Intrinsic value of Axalta Coating Systems - AXTA

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$31.99

  Intrinsic Value

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  Value-price divergence*

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AXTA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.39
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  4,097
  4,199
  4,315
  4,443
  4,584
  4,738
  4,905
  5,086
  5,279
  5,486
  5,707
  5,943
  6,193
  6,459
  6,741
  7,040
  7,356
  7,689
  8,042
  8,414
  8,806
  9,219
  9,655
  10,114
  10,597
  11,106
  11,642
  12,205
  12,797
  13,421
  14,076
Variable operating expenses, $m
 
  3,752
  3,852
  3,964
  4,087
  4,221
  4,367
  4,523
  4,692
  4,872
  5,065
  5,174
  5,392
  5,623
  5,869
  6,129
  6,403
  6,694
  7,001
  7,324
  7,666
  8,026
  8,405
  8,805
  9,226
  9,668
  10,135
  10,625
  11,141
  11,683
  12,254
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,582
  3,752
  3,852
  3,964
  4,087
  4,221
  4,367
  4,523
  4,692
  4,872
  5,065
  5,174
  5,392
  5,623
  5,869
  6,129
  6,403
  6,694
  7,001
  7,324
  7,666
  8,026
  8,405
  8,805
  9,226
  9,668
  10,135
  10,625
  11,141
  11,683
  12,254
Operating income, $m
  516
  448
  462
  479
  497
  517
  539
  562
  587
  614
  643
  769
  802
  836
  873
  911
  952
  995
  1,041
  1,089
  1,140
  1,194
  1,250
  1,309
  1,372
  1,438
  1,507
  1,580
  1,657
  1,737
  1,822
EBITDA, $m
  838
  726
  746
  769
  793
  820
  849
  880
  913
  949
  987
  1,028
  1,071
  1,117
  1,166
  1,218
  1,272
  1,330
  1,391
  1,456
  1,523
  1,595
  1,670
  1,750
  1,833
  1,921
  2,014
  2,111
  2,214
  2,322
  2,435
Interest expense (income), $m
  169
  113
  117
  122
  127
  133
  139
  146
  153
  161
  169
  178
  187
  197
  208
  219
  231
  244
  257
  271
  286
  302
  319
  336
  355
  374
  394
  416
  438
  462
  487
Earnings before tax, $m
  87
  334
  345
  357
  370
  384
  400
  417
  434
  453
  474
  591
  614
  639
  665
  692
  721
  751
  784
  818
  854
  891
  931
  973
  1,017
  1,064
  1,113
  1,164
  1,218
  1,275
  1,335
Tax expense, $m
  39
  90
  93
  96
  100
  104
  108
  112
  117
  122
  128
  160
  166
  172
  179
  187
  195
  203
  212
  221
  230
  241
  251
  263
  275
  287
  300
  314
  329
  344
  360
Net income, $m
  42
  244
  252
  261
  270
  281
  292
  304
  317
  331
  346
  432
  449
  466
  485
  505
  526
  549
  572
  597
  623
  651
  680
  710
  743
  777
  812
  850
  889
  931
  975

