Intrinsic value of Axalta Coating Systems - AXTA

Previous Close

$29.20

  Intrinsic Value

$14.05

stock screener

  Rating & Target

str. sell

-52%

  Value-price divergence*

+71%

Previous close

$29.20

 
Intrinsic value

$14.05

 
Up/down potential

-52%

 
Rating

str. sell

 
Value-price divergence*

+71%

*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 7.0

 

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
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  4,097
  4,318
  4,550
  4,792
  5,045
  5,311
  5,589
  5,880
  6,186
  6,506
  6,841
  7,193
  7,561
  7,948
  8,353
  8,779
  9,225
  9,693
  10,184
  10,699
  11,240
  11,808
  12,403
  13,028
  13,684
  14,373
  15,095
  15,854
  16,651
  17,487
  18,364
Variable operating expenses, $m
 
  3,855
  4,057
  4,268
  4,488
  4,720
  4,962
  5,215
  5,481
  5,760
  6,051
  6,261
  6,582
  6,919
  7,272
  7,642
  8,031
  8,438
  8,866
  9,314
  9,785
  10,279
  10,797
  11,342
  11,913
  12,512
  13,141
  13,802
  14,495
  15,223
  15,987
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
  3,855
  4,057
  4,268
  4,488
  4,720
  4,962
  5,215
  5,481
  5,760
  6,051
  6,261
  6,582
  6,919
  7,272
  7,642
  8,031
  8,438
  8,866
  9,314
  9,785
  10,279
  10,797
  11,342
  11,913
  12,512
  13,141
  13,802
  14,495
  15,223
  15,987
Operating income, $m
  516
  463
  493
  524
  557
  591
  627
  665
  705
  746
  790
  931
  979
  1,029
  1,081
  1,136
  1,194
  1,255
  1,318
  1,385
  1,455
  1,529
  1,606
  1,687
  1,771
  1,861
  1,954
  2,052
  2,156
  2,264
  2,377
EBITDA, $m
  838
  806
  850
  895
  942
  992
  1,044
  1,098
  1,155
  1,215
  1,278
  1,343
  1,412
  1,484
  1,560
  1,639
  1,723
  1,810
  1,902
  1,998
  2,099
  2,205
  2,316
  2,433
  2,555
  2,684
  2,819
  2,961
  3,109
  3,266
  3,429
Interest expense (income), $m
  169
  162
  174
  188
  201
  216
  231
  247
  263
  281
  299
  318
  338
  359
  382
  405
  429
  454
  481
  509
  539
  569
  602
  636
  672
  709
  748
  790
  833
  878
  926
Earnings before tax, $m
  87
  301
  319
  337
  356
  376
  396
  418
  441
  465
  490
  613
  640
  669
  700
  732
  765
  800
  837
  876
  916
  959
  1,004
  1,051
  1,100
  1,152
  1,206
  1,263
  1,323
  1,385
  1,451
Tax expense, $m
  39
  81
  86
  91
  96
  101
  107
  113
  119
  126
  132
  165
  173
  181
  189
  198
  207
  216
  226
  236
  247
  259
  271
  284
  297
  311
  326
  341
  357
  374
  392
Net income, $m
  42
  220
  233
  246
  260
  274
  289
  305
  322
  340
  358
  447
  468
  489
  511
  534
  559
  584
  611
  639
  669
  700
  733
  767
  803
  841
  880
  922
  965
  1,011
  1,059

