank 33 n/a n/a Market Cap(bill) MLM VAL SNOFF JHX VMC 3.50% -13.02% 35.91% 61.5 3.06 14.05% 53.33% 49.56% VMC 47.56% 44.31% 43.11% -2.32% 57.22 Rank 20 46 55 n/a 5 P/E Ratio MLM VAL SNOFF JHX VMC 42.61% 47.87% -18.15 1.64% -1.62 n/a 18.08 4. Sharpe Ratio MLM VAL SNOFF JHX VMC -0.69% 56.16% 54.60% 9.44% 55.18% 53.84% 52.66% MLM 45.07% 2.91% 43.17% 46.12% 50.49% 18.68% 42.38% 40.95% 46.36% -0.16% -1.17 -0.34% MLM 54.92 Rank 36 59 26 40 38 M/B Ratio MLM VAL SNOFF JHX VMC 4.93% -3.67% 50.55% Volatility MLM VAL SNOFF JHX VMC 31.34% 0.63% 3.74% -3.44% VMC 52.47% VMC 0.56% 49.52 1.99 1.56% n/a n/a -21.59% -1.83% 53.64% TM DETAILED RESEARCH REPORT MARTIN MRT-MATL(MLM) COMPARISON OF SIMILAR STOCKS* & RISk ASSESSMENT Rank 43 42 n/a n/a 65 FORECAST COMPARISONS RETURN FORECAST: EXPECTED RETURN JHX One-Month Three-Month 1.09% 38.12 4.98% -0.82% 6.88% 49.91% VAL 38.65% n/a -7.48% 15.84% 45.49% VAL 2.00% MLM 1.83% -6.

9 200312 125.1 0 234.1 3032.1 71.5 4.6 209.8 2330.9 0 1832.7 1021.9 9.9 0 1023.5 0 54.5 0 239.9 239.7 200.1 0 -36 1254 2506.4 240.4 147.1 0 579.4 1083 2258. Plant & Equipment Accumulated Depreciation Net Property.7 52.1 31.7 0 285 0 1202.1 0 159.8 200612 32.7 1129.4 8.1 200212 0 0 232.3 200812 37.3 0 27.6 0 160.9 0 0.1 17.4 2258.9 1406.9 203.7 0 -7.4 0 0.5 1142.2 --1065.3 ---2.7 0 1175.2 315.7 3032.4 51 931.4 0 581.1 642.7 0 -33.2 125.4 0.6 47.8 6.6 0 636.7 2683.8 1.3 200412 161.6 795.4 381.8 10.5 526.5 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.7 2355.4 0 -101.7 29.7 29.4 1690.3 289 0 97.7 2433.3 1.2 0 200.2 268.4 200512 76.5 0 135.2 0 130.9 0 1200.2 0 222.9 1630.7 0 -37 946 2683.4 0.9 0 63.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.9 0 0 0 636.3 --1295.4 0.7 62.2 626 --1433.3 33 197.6 0 -8.4 0 2010.5 0.9 3466 1773.1 0 132.3 ---4.2 1058.4 0 602.8 ---0 48 621.3 1173.5 447.1 226.7 0 35.8 0 211.4 3239.8 0 0.4 0 63.4 78.5 0 733.4 85.3 0 242.1 11.9 0 848.9 ---2.3 73.6 0 0 0 609.2 435.5 16.5 0 586.1 0 55.5 366.6 213.6 0 0.2010 ValuEngine Inc 5 .4 0 0.5 0 42.4 0 77.9 1 0 62.5 1044.5 0 7.3 0 1152.3 7.6 0 174.4 256.4 0 1259.8 0 0.4 55.1 0 1737.5 0 195.5 0 0.5 89.6 0 162.5 58.9 276.7 ---5.6 220.6 318 51.7 0 2330.1 624.5 96.6 1.6 0 219.5 200712 20 0 245.1 0 103.1 --1067.3 76. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT MARTIN MRT-MATL(MLM) ANNUAL FINANCIALS (All items in Millions) 200912 263.1 373.7 ---0 53.3 0 -9 1153.5 0 10.8 506.8 0 0 0 713.8 286.5 0 81.8 0 108.1 1692.7 2506.3 86.8 0 34.8 3239.9 592.2 27.3 0 199 0 1252.2 11.9 856.2 0 26.3 93.7 52.2 33.5 --1042.9 348.7 2.5 0 702.9 202.8 332.9 0 588 49 2433.7 25 225 222.4 0 584.1 47.1 0 717.1 0 150 0 709.6 0 8.1 0 39.9 0 57.3 0 38. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .4 2355.1 53.5 948 0 -15.4 0 335.1 665 3320.5 602 --1166.5 26.