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  535
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,855
  5,454
  5,604
  5,770
  5,954
  6,154
  6,371
  6,605
  6,856
  7,125
  7,412
  7,718
  8,043
  8,389
  8,755
  9,143
  9,553
  9,986
  10,444
  10,927
  11,436
  11,973
  12,539
  13,135
  13,763
  14,424
  15,119
  15,850
  16,620
  17,429
  18,280
Adjusted assets (=assets-cash), $m
  5,320
  5,454
  5,604
  5,770
  5,954
  6,154
  6,371
  6,605
  6,856
  7,125
  7,412
  7,718
  8,043
  8,389
  8,755
  9,143
  9,553
  9,986
  10,444
  10,927
  11,436
  11,973
  12,539
  13,135
  13,763
  14,424
  15,119
  15,850
  16,620
  17,429
  18,280
Revenue / Adjusted assets
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Average production assets, $m
  2,511
  1,188
  1,221
  1,257
  1,297
  1,341
  1,388
  1,439
  1,494
  1,553
  1,615
  1,682
  1,753
  1,828
  1,908
  1,992
  2,082
  2,176
  2,276
  2,381
  2,492
  2,609
  2,732
  2,862
  2,999
  3,143
  3,295
  3,454
  3,622
  3,798
  3,983
Working capital, $m
  1,000
  504
  518
  533
  550
  569
  589
  610
  633
  658
  685
  713
  743
  775
  809
  845
  883
  923
  965
  1,010
  1,057
  1,106
  1,159
  1,214
  1,272
  1,333
  1,397
  1,465
  1,536
  1,610
  1,689
Total debt, $m
  3,274
  3,355
  3,488
  3,635
  3,796
  3,973
  4,164
  4,370
  4,592
  4,829
  5,083
  5,352
  5,639
  5,944
  6,267
  6,609
  6,971
  7,353
  7,756
  8,182
  8,632
  9,105
  9,605
  10,130
  10,684
  11,267
  11,880
  12,525
  13,204
  13,918
  14,668
Total liabilities, $m
  4,719
  4,810
  4,943
  5,090
  5,251
  5,428
  5,619
  5,825
  6,047
  6,284
  6,538
  6,807
  7,094
  7,399
  7,722
  8,064
  8,426
  8,808
  9,211
  9,637
  10,087
  10,560
  11,060
  11,585
  12,139
  12,722
  13,335
  13,980
  14,659
  15,373
  16,123
Total equity, $m
  1,136
  644
  661
  681
  703
  726
  752
  779
  809
  841
  875
  911
  949
  990
  1,033
  1,079
  1,127
  1,178
  1,232
  1,289
  1,349
  1,413
  1,480
  1,550
  1,624
  1,702
  1,784
  1,870
  1,961
  2,057
  2,157
Total liabilities and equity, $m
  5,855
  5,454
  5,604
  5,771
  5,954
  6,154
  6,371
  6,604
  6,856
  7,125
  7,413
  7,718
  8,043
  8,389
  8,755
  9,143
  9,553
  9,986
  10,443
  10,926
  11,436
  11,973
  12,540
  13,135
  13,763
  14,424
  15,119
  15,850
  16,620
  17,430
  18,280
Debt-to-equity ratio
  2.882
  5.210
  5.270
  5.340
  5.400
  5.470
  5.540
  5.610
  5.680
  5.740
  5.810
  5.880
  5.940
  6.000
  6.070
  6.130
  6.180
  6.240
  6.290
  6.350
  6.400
  6.440
  6.490
  6.540
  6.580
  6.620
  6.660
  6.700
  6.730
  6.770
  6.800
Adjusted equity ratio
  0.113
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118
  0.118