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
  5,835
  6,148
  6,476
  6,818
  7,177
  7,553
  7,947
  8,359
  8,791
  9,245
  9,720
  10,218
  10,740
  11,288
  11,863
  12,466
  13,099
  13,762
  14,459
  15,189
  15,956
  16,761
  17,606
  18,492
  19,423
  20,399
  21,425
  22,501
  23,630
  24,816
Adjusted assets (=assets-cash), $m
  5,320
  5,835
  6,148
  6,476
  6,818
  7,177
  7,553
  7,947
  8,359
  8,791
  9,245
  9,720
  10,218
  10,740
  11,288
  11,863
  12,466
  13,099
  13,762
  14,459
  15,189
  15,956
  16,761
  17,606
  18,492
  19,423
  20,399
  21,425
  22,501
  23,630
  24,816
Revenue / Adjusted assets
  0.770
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
Average production assets, $m
  2,511
  2,647
  2,789
  2,937
  3,093
  3,256
  3,426
  3,605
  3,792
  3,988
  4,194
  4,409
  4,635
  4,872
  5,121
  5,381
  5,655
  5,942
  6,243
  6,559
  6,890
  7,238
  7,603
  7,986
  8,388
  8,810
  9,254
  9,719
  10,207
  10,719
  11,257
Working capital, $m
  1,000
  531
  560
  589
  621
  653
  687
  723
  761
  800
  841
  885
  930
  978
  1,027
  1,080
  1,135
  1,192
  1,253
  1,316
  1,383
  1,452
  1,526
  1,602
  1,683
  1,768
  1,857
  1,950
  2,048
  2,151
  2,259
Total debt, $m
  3,274
  3,486
  3,750
  4,027
  4,316
  4,620
  4,937
  5,270
  5,618
  5,984
  6,367
  6,768
  7,189
  7,631
  8,094
  8,579
  9,089
  9,623
  10,184
  10,772
  11,390
  12,038
  12,718
  13,432
  14,181
  14,967
  15,792
  16,659
  17,568
  18,523
  19,525
Total liabilities, $m
  4,719
  4,931
  5,195
  5,472
  5,761
  6,065
  6,382
  6,715
  7,063
  7,429
  7,812
  8,213
  8,634
  9,076
  9,539
  10,024
  10,534
  11,068
  11,629
  12,217
  12,835
  13,483
  14,163
  14,877
  15,626
  16,412
  17,237
  18,104
  19,013
  19,968
  20,970
Total equity, $m
  1,136
  904
  953
  1,004
  1,057
  1,112
  1,171
  1,232
  1,296
  1,363
  1,433
  1,507
  1,584
  1,665
  1,750
  1,839
  1,932
  2,030
  2,133
  2,241
  2,354
  2,473
  2,598
  2,729
  2,866
  3,011
  3,162
  3,321
  3,488
  3,663
  3,847
Total liabilities and equity, $m
  5,855
  5,835
  6,148
  6,476
  6,818
  7,177
  7,553
  7,947
  8,359
  8,792
  9,245
  9,720
  10,218
  10,741
  11,289
  11,863
  12,466
  13,098
  13,762
  14,458
  15,189
  15,956
  16,761
  17,606
  18,492
  19,423
  20,399
  21,425
  22,501
  23,631
  24,817
Debt-to-equity ratio
  2.882
  3.850
  3.940
  4.010
  4.080
  4.150
  4.220
  4.280
  4.340
  4.390
  4.440
  4.490
  4.540
  4.580
  4.630
  4.670
  4.700
  4.740
  4.770
  4.810
  4.840
  4.870
  4.900
  4.920
  4.950
  4.970
  4.990
  5.020
  5.040
  5.060
  5.080
Adjusted equity ratio
  0.113
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  220
  233
  246
  260
  274
  289
  305
  322
  340
  358
  447
  468
  489
  511
  534
  559
  584
  611
  639
  669
  700
  733
  767
  803
  841
  880
  922
  965
  1,011
  1,059
Depreciation, amort., depletion, $m
  322
  343
  357
  371
  385
  400
  416
  433
  450
  469
  488
  412
  433
  455
  479
  503
  528
  555
  583
  613
  644
  676
  711
  746
  784
  823
  865
  908
  954
  1,002
  1,052
Funds from operations, $m
  504
  563
  589
  616
  645
  675
  706
  738
  773
  808
  846
  859
  901
  944
  989
  1,037
  1,087
  1,140
  1,195
  1,252
  1,313
  1,377
  1,443
  1,513
  1,587
  1,664
  1,745
  1,830
  1,919
  2,013
  2,111
Change in working capital, $m
  -55
  27
  28
  30
  31
  33
  34
  36
  38
  39
  41
  43
  45
  48
  50
  52
  55
  58
  60
  63
  67
  70
  73
  77
  81
  85
  89
  93
  98
  103
  108
Cash from operations, $m
  559
  536
  561
  587
  614
  642
  672
  703
  735
  769
  805
  816
  855
  896
  940
  985
  1,032
  1,082
  1,134
  1,189
  1,246
  1,307
  1,370
  1,436
  1,506
  1,579
  1,656
  1,737
  1,821
  1,910
  2,004
Maintenance CAPEX, $m
  0
  -235
  -247
  -261
  -275
  -289
  -304
  -320
  -337
  -354
  -373
  -392
  -412
  -433
  -455
  -479
  -503
  -528
  -555
  -583
  -613
  -644
  -676
  -711
  -746
  -784
  -823
  -865
  -908
  -954
  -1,002
New CAPEX, $m
  -136
  -137
  -142
  -148
  -155
  -163
  -170
  -179
  -187
  -196
  -206
  -216
  -226
  -237
  -249
  -261
  -273
  -287
  -301
  -316
  -331
  -348
  -365
  -383
  -402
  -422
  -443
  -465
  -488
  -512
  -538
Cash from investing activities, $m
  -257
  -372
  -389
  -409
  -430
  -452
  -474
  -499
  -524
  -550
  -579
  -608
  -638
  -670
  -704
  -740
  -776
  -815
  -856
  -899
  -944
  -992
  -1,041
  -1,094
  -1,148
  -1,206
  -1,266
  -1,330
  -1,396
  -1,466
  -1,540
Free cash flow, $m
  302
  165
  172
  178
  184
  190
  197
  204
  211
  219
  226
  209
  217
  226
  236
  246
  256
  267
  278
  290
  302
  315
  329
  343
  358
  373
  390
  407
  425
  444
  464
Issuance/(repayment) of debt, $m
  -160
  250
  264
  277
  290
  303
  318
  333
  349
  365
  383
  401
  421
  441
  463
  486
  509
  534
  561
  588
  617
  648
  680
  714
  749
  786
  825
  866
  909
  955
  1,002
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
  250
  264
  277
  290
  303
  318
  333
  349
  365
  383
  401
  421
  441
  463
  486
  509
  534
  561
  588
  617
  648
  680
  714
  749
  786
  825
  866
  909
  955
  1,002
Total cash flow (excl. dividends), $m
  50
  415
  436
  454
  473
  493
  514
  536
  560
  584
  609
  610
  638
  668
  699
  731
  765
  801
  839
  878
  919
  963
  1,009
  1,056
  1,107
  1,160
  1,215
  1,273
  1,334
  1,399
  1,466
Retained Cash Flow (-), $m
  -62
  -48
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
Prev. year cash balance distribution, $m
 