8 0 6.6 0 14.1 0 0 0 262.1 -51.8 0 0 0 171.2 571 0.2 -19. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.7 130.1 -19.7 56.2 171.8 0 5.7 277.2 -44.2 -266 27.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT MARTIN MRT-MATL(MLM) ANNUAL FINANCIALS (All items in Millions) 200912 1702.1 341.5 243.7 138.1 73.2 132.5 0.5 -8.6 0 0 0 243.2 0.2 -120.7 470.7 43.8 262.3 46.5 0 4.9 0 -23 203. Depl.9 101.9 155.3 5.2 -53.4 106.3 4.8 -202.7 47.8 -221.1 41 0 0 0 101.4 -139.1 0 15.8 0 -4 -185 294.8 -20.5 -61..9 42.7 0 20.8 -11. net EPS .3 -1.6 49.8 17.5 0.2 262.6 121. Plant.9 522.7 -258.7 0 13.4 1401.1 1636.5 48.8 0 14.2 93.6 44 144.9 1.Basic.1 48..3 42.1 6.7 200212 1692. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .3 27.9 4.2 -2.7 146.5 115. before non-recurring Preferred Dividends .1 1649.6 245.8 -12.6 0 45.8 200312 1711.6 41.5 -2.7 -102.6 -8.2 179.7 262.5 92.4 342.9 129.5 0 6.5 0 -107 36.4 141.1 128.4 423. Depletion.4 21 0 29.2 245.9 8.7 0.7 97.5 93.9 378. Net Cash from (used by) Invesment Act.7 74. Net Change in Cash & Cash Equivalents Copyright © 1998 .9 0.6 116.9 200412 1759.7 -11.7 -36.4 -69.2 44 85.4 -0.6 69.6 126.7 2.4 -49 0 0.Diluted.8 6. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.7 -9.1 4.1 -39.5 290.9 1.4 46.7 40.6 -264.2 42 41.7 0 6.8 192.6 -66.8 0.3 338.6 -5.5 -169. Other Adjustments .9 127.9 1.6 1 200512 2004.1 -1.8 0.5 0 0 0 128.5 0 18.7 -48 0 97.5 93.6 268 72.3 46.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.9 -145.5 -99.5 192.9 48.4 45.3 1.5 266.4 -141.7 -123.8 110.3 88.5 323.8 318.8 -84.7 292.5 0 0 0 195.4 189.2 44.5 200712 2207. Amort.2 33.5 0 0 0 97.8 1.1 4.7 -1.8 1.6 97.3 -67.1 0 1.Net Net Cash from (used by) Operating Act.7 375.2 0 1.8 176. Expense Income Before Depr.6 0 1.4 0 -25 32.2 6.6 -36.8 -12.5 -213.8 174.7 12. Amort.9 -71. & Equ.5 -46.8 -40 0 -188.6 395.7 92.3 350.9 0 24.2 4.5 86.6 142.7 6 .8 176. Increase/Decrease in Prop.6 1417. Depletion.6 1364.9 0.4 1683.9 0.4 -17.5 346.4 0.3 0 -5.3 243.8 138.9 337.6 Research & Development Expense Selling.2 42.8 187.9 1.2 -4.5 -0.4 5.6 317.8 0.3 -45.5 -2.5 0 0 -450.7 299.5 195.8 0 1.9 -4. net EPS .8 2 -28.6 146.2 200612 2206.1 -7.2 -192.Diluted.4 17.4 1411.9 0 0 -256 -536.1 43 184. Depreciation.5 0.4 1.3 -3.6 -152.4 149.5 225.2 48.7 2.2 1580.5 -151. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.7 150.5 25 0 -213.6 0 29.2 -41.3 -28.7 213.2 1 129.6 60.2 0 2. General & Admin.6 200812 2120.4 115.3 0 -102.9 126.3 0.4 177.9 -71.8 -163.2 -29.9 2.3 48.4 -5.2 414.4 0 0 0 87.1 0.6 22.2 -21.3 71.7 1.9 -15.9 0.2 -33.5 4.3 -62.6 139.2010 ValuEngine Inc 88.

