Intrinsic value of Axalta Coating Systems - AXTA

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$31.99

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$31.99

 
Intrinsic value

$12.81

 
Up/down potential

-60%

 
Rating

str. sell

 
Value-price divergence* premium content

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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
  784
  806
  830
  856
  885
  916
  950
  986
  1,025
  1,066
  1,110
  1,157
  1,206
  1,259
  1,315
  1,374
  1,436
  1,502
  1,571
  1,644
  1,722
  1,803
  1,889
  1,979
  2,074
  2,174
  2,279
  2,390
  2,506
  2,629
Interest expense (income), $m
  169
  162
  168
  174
  182
  190
  199
  208
  218
  229
  241
  254
  267
  282
  297
  313
  330
  348
  367
  387
  409
  431
  455
  479
  506
  533
  562
  593
  625
  659
  695
Earnings before tax, $m
  87
  286
  295
  305
  316
  328
  340
  354
  369
  385
  402
  515
  534
  555
  576
  598
  622
  647
  674
  702
  731
  763
  795
  830
  866
  904
  945
  987
  1,032
  1,078
  1,128
Tax expense, $m
  39
  77
  80
  82
  85
  88
  92
  96
  100
  104
  108
  139
  144
  150
  155
  162
  168
  175
  182
  190
  197
  206
  215
  224
  234
  244
  255
  266
  279
  291
  304
Net income, $m
  42
  209
  215
  222
  230
  239
  249
  259
  269
  281
  293
  376
  390
  405
  420
  437
  454
  473
  492
  512
  534
  557
  581
  606
  632
  660
  690
  721
  753
  787
  823