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  244
  252
  261
  270
  281
  292
  304
  317
  331
  346
  432
  449
  466
  485
  505
  526
  549
  572
  597
  623
  651
  680
  710
  743
  777
  812
  850
  889
  931
  975
Depreciation, amort., depletion, $m
  322
  279
  284
  290
  296
  302
  310
  318
  326
  335
  345
  259
  270
  281
  294
  307
  320
  335
  350
  366
  383
  401
  420
  440
  461
  484
  507
  531
  557
  584
  613
Funds from operations, $m
  504
  523
  536
  550
  566
  583
  602
  622
  643
  666
  690
  691
  718
  748
  779
  812
  847
  883
  922
  963
  1,007
  1,052
  1,100
  1,151
  1,204
  1,260
  1,319
  1,381
  1,447
  1,515
  1,587
Change in working capital, $m
  -55
  12
  14
  15
  17
  18
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
Cash from operations, $m
  559
  480
  522
  535
  549
  565
  582
  600
  620
  641
  664
  662
  688
  716
  745
  776
  809
  843
  880
  919
  959
  1,003
  1,048
  1,096
  1,146
  1,199
  1,255
  1,314
  1,375
  1,440
  1,509
Maintenance CAPEX, $m
  0
  -179
  -183
  -188
  -193
  -200
  -206
  -214
  -221
  -230
  -239
  -248
  -259
  -270
  -281
  -294
  -307
  -320
  -335
  -350
  -366
  -383
  -401
  -420
  -440
  -461
  -484
  -507
  -531
  -557
  -584
New CAPEX, $m
  -136
  -27
  -33
  -36
  -40
  -44
  -47
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -100
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -159
  -168
  -176
  -185
Cash from investing activities, $m
  -257
  -206
  -216
  -224
  -233
  -244
  -253
  -265
  -276
  -289
  -302
  -315
  -330
  -345
  -361
  -378
  -396
  -414
  -435
  -455
  -477
  -500
  -524
  -550
  -577
  -605
  -636
  -666
  -699
  -733
  -769
Free cash flow, $m
  302
  274
  306
  311
  316
  321
  328
  335
  344
  353
  362
  347
  358
  371
  384
  398
  413
  429
  445
  463
  482
  502
  523
  545
  569
  594
  620
  647
  676
  707
  739
Issuance/(repayment) of debt, $m
  -160
  119
  132
  147
  162
  176
  191
  206
  222
  237
  253
  270
  287
  305
  323
  342
  362
  382
  404
  426
  449
  474
  499
  526
  554
  583
  613
  645
  679
  714
  751
Issuance/(repurchase) of shares, $m
  17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -233
  119
  132
  147
  162
  176
  191
  206
  222
  237
  253
  270
  287
  305
  323
  342
  362
  382
  404
  426
  449
  474
  499
  526
  554
  583
  613
  645
  679
  714
  751
Total cash flow (excl. dividends), $m
  50
  393
  439
  458
  477
  498
  519
  542
  565
  590
  616
  617
  645
  675
  707
  740
  774
  811
  849
  889
  931
  976
  1,022
  1,071
  1,123
  1,176
  1,233
  1,293
  1,355
  1,421
  1,490
Retained Cash Flow (-), $m
  -62
  -15
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
Prev. year cash balance distribution, $m
 
  507
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  885
  421
  438
  456
  474
  494
  514
  536
  558
  582
  581
  607
  635
  664
  694
  726
  760
  795
  832
  871
  912
  956
  1,001
  1,048
  1,099
  1,151
  1,206
  1,264
  1,325
  1,389
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  814
  353
  332
  309
  285
  261
  236
  210
  186
  162
  133
  113
  94
  77
  62
  49
  38
  29
  22
  16
  11
  8
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high performance coatings products primarily for the transportation industry. It operates through two segments, Performance Coatings and Transportation Coatings. The Performance Coatings segment offers various waterborne and solventborne products and systems that are used to refinish damaged vehicles for independent body shops, multi-shop operators, and original equipment manufacturer (OEM) dealership body shops. This segment also provides functional and decorative liquid and powder coatings for use in various industrial applications, including architectural cladding and fittings, automotive coatings, general industrial, job coaters, electrical insulation coatings, HVAC, appliances, rebar, and oil and gas pipelines. It offers liquid coatings under the Voltatex, AquaEC, Chemophan, Lutophen, Stollaquid, and Syntopal brand names; and powder coatings under the brand names of Alesta, Nap-Gard, and Abcite. This segment sells and supplies its products directly to customers, as well as through a network of independent local distributors. The Transportation Coatings segment develops and supplies a line of coatings products, such as electrocoat, primer, basecoat, and clearcoat products for light vehicle OEMs for the coating of new vehicles; and various coatings systems for various commercial applications, including heavy-duty truck, bus, rail, and agricultural construction equipment. It sells and ships its products directly to light vehicle OEM customers. Axalta Coating Systems Ltd. has operations in North America; Europe, the Middle East, and Africa; the Asia Pacific; and Latin America. The company was formerly known as Axalta Coating Systems Bermuda Co., Ltd. and changed its name to Axalta Coating Systems Ltd. in August 2014. Axalta Coating Systems Ltd. was founded in 1866 and is headquartered in Philadelphia, Pennsylvania.