1 4.5 1042.3 690.7 3315.6 0 66.5 1.3 0 192.4 78.6 200806 13.6 1665.4 39.2 1016.8 47.9 200912 263.5 0 195.5 17.2 0 1152. Plant & Equipment Accumulated Depreciation Net Property.7 1712.4 673.6 262.4 315.6 0 -57 1301.9 0 0 0 636.5 15.2 39.1 226.1 3207.2 1058.4 ---0 58.4 285.9 2.8 0 637.9 279.7 0 0.3 333.8 0 -55.4 1695.4 3239.5 16.6 0 629.1 11.4 0 -38.9 0 68.9 0 1023.6 18.1 0 109.1 39.9 0 0.2 0 46.7 0 10.7 200906 133.6 Current Portion of Long-term Debt Current Portion of Capital Leases Accrued Expenses Income Taxes Payable Other Current Liabilities Total Current Liabilities Mortgages Deferred Charges (taxes/income) Convertible Debt Long Term Debt Non-Current Capital Leases Other Long-Term Liabilities Minority Interest (liabilities) Total Liabilities Preferred Stock Common Stock.9 1372.5 1704.8 0 175.9 15.7 0 35.2 78.1 40.9 3466 1773.2 101 279.8 0 1152.8 0 642.1 1737.1 17.1 665 3320.9 3349.2 268.2 203.9 273.6 31 389.1 2.7 0 49.4 0 -101.7 0 -33.4 305.8 1036.3 0 1029.5 0 189.2 0 -29.6 0 15.3 1.5 0 163.6 1597.5 0 7.7 62.3 0 1968.4 0 0.2010 ValuEngine Inc 7 .4 52.5 0 42.4 381.7 75.8 0 0.6 1695 0 0 0 643.8 0 1872 0 0.3 200909 193. Net Capital Surplus Retained Earnings Treasury Stock Other Equity Total Shareholders' Equity Total Liabilites & Shareholders Equity Copyright © 1998 .5 0 239.8 3282.9 1683.9 51.4 0 2010.2 61.7 347.9 3244.1 0 293.1 200812 37.2 0 637.9 0 300.1 373.4 1690.2 1.9 0 1988.7 52.4 0 7.4 0 335.1 1692.6 47.3 0 1152.9 0 271.4 3253.3 83.7 0 7.8 332.8 1284.2 233.9 0 0.2 3253.2 0 1038.6 0 636.4 492.9 48.1 3032.9 987.5 0 87.5 24.3 99.1 3408.7 1021.2 67.7 226 0 80.6 12.6 5.7 0 6.2 1577.8 3239.8 0 1048.2 394.6 318 51.7 0 294 0 1905.4 282 1.3 219.8 11.3 1352 3232.4 317.6 0 162. Plant & Equipment Investment & Advances Other non-current Assets Deferred Charges Intangibles Deposits & other assets TOTAL ASSETS Notes Payable Accounts Payable TM DETAILED RESEARCH REPORT MARTIN MRT-MATL(MLM) QUARTERLY FINANCIALS (All items in Millions) 201003 221 0 202.4 74.9 1698.VgluEngine BALANCE SHEET Cash Marketable Securities Receivables Inventory Raw Materials Work in Progress Finished Goods Notes Receivable Other Current Assets Total Current Assets Property.4 67.4 1.1 0 39.7 3032.1 0 -48.9 0 2054.9 348.1 52 3244.8 0 0.4 18.5 4.3 0 40 395.2 1.7 52.5 200809 13.5 329.8 3071.6 1805.4 324.4 386.5 1044.8 0 211.2 802.5 0 54.4 0 250.1 0 322 297.7 0 221.3 289 0 97.5 3207.8 1.2 33.6 0 628 36 3063.8 1080.1 0 12.9 202.1 0 173.8 424.4 319.5 854.1 322 47.7 97.3 1.7 0 0.2 33.5 47.9 1406.5 96.8 0 241.6 845 3436.3 0 1153 0 245.4 77 181.7 1021.9 1630.9 1016.2 3071.6 0 174.2 3063.8 0 1880.7 3500.6 0 254.9 0 1832.3 891.9 0 -37 1075.1 1718.7 0.9 17.6 0 175.2 3232.2 200903 222 0 244.9 856.

