Intrinsic value of Axalta Coating Systems - AXTA

Previous Close

$31.29

  Intrinsic Value

$16.44

stock screener

  Rating & Target

sell

-47%

Previous close

$31.29

 
Intrinsic value

$16.44

 
Up/down potential

-47%

 
Rating

sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  4,097
  4,376
  4,665
  4,967
  5,280
  5,606
  5,946
  6,301
  6,670
  7,055
  7,457
  7,877
  8,315
  8,773
  9,252
  9,752
  10,276
  10,824
  11,398
  11,999
  12,628
  13,287
  13,977
  14,701
  15,459
  16,254
  17,088
  17,962
  18,879
  19,841
  20,850
Variable operating expenses, $m
 
  3,905
  4,157
  4,420
  4,693
  4,977
  5,272
  5,581
  5,902
  6,238
  6,587
  6,856
  7,238
  7,637
  8,053
  8,489
  8,945
  9,422
  9,922
  10,444
  10,992
  11,566
  12,167
  12,797
  13,457
  14,149
  14,875
  15,636
  16,434
  17,271
  18,149
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
  3,905
  4,157
  4,420
  4,693
  4,977
  5,272
  5,581
  5,902
  6,238
  6,587
  6,856
  7,238
  7,637
  8,053
  8,489
  8,945
  9,422
  9,922
  10,444
  10,992
  11,566
  12,167
  12,797
  13,457
  14,149
  14,875
  15,636
  16,434
  17,271
  18,149
Operating income, $m
  516
  470
  508
  547
  588
  630
  674
  720
  768
  817
  869
  1,020
  1,077
  1,136
  1,198
  1,263
  1,331
  1,402
  1,476
  1,554
  1,636
  1,721
  1,810
  1,904
  2,002
  2,105
  2,213
  2,327
  2,445
  2,570
  2,701
EBITDA, $m
  838
  817
  872
  928
  986
  1,047
  1,111
  1,177
  1,246
  1,318
  1,393
  1,471
  1,553
  1,639
  1,728
  1,822
  1,920
  2,022
  2,129
  2,242
  2,359
  2,482
  2,611
  2,746
  2,888
  3,037
  3,192
  3,356
  3,527
  3,707
  3,895
Interest expense (income), $m
  169
  162
  178
  194
  212
  230
  248
  268
  288
  310
  332
  355
  379
  404
  430
  458
  487
  517
  548
  581
  616
  652
  690
  730
  771
  815
  860
  908
  959
  1,011
  1,067
Earnings before tax, $m
  87
  309
  330
  353
  376
  400
  425
  452
  479
  508
  538
  665
  698
  732
  768
  805
  844
  885
  928
  973
  1,020
  1,069
  1,121
  1,175
  1,231
  1,291
  1,353
  1,418
  1,487
  1,559
  1,634
Tax expense, $m
  39
  83
  89
  95
  101
  108
  115
  122
  129
  137
  145
  180
  188
  198
  207
  217
  228
  239
  251
  263
  275
  289
  303
  317
  332
  348
  365
  383
  401
  421
  441
Net income, $m
  42
  225
  241
  257
  274
  292
  311
  330
  350
  371
  393
  486
  510
  535
  561
  588
  616
  646
  677
  710
  744
  780
  818
  858
  899
  942
  988
  1,035
  1,085
  1,138
  1,193

