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SUM

Summit Materials

$14.47

-0.71 (-4.68%)

06:17
11/06/18
11/06
06:17
11/06/18
06:17

Summit Materials cuts FY18 adjusted EBITDA view to $400M-$410M

"For the full-year 2018, the Company has reduced its Adjusted EBITDA guidance from a range of $460 million to $480 million to a range of $400 million to $410 million, including acquisition-related contributions from two transactions that closed since the Company's last update in August 2018. No additional potential acquisitions are included within the Company's full-year 2018 Adjusted EBITDA guidance. For the full-year 2018, the Company has revised its capital expenditure guidance to be in the range of $225 million to $235 million."

  • 06

    Nov

  • 06

    Nov

SUM Summit Materials
$14.47

-0.71 (-4.68%)

06/27/18
RBCM
06/27/18
INITIATION
RBCM
Outperform
Summit Materials assumed with an Outperform at RBC Capital
RBC Capital analyst Michael Dahl assumed Summit Materials with a Outperform rating and a $35 price target.
08/02/18
RBCM
08/02/18
NO CHANGE
Target $27
RBCM
Outperform
Summit Materials price target lowered to $27 from $35 at RBC Capital
RBC Capital analyst Mike Dahl lowered his price target on Summit Materials to $27 after its disappointing Q2 results and a cut in FY18 adjusted EBITDA guidance. The analyst keeps his Outperform rating on the stock however, citing attractive valuation following a 16% post-earnings slide as well as "multiple levers" for the company to accelerate its growth.
09/11/18
DBAB
09/11/18
NO CHANGE
Target $30
DBAB
Buy
Summit Materials investor deck points to lowered outlook, says Deutsche Bank
Summit Materials didn't explicitly lower fiscal 2018 guidance with its new investor slide deck, but everything the company disclosed points in that direction, Deutsche Bank analyst Nishu Sood tells investors in a research note. The new deck, released just three weeks after the last one, describes poor weather across one-third of its operations, continued competitive pressures in the cement business and even higher asking multiples on transactions, Sood points out. The analyst lowered his fiscal 2018 EBITDA estimate to $465M from $470M and sees added risk to second half of 2018 numbers. However, Sood keeps a Buy rating on Summit Materials with a $30 price target, citing the stock's "significant valuation discount to peers."
10/11/18
DADA
10/11/18
NO CHANGE
Target $28
DADA
Buy
Summit Materials price target lowered to $28 from $32 at DA Davidson
DA Davidson analyst Brent Thielman lowered his price target on Summit Material to $28 and also lowered his FY18 EPS view to 97c from $1.06 to reflect the anticipated headwinds from adverse weather conditions during the quarter in Texas and select Midwest and Mid-Atlantic markets. The analyst notes that his forecasts are being impacted by project delays in those categories as well as increases in variable costs, adding that the "repeated weather or inflation-induced shortfalls have been amplified by an unusually deep ~2-year 'rout' in public works planning". Thielman keeps his Buy rating however, noting that the recent public sector momentum that includes a "notable shift" to much larger projects is a positive and validates mid-single to high-single digit core volume growth rate anticipated for 2019.

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