2 1.5 92.9 0 -0.5 10.Basic.3 370.7 15.5 59.1 36.1 156 34.1 0 0 -422.2 87.5 233.8 0.4 200812 468.9 41.4 101.3 25.9 0 4 27.6 0 32. Amort.5 38.9 44.6 271 -223. net EPS .8 0.6 -0.3 0 1.9 125.3 84.9 -5.9 0.9 0.1 293. Net Cash from (used by) Invesment Act.4 -139.9 126.2 18.2 171. Increase/Decrease in Prop. Depl. net EPS .8 0 14.2 45.1 240.2 0 0 0 -5.Diluted.9 -11.9 44.5 63.5 -0.3 0 6.8 44.2 1.6 21.3 -1.5 0 0 -450.3 18.9 -3 0 -0.Diluted.6 26.4 -23.5 114.5 -42.4 0.6 73 0 1.8 41.6 17.8 151 125.2 72.2 116.7 -45.1 -5.3 58.5 89.3 0 0 0 55.2 -21.1 234.1 126.1 -0.4 200809 599.4 200909 488.5 -8.8 8.7 38.3 -204.9 -20 68.6 55.6 -100.1 0 18.6 38.2 -41.8 -43.6 0.8 17.8 44.3 41.7 -17.1 -18.1 -159.7 459.5 0 -0.5 -12.3 447.8 -199.4 -212.9 -20.2 364.2 38.2 -17.5 -18.9 -71.5 0.9 0 -2.7 -44.4 0 0.6 0 0 0 25.2 93.8 -8.6 126.4 18.1 28.5 0 1.1 -0.6 26. Depreciation.1 -24.2 0.7 -258.9 8 .3 3.2 66.4 95.6 -29.3 0 0 0 58. Non-Operating Income Interest Expense Pretax Income Provision for Income Taxes Minority Interest Investment Gains (Losses) Other Income Income Before Extraordinaries & Disc Extraordinary Items & Discontinued Net Income Average Shares used for Diluted EPS Average Shares used for Basic EPS Income Before Non-Recurring Items Income From Non-Recurring Items EPS .1 -16.8 0.2 30.4 -23.5 -0.1 -20.2010 ValuEngine Inc -24.1 37.1 104.5 1.8 -202.4 200903 375 326.Net Net Cash from (used by) Operating Act.8 -16.1 0 0 0 66.8 -0.6 0.2 -3.2 0 2.8 195.1 -17.1 0.2 184. Amortization-CF Net Increase(decrease) in Cash from(used in) Discontinued Oper.3 Research & Development Expense Selling.6 0 0 0 38.6 1.2 0 -4 -146.4 42.7 92.Acc & Pd Dividends (common) Dividend per share (common) CASH FLOW STATEMENT Net Income (Cash Flow) Depreciation.5 0.4 200912 374.2 0 1.5 92. Amort.4 0 0 -51.9 321.2 179.2 -16.1 42 97. Acquisition/Disposition of Subsidiaires Increase (decrease) in Investments Other Cash inflow from Investment Act.1 0.7 0 45.6 0.6 0.6 -16.1 -4 -1.2 14.4 0.8 -28. & Equ.9 0.5 145.5 -52.1 -25 -26.5 0 0 -36.4 21 0 29.5 0 1.5 1.7 313.2 176.6 55.3 0.1 341.4 45.7 -6.3 19.2 73.7 0 -16 19.7 0 -4 -122. Issuance (purchase) of Equity Shares Issuance (repayment) of Debt Securities Increase (decrease) in Bank & Other Payment of Dividends & Other Cash Other Cash from (used by) Financing Net Cash from (used by) Financing Act.8 0 -4 -185 294. Net Change in Cash & Cash Equivalents Copyright © 1998 .1 133.3 -62.6 117.2 111.5 0.7 45 2.2 15.5 44.9 -5 0 0 0 -24.6 -6.9 0 0. Depletion.6 -2.4 0.4 -24.9 0 0 -372.7 -74.2 0 11.2 294.5 88.4 -14.8 0.5 -8.8 -20.3 0 -0. Depletion.1 -19.7 19. Plant.1 84..8 19.9 -21.4 33.5 -18.2 64.3 42 41.7 233.3 0 0 0 -3 -0.1 12.7 -72.8 91.3 0 7.2 -192.VgluEngine INCOME STATEMENT Net Sales or Revenues Cost of Goods Sold Gross Profit TM DETAILED RESEARCH REPORT MARTIN MRT-MATL(MLM) QUARTERLY FINANCIALS (All items in Millions) 201003 340.6 0.3 0.1 -0.8 -40.8 318.9 0 13.9 41.6 48. Expense Income Before Depr.2 -42.7 -203 -34.5 -0.2 44..6 151.8 0.9 156.6 1.4 66.3 -2.3 139.3 5. Other Adjustments .7 -8.5 0 55.8 41.6 0.1 -0.9 0 -1 18.9 -17.7 81.9 41.4 200906 466 354. before non-recurring Preferred Dividends .2 112.4 -6. General & Admin.5 225.4 200806 598.2 -0.