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
  5,866
  5,690
  6,067
  6,458
  6,866
  7,291
  7,733
  8,193
  8,673
  9,174
  9,697
  10,243
  10,813
  11,408
  12,031
  12,682
  13,363
  14,076
  14,822
  15,603
  16,421
  17,278
  18,176
  19,117
  20,103
  21,137
  22,221
  23,358
  24,551
  25,801
  27,113
Adjusted assets (=assets-cash), $m
  5,331
  5,690
  6,067
  6,458
  6,866
  7,291
  7,733
  8,193
  8,673
  9,174
  9,697
  10,243
  10,813
  11,408
  12,031
  12,682
  13,363
  14,076
  14,822
  15,603
  16,421
  17,278
  18,176
  19,117
  20,103
  21,137
  22,221
  23,358
  24,551
  25,801
  27,113
Revenue / Adjusted assets
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
Average production assets, $m
  2,511
  2,682
  2,860
  3,044
  3,237
  3,437
  3,645
  3,862
  4,089
  4,325
  4,571
  4,828
  5,097
  5,378
  5,671
  5,978
  6,299
  6,635
  6,987
  7,355
  7,741
  8,145
  8,568
  9,012
  9,477
  9,964
  10,475
  11,011
  11,573
  12,163
  12,781
Working capital, $m
  978
  503
  537
  571
  607
  645
  684
  725
  767
  811
  858
  906
  956
  1,009
  1,064
  1,122
  1,182
  1,245
  1,311
  1,380
  1,452
  1,528
  1,607
  1,691
  1,778
  1,869
  1,965
  2,066
  2,171
  2,282
  2,398
Total debt, $m
  3,264
  3,553
  3,886
  4,232
  4,593
  4,968
  5,359
  5,766
  6,190
  6,633
  7,095
  7,577
  8,081
  8,608
  9,158
  9,734
  10,336
  10,966
  11,625
  12,316
  13,039
  13,797
  14,590
  15,422
  16,294
  17,208
  18,167
  19,172
  20,226
  21,331
  22,491
Total liabilities, $m
  4,741
  5,030
  5,363
  5,709
  6,070
  6,445
  6,836
  7,243
  7,667
  8,110
  8,572
  9,054
  9,558
  10,085
  10,635
  11,211
  11,813
  12,443
  13,102
  13,793
  14,516
  15,274
  16,067
  16,899
  17,771
  18,685
  19,644
  20,649
  21,703
  22,808
  23,968
Total equity, $m
  1,125
  660
  704
  749
  796
  846
  897
  950
  1,006
  1,064
  1,125
  1,188
  1,254
  1,323
  1,396
  1,471
  1,550
  1,633
  1,719
  1,810
  1,905
  2,004
  2,108
  2,218
  2,332
  2,452
  2,578
  2,710
  2,848
  2,993
  3,145
Total liabilities and equity, $m
  5,866
  5,690
  6,067
  6,458
  6,866
  7,291
  7,733
  8,193
  8,673
  9,174
  9,697
  10,242
  10,812
  11,408
  12,031
  12,682
  13,363
  14,076
  14,821
  15,603
  16,421
  17,278
  18,175
  19,117
  20,103
  21,137
  22,222
  23,359
  24,551
  25,801
  27,113
Debt-to-equity ratio
  2.901
  5.380
  5.520
  5.650
  5.770
  5.870
  5.970
  6.070
  6.150
  6.230
  6.310
  6.380
  6.440
  6.500
  6.560
  6.620
  6.670
  6.720
  6.760
  6.800
  6.850
  6.880
  6.920
  6.950
  6.990
  7.020
  7.050
  7.080
  7.100
  7.130
  7.150
Adjusted equity ratio
  0.112
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116
  0.116

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  225
  241
  257
  274
  292
  311
  330
  350
  371
  393
  486
  510
  535
  561
  588
  616
  646
  677
  710
  744
  780
  818
  858
  899
  942
  988
  1,035
  1,085
  1,138
  1,193
Depreciation, amort., depletion, $m
  322
  347
  364
  381
  399
  418
  437
  457
  479
  501
  524
  451
  476
  503
  530
  559
  589
  620
  653
  687
  723
  761
  801
  842
  886
  931
  979
  1,029
  1,082
  1,137
  1,194
Funds from operations, $m
  504
  572
  605
  638
  673
  710
  748
  787
  828
  871
  916
  937
  986
  1,037
  1,091
  1,147
  1,205
  1,266
  1,330
  1,398
  1,468
  1,542
  1,619
  1,700
  1,785
  1,873
  1,967
  2,064
  2,167
  2,275
  2,387
Change in working capital, $m
  -55
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  101
  105
  111
  116
Cash from operations, $m
  559
  540
  571
  604
  637
  672
  709
  746
  786
  827
  870
  889
  936
  984
  1,036
  1,089
  1,145
  1,203
  1,264
  1,329
  1,396
  1,466
  1,539
  1,616
  1,697
  1,782
  1,871
  1,964
  2,062
  2,164
  2,271
Maintenance CAPEX, $m
  0
  -235
  -251
  -267
  -285
  -302
  -321
  -341
  -361
  -382
  -404
  -427
  -451
  -476
  -503
  -530
  -559
  -589
  -620
  -653
  -687
  -723
  -761
  -801
  -842
  -886
  -931
  -979
  -1,029
  -1,082
  -1,137
New CAPEX, $m
  -136
  -172
  -178
  -185
  -192
  -200
  -208
  -217
  -226
  -236
  -246
  -257
  -269
  -281
  -293
  -307
  -321
  -336
  -352
  -368
  -386
  -404
  -423
  -444
  -465
  -487
  -511
  -536
  -562
  -590
  -618
Cash from investing activities, $m
  -257
  -407
  -429
  -452
  -477
  -502
  -529
  -558
  -587
  -618
  -650
  -684
  -720
  -757
  -796
  -837
  -880
  -925
  -972
  -1,021
  -1,073
  -1,127
  -1,184
  -1,245
  -1,307
  -1,373
  -1,442
  -1,515
  -1,591
  -1,672
  -1,755
Free cash flow, $m
  302
  134
  143
  152
  161
  170
  179
  189
  199
  209
  219
  204
  216
  227
  239
  252
  265
  279
  293
  307
  323
  338
  355
  372
  390
  409
  429
  449
  470
  493
  516
Issuance/(repayment) of debt, $m
  -160
  317
  333
  346
  360
  375
  391
  407
  424
  443
  462
  482
  504
  527
  550
  576
  602
  630
  659
  691
  723
  758
  794
  832
  872
  914
  958
  1,005
  1,054
  1,106
  1,160
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
  317
  333
  346
  360
  375
  391
  407
  424
  443
  462
  482
  504
  527
  550
  576
  602
  630
  659
  691
  723
  758
  794
  832
  872
  914
  958
  1,005
  1,054
  1,106
  1,160
Total cash flow (excl. dividends), $m
  50
  451
  476
  498
  521
  545
  570
  596
  623
  652
  681
  687
  720
  754
  790
  828
  867
  909
  952
  998
  1,046
  1,096
  1,149
  1,204
  1,262
  1,323
  1,387
  1,454
  1,524
  1,598
  1,676
Retained Cash Flow (-), $m
  -51
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
  -138
  -145
  -152
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
 