  280
  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
 
  646
  387
  403
  420
  438
  456
  475
  496
  517
  539
  537
  561
  587
  614
  642
  672
  703
  736
  770
  806
  844
  884
  926
  969
  1,015
  1,064
  1,114
  1,168
  1,223
  1,282
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
 
  594
  325
  306
  285
  263
  241
  218
  195
  172
  150
  123
  104
  87
  72
  58
  46
  35
  27
  20
  15
  10
  7
  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 167.2
Price to Sales 1.7
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 16.6
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 5.4% 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 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 $7.0 billion.

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COMPANY NEWS

▶ Axalta Marketing Manager Named to 40 Under 40 List   [Aug-10-17 01:30PM  Business Wire]
▶ Axalta Coating Systems reports 2Q loss   [02:29AM  Associated Press]
▶ Axalta Releases Second Quarter 2017 Results   [06:45AM  Business Wire]
▶ Axalta Wins Best Partner Award from FAW-Volkswagen Qingdao   [Jul-27-17 04:01PM  Business Wire]
▶ Axaltas Big Deal with Volkswagen Group Italia   [Jul-17-17 11:43AM  Market Realist]
▶ Axalta Paints Chinas New Bullet Train Model Fuxing   [Jul-05-17 10:14AM  Business Wire]
▶ Axalta-Huajia to Supply Alesta Powder Coatings to Thermos   [Jul-03-17 08:20AM  Market Realist]
▶ 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]
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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