foreign.com. and commentary from ValuEngine Chief Market Strategist Richard Suttmeier and Senior Analyst Steve Hach. objective. financial advisors. Also.valuengine.valuengine. and strategy-implementation needs. VE also offers long-only portfolio newsletter products as well as specialized industry and sector reports.com. ValuEngine Fair Valuation. and U. ValuEngine 1-5 Engine Rating. development.500 U.000 individual stock reports--like this one--is included with every VEI subscription. ValuEngine's three models: Valuation Model. newsletter publishers.S. or send us an email at support@ValuEngine. Financials. VEI deploys the power of ValuEngine's quant-based valuation. customization..com/nl/WeeklyNewsletter ValuEngine Premium Newsletters: ValuEngine offers a variety of premium newsletter products designed to meet every style of investment. and consistent computerized research department whenever and wherever needed. indices. you can differentiate your firm from the competition by offering of time-proven.valuengine. ValuEngine has the research.com/rep/mainrep To find out more about ValuEngine's many independent and objective investment products and services. You can sign up for a free 14 day no-risk trial period: www. Tell us your financial objectives and specify your universe constraints and ValuEngine can provide everything from back testing and strategy development to front and back-end automation services. please go to our website at www. a Research House. Data Summary and much more.VgluEngine TM DETAILED RESEARCH REPORT MARTIN MRT-MATL(MLM) VALUENGINE SERVICE DESCRIPTIONS Thank you for your interest in ValuEngine! ValuEngine Detailed Valuation Report: Advanced academic research that brings you superior investment strategies in an actionable format. The software provides access to our proprietary market neutral portfolio strategies and the ability to extract the entire universe database of ValuEngine model outputs each day.com/pub/main?i=0 Consultancy Services: With ValuEngine's 10 years of experience to help you maximize your professional investment strategy. call us at 1-800-381-5576. Markets. Forecast Model and Ratings Model are incorporated to give you a well-rounded analysis from three different perspectives. detailed Company Profile. To download a free demo. analysis. forecast.S. Risk Assessment. go to the Newsletter portion of our website: www. portfolio creation/optimization.com/pub/main?p=33 The ValuEngine Weekly Newsletter: The ValuEngine Weekly Newsletter features market research. high-performance research to your clients. IT. Full access to more than 4. More report information: www. an Independent Financial Advisor. and database capabilities to your desktop. ValuEngine private-label products can be customized for funds managers. Consensus EPS trend and Earnings Surprise statistics provide additional insights. Multi-stock comparison. To view sample issues of our many newsletters or to subscribe. or an Independent Broker/Dealer with hundreds of financial advisors. Treasuries.valuengine.com.valuengine. 