  916
  432
  453
  474
  496
  518
  542
  567
  594
  621
  623
  653
  685
  718
  752
  788
  826
  866
  907
  951
  997
  1,045
  1,095
  1,148
  1,203
  1,261
  1,322
  1,386
  1,453
  1,524
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
 
  842
  362
  343
  321
  298
  274
  249
  223
  198
  173
  143
  121
  102
  84
  68
  54
  42
  32
  24
  17
  12
  8
  6
  4
  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. is a holding company. The Company is a manufacturer, marketer and distributor of coatings systems primarily serving the transportation industry. The Company's segments include Performance Coatings and Transportation Coatings. Through its Performance Coatings segment, the Company provides liquid and powder coatings solutions to a fragmented and local customer base. Through its Transportation Coatings segment, the Company provides coating technologies to original equipment manufacturers (OEMs) of light and commercial vehicles. The Performance Coatings segment serves various end markets, including refinish and industrial. The Company develops, markets and supplies a portfolio of coatings systems and color matching technologies. The Company also develops and supplies an array of coatings systems for a range of commercial applications, including heavy-duty truck (HDT), bus, rail and agricultural construction equipment (ACE).

FINANCIAL RATIOS  of  Axalta Coating Systems (AXTA)

Valuation Ratios
P/E Ratio 179.2
Price to Sales 1.8
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 13.5
Price to Free Cash Flow 17.8
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 19
Current Ratio 0
LT Debt to Equity 287.6%
Total Debt to Equity 290.1%
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. 5.1%
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 6.8% 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 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 61.3%.

Life of production assets of 10.7 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 11.5%. 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 - $1125 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 243.511 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 $7.6 billion.

RELATED COMPANIES Price Int.Val. Rating
PPG PPG Industries 115.62 97.29  hold
SHW Sherwin-Willia 397.13 2,196.67  str.buy
FOE Ferro Corp. 22.01 33.50  buy
NTIC Northern Techn 22.73 43.13  str.buy

COMPANY NEWS

▶ 2018 Winter Olympic Athletes Will Sport Axalta Coatings   [Feb-09-18 12:00PM  Business Wire]
▶ Axalta Coating Systems reports 4Q loss   [07:03AM  Associated Press]
▶ PPG Industries Stock Soars as 4Q17 Revenue Beats Estimates   [Jan-22-18 09:47AM  Market Realist]
▶ PPG Industries: Short Interest before Its 4Q17 Earnings   [Jan-15-18 07:33AM  Market Realist]
▶ Axalta Schedules 2018 Financial Outlook Conference Call   [Dec-05-17 01:21PM  Business Wire]
▶ Axalta and Nippon End Acquisition TalksWhats Next?   [Dec-04-17 11:07AM  Market Realist]
▶ Akzo's Second Chance   [05:43AM  Bloomberg]
▶ KeyBanc: Axalta Buyer Would Pay $40-$45 Per Share   [Nov-28-17 08:54AM  Benzinga]
▶ Axalta Ends Talks with Akzo Nobel, Starts Merger with Nippon   [Nov-27-17 10:47AM  Market Realist]
▶ [$$] Who Knew the Paint Industry Could Be This Exciting?   [Nov-23-17 11:56PM  The Wall Street Journal]
▶ Deere and Axalta climb while Hewlett Packard Enterprise dips   [Nov-22-17 04:53PM  Associated Press]
▶ Two Stocks Set to Pop   [02:01PM  CNBC Videos]
▶ [$$] Who Knew the Paint Industry Could Be This Exciting?   [10:20AM  The Wall Street Journal]
▶ AkzoNobel ends merger talks with Axalta   [05:04AM  Associated Press]
▶ Axalta Expands Industrial Market Range, Explores New Markets   [Nov-13-17 11:32AM  Market Realist]
▶ Axalta and AkzoNobel Confirm Potential Merger Discussions   [Nov-06-17 02:46PM  Market Realist]
▶ Stocks With Rising Relative Strength: Axalta Coating Systems   [03:00AM  Investor's Business Daily]
▶ Company News For Oct 31, 2017   [Oct-31-17 10:32AM  Zacks]
▶ [$$] Akzo Nobel, Axalta Confirm Merger Talks   [12:31AM  The Wall Street Journal]
▶ [$$] Akzo/Axalta: applying a gloss   [11:11AM  Financial Times]
▶ Akzo Nobel and Axalta Confirm Merger Talks   [10:30AM  24/7 Wall St.]
▶ Company News For Oct 30, 2017   [10:07AM  Zacks]
▶ Akzo Nobel pursues $30bln deal with Axalta   [09:39AM  Reuters Videos]
Financial statements 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.