FINANCIAL RATIOS  of  Axalta Coating Systems (AXTA)

Valuation Ratios
P/E Ratio 183.2
Price to Sales 1.9
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow 18.2
Growth Rates
Sales Growth Rate -0.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.9%
Financial Strength
Quick Ratio 14
Current Ratio 0
LT Debt to Equity 284.9%
Total Debt to Equity 288.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 1.2%
Return On Equity 3.8%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 38.3%
Gross Margin - 3 Yr. Avg. 36.4%
EBITDA Margin 14.1%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 12.6%
Oper. Margin - 3 Yr. Avg. 10.5%
Pre-Tax Margin 2.1%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. 1.3%
Effective Tax Rate 44.8%
Eff/ Tax Rate - 3 Yr. Avg. 29.8%
Payout Ratio 0%

AXTA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AXTA stock intrinsic value calculation we used $4097 million for the last fiscal year's total revenue generated by Axalta Coating Systems. The default revenue input number comes from 2016 income statement of Axalta Coating Systems. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AXTA stock valuation model: a) initial revenue growth rate of 2.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.8%, whose default value for AXTA is calculated based on our internal credit rating of Axalta Coating Systems, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Axalta Coating Systems.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AXTA stock the variable cost ratio is equal to 89.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AXTA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Axalta Coating Systems.

Corporate tax rate of 27% is the nominal tax rate for Axalta Coating Systems. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AXTA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AXTA are equal to 28.3%.

Life of production assets of 6.5 years is the average useful life of capital assets used in Axalta Coating Systems operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AXTA is equal to 12%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1136 million for Axalta Coating Systems - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 239.408 million for Axalta Coating Systems is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Axalta Coating Systems at the current share price and the inputted number of shares is $7.7 billion.


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COMPANY NEWS

▶ Axalta Opens Asia-Pacific Technology Center in China   [Jun-15-17 03:23PM  Business Wire]
▶ Axalta Coating Systems Wins Honda Supplier Award in Brazil   [Jun-13-17 03:00PM  Business Wire]
▶ PPG Industries Wont Attempt to Acquire Akzo Nobel   [Jun-05-17 12:05PM  Market Realist]
▶ NFL puts the brakes on Eagles Pocono race promotion   [Jun-02-17 04:05PM  American City Business Journals]
▶ Axalta to Acquire Spencer Coatings Group   [08:24AM  Market Realist]
▶ Axalta Renews Its 2 Refinish Brands with BMW   [May-22-17 05:39PM  Market Realist]
▶ Axalta Expands with New Headquarters in India   [May-08-17 09:36AM  Market Realist]
▶ Axalta Expertise on Display at FOCUS Conference   [May-03-17 03:19PM  Business Wire]
▶ The Paint Has Not Yet Dried On This Top Stock's New Buy Zone   [Apr-26-17 11:13AM  Investor's Business Daily]
▶ Axalta Coating Systems tops Street 1Q forecasts   [07:30AM  Associated Press]
▶ Axalta Releases First Quarter 2017 Results   [06:45AM  Business Wire]
▶ Jerome Dodson Keeps Buying McKesson, Axalta, Pentair   [Apr-25-17 04:47PM  GuruFocus.com]
▶ Can Sherwin-Williams Continue to Paint the Tape?   [Apr-19-17 05:41PM  TheStreet.com]
▶ Company News for April 13, 2017   [11:17AM  Zacks]
▶ The Next Stock Warren Buffett Might Sell   [09:23AM  Motley Fool]
▶ Axalta Dazzles with Past and Present Ford GT Colors   [Apr-11-17 02:15PM  Business Wire]
Stock chart of AXTA Financial statements of AXTA Annual reports of AXTA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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