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
  2,574
  2,645
  2,724
  2,810
  2,905
  3,007
  3,117
  3,236
  3,363
  3,499
  3,643
  3,797
  3,960
  4,132
  4,315
  4,509
  4,714
  4,930
  5,158
  5,398
  5,652
  5,919
  6,200
  6,496
  6,808
  7,136
  7,482
  7,845
  8,227
  8,628
Working capital, $m
  1,000
  517
  531
  547
  564
  583
  603
  626
  649
  675
  702
  731
  762
  795
  829
  866
  905
  946
  989
  1,035
  1,083
  1,134
  1,188
  1,244
  1,303
  1,366
  1,432
  1,501
  1,574
  1,651
  1,731
Total debt, $m
  3,274
  3,354
  3,486
  3,633
  3,794
  3,970
  4,161
  4,367
  4,588
  4,825
  5,078
  5,347
  5,633
  5,937
  6,259
  6,601
  6,961
  7,343
  7,746
  8,171
  8,619
  9,092
  9,590
  10,114
  10,666
  11,248
  11,860
  12,503
  13,181
  13,893
  14,642
Total liabilities, $m
  4,719
  4,799
  4,931
  5,078
  5,239
  5,415
  5,606
  5,812
  6,033
  6,270
  6,523
  6,792
  7,078
  7,382
  7,704
  8,046
  8,406
  8,788
  9,191
  9,616
  10,064
  10,537
  11,035
  11,559
  12,111
  12,693
  13,305
  13,948
  14,626
  15,338
  16,087
Total equity, $m
  1,136
  654
  672
  692
  714
  738
  764
  793
  823
  855
  889
  926
  965
  1,007
  1,051
  1,097
  1,146
  1,198
  1,253
  1,311
  1,372
  1,437
  1,505
  1,576
  1,652
  1,731
  1,814
  1,902
  1,994
  2,092
  2,194
Total liabilities and equity, $m
  5,855
  5,453
  5,603
  5,770
  5,953
  6,153
  6,370
  6,605
  6,856
  7,125
  7,412
  7,718
  8,043
  8,389
  8,755
  9,143
  9,552
  9,986
  10,444
  10,927
  11,436
  11,974
  12,540
  13,135
  13,763
  14,424
  15,119
  15,850
  16,620
  17,430
  18,281
Debt-to-equity ratio
  2.882
  5.130
  5.180
  5.250
  5.310
  5.380
  5.440
  5.510
  5.580
  5.640
  5.710
  5.770
  5.840
  5.900
  5.960
  6.020
  6.070
  6.130
  6.180
  6.230
  6.280
  6.330
  6.370
  6.420
  6.460
  6.500
  6.540
  6.570
  6.610
  6.640
  6.670
Adjusted equity ratio
  0.113
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  209
  215
  222
  230
  239
  249
  259
  269
  281
  293
  376
  390
  405
  420
  437
  454
  473
  492
  512
  534
  557
  581
  606
  632
  660
  690
  721
  753
  787
  823
Depreciation, amort., depletion, $m
  322
  337
  343
  351
  359
  368
  377
  387
  399
  410
  423
  340
  355
  370
  386
  403
  421
  441
  461
  482
  504
  528
  553
  579
  607
  636
  667
  699
  733
  769
  806
Funds from operations, $m
  504
  545
  558
  573
  589
  607
  626
  646
  668
  691
  716
  717
  745
  775
  807
  840
  876
  913
  953
  994
  1,038
  1,085
  1,134
  1,185
  1,239
  1,297
  1,357
  1,420
  1,486
  1,556
  1,630
Change in working capital, $m
  -55
  13
  14
  16
  17
  19
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  56
  59
  63
  66
  69
  73
  77
  81
Cash from operations, $m
  559
  468
  544
  557
  572
  588
  605
  624
  644
  666
  689
  688
  714
  742
  772
  803
  837
  872
  909
  949
  990
  1,034
  1,080
  1,129
  1,180
  1,234
  1,291
  1,350
  1,413
  1,479
  1,549
Maintenance CAPEX, $m
  0
  -235
  -241
  -247
  -255
  -263
  -271
  -281
  -291
  -302
  -314
  -327
  -340
  -355
  -370
  -386
  -403
  -421
  -441
  -461
  -482
  -504
  -528
  -553
  -579
  -607
  -636
  -667
  -699
  -733
  -769
New CAPEX, $m
  -136
  -64
  -71
  -79
  -87
  -94
  -102
  -110
  -119
  -127
  -136
  -144
  -154
  -163
  -173
  -183
  -194
  -205
  -216
  -228
  -240
  -253
  -267
  -281
  -296
  -312
  -328
  -345
  -363
  -382
  -402
Cash from investing activities, $m
  -257
  -299
  -312
  -326
  -342
  -357
  -373
  -391
  -410
  -429
  -450
  -471
  -494
  -518
  -543
  -569
  -597
  -626
  -657
  -689
  -722
  -757
  -795
  -834
  -875
  -919
  -964
  -1,012
  -1,062
  -1,115
  -1,171
Free cash flow, $m
  302
  170
  233
  231
  231
  231
  231
  232
  234
  236
  239
  216
  220
  224
  229
  234
  240
  246
  253
  260
  268
  276
  285
  294
  304
  315
  326
  338
  351
  364
  378
Issuance/(repayment) of debt, $m
  -160
  118
  132
  147
  161
  176
  191
  206
  221
  237
  253
  269
  286
  304
  322
  341
  361
  381
  403
  425
  448
  473
  498
  525
  552
  581
  612
  644
  677
  712
  749
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
  118
  132
  147
  161
  176
  191
  206
  221
  237
  253
  269
  286
  304
  322
  341
  361
  381
  403
  425
  448
  473
  498
  525
  552
  581
  612
  644
  677
  712
  749
Total cash flow (excl. dividends), $m
  50
  288
  365
  378
  392
  407
  422
  438
  455
  473
  492
  486
  506
  528
  551
  575
  601
  627
  656
  685
  716
  749
  783
  819
  857
  896
  938
  982
  1,028
  1,076
  1,127
Retained Cash Flow (-), $m
  -62
  -15
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -72
  -75
  -79
  -83
  -88
  -92
  -97
  -102
Prev. year cash balance distribution, $m
 
  497
  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
 
  770
  347
  358
  370
  383
  396
  410
  425
  441
  457
  449
  467
  487
  507
  529
  552
  575
  601
  627
  655
  684
  715
  747
  781
  817
  855
  894
  936
  979
  1,025
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
 
  707
  291
  271
  251
  230
  209
  188
  167
  147
  127
  103
  87
  72
  59
  48
  38
  29
  22
  16
  12
  8
  6
  4
  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 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 12.3%. 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 241.925 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

▶ 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]
▶ Axaltas Powder Coatings Support Shanghais New Metro Line   [Mar-23-17 12:30PM  Business Wire]
▶ Axalta Coating Systems to Increase Prices in Greater China   [Mar-14-17 09:43AM  Business Wire]
▶ [$$] Axalta: A Stalled Stock That Should Rev Up   [Feb-25-17 12:01AM  at Barrons.com]
Stock chart of AXTA 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.

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