1-3-6 month and 1-2-3 yr forecasts. Whether you are a Fund Manager.2010 ValuEngine Inc 9 . please visit our website at www. and web-site owners. Earnings Estimates. To receive this free newsletter every Friday. The Weekly includes quantitative market and sector overviews of the entire ValuEngine U. ValuEngine Premium Web Site Stock Analysis Service: A subscription to our website allows access to ValuEngine's proprietary real-time quantitative analysis tools for more than 5. Active traders should consider Chief Market Strategist Richard Suttmeier's ValuEngine Morning Briefing while those looking for a diversified portfolio of both long and short ideas should check out the ValuEngine Forecast 22 Market Neutral Strategy Newsletter. Below is a brief description of some of our additional products and services. Copyright © 1998 . and ADR stocks which trade on U. VEI provides the finance professional with a fast.com/nl/mainnl ValuEngine Institutional (VEI): VEI is a software package designed to meet the demanding requirements of Finance Professionals. stock universe as well as VE data points for hot stocks and industries. sign up here: www. VEI will dramatically increase your productivity. and mathematical brainpower on staff to provide Funds and Institutions with complete solutions to their research. The ValuEngine Weekly Newsletter also includes tips and tricks for getting the most out of VE's quant-based investment tools. Please call (800) 381-5576 to speak with a sales representative or email support@valuEngine. Chief Market Strategist Suttmeier provides technical levels for key commodities. brokers. accurate.S.ValuEngine. The most comprehensive and useful report available.S.

3. to buy or sell any securities or related financial instruments. shortterm price reversals. three-factor approach. and long-term price reversals over six time horizons for every industry to ensure forecasts are established relative to a stock's proper peer groups.VgluEngine TM DETAILED RESEARCH REPORT MARTIN MRT-MATL(MLM) VALUENGINE'S METHODOLOGY ValuEngine's research combines the most advanced academic concepts with real world Wall Street practice. ValuEngine. all of the views expressed accurately reflect his or her personal views about those securities or issuers. or reproduction is strictly prohibited. Engine Rating and Average Annual Return (Jan 2001 . among other things. certifies that with respect to each security or issuer that the analyst covered in this report: a). officers. in whole or in part. Buy: Expected to outperform the SP500 producing above average returns. 3. The VE Engine Rating is an assessment of a stock's overall attractiveness. 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Each research analyst primarily responsible for the content of this research report. ValuEngine's stock valuation employs a sophisticated. No warranty is made as to the accuracy of the information contained herein.Jul 2010) 20 Avg Return (%) 15 10 5 0 1 2 3 4 5 Engine Rating DISCLOSURES ValuEngine offers equity recommendations and related return estimates to investors and their advisors.2010 ValuEngine Inc 10 . Inc. This is a consolidated version of the firm's five class rating system: most favorable and favorable ratings are buys. has not received compensation from the companies discussed above in the last 12 months. and the 30-year Treasury yield. ValuEngine paints a detailed picture of a company's fair value. The following are specific disclosures made by ValuEngine with regards to this research report: 1. This information is intended for the sole use of clients of ValuEngine. 5. only 2 percent of ValuEngine's 5. 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