Intrinsic value of PPG Industries - PPG

Previous Close

$117.46

  Intrinsic Value

$97.29

stock screener

  Rating & Target

hold

-17%

Previous close

$117.46

 
Intrinsic value

$97.29

 
Up/down potential

-17%

 
Rating

hold

We calculate the intrinsic value of PPG 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, %
  -0.10
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
Revenue, $m
  14,751
  15,223
  15,738
  16,295
  16,896
  17,541
  18,232
  18,969
  19,754
  20,589
  21,475
  22,414
  23,408
  24,459
  25,570
  26,743
  27,981
  29,287
  30,664
  32,114
  33,641
  35,250
  36,943
  38,725
  40,599
  42,571
  44,644
  46,825
  49,117
  51,526
  54,059
Variable operating expenses, $m
 
  13,324
  13,762
  14,237
  14,749
  15,299
  15,887
  16,515
  17,183
  17,894
  18,649
  19,092
  19,938
  20,834
  21,780
  22,780
  23,834
  24,946
  26,119
  27,354
  28,655
  30,025
  31,467
  32,985
  34,582
  36,261
  38,027
  39,884
  41,837
  43,889
  46,047
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
  13,905
  13,324
  13,762
  14,237
  14,749
  15,299
  15,887
  16,515
  17,183
  17,894
  18,649
  19,092
  19,938
  20,834
  21,780
  22,780
  23,834
  24,946
  26,119
  27,354
  28,655
  30,025
  31,467
  32,985
  34,582
  36,261
  38,027
  39,884
  41,837
  43,889
  46,047
Operating income, $m
  846
  1,899
  1,975
  2,058
  2,147
  2,243
  2,345
  2,454
  2,571
  2,694
  2,826
  3,322
  3,469
  3,625
  3,790
  3,964
  4,147
  4,341
  4,545
  4,760
  4,986
  5,225
  5,476
  5,740
  6,017
  6,310
  6,617
  6,940
  7,280
  7,637
  8,012
EBITDA, $m
  1,308
  2,528
  2,614
  2,706
  2,806
  2,913
  3,028
  3,150
  3,281
  3,419
  3,566
  3,722
  3,887
  4,062
  4,246
  4,441
  4,647
  4,864
  5,092
  5,333
  5,587
  5,854
  6,135
  6,431
  6,742
  7,070
  7,414
  7,776
  8,157
  8,557
  8,978
Interest expense (income), $m
  118
  133
  144
  157
  170
  185
  201
  218
  236
  255
  276
  297
  320
  345
  370
  397
  426
  456
  488
  522
  558
  595
  634
  676
  719
  765
  814
  864
  918
  974
  1,033
Earnings before tax, $m
  827
  1,767
  1,831
  1,901
  1,977
  2,058
  2,144
  2,236
  2,335
  2,439
  2,550
  3,025
  3,149
  3,281
  3,420
  3,566
  3,721
  3,884
  4,056
  4,238
  4,429
  4,630
  4,841
  5,064
  5,298
  5,544
  5,803
  6,076
  6,362
  6,663
  6,980
Tax expense, $m
  241
  477
  494
  513
  534
  556
  579
  604
  630
  659
  689
  817
  850
  886
  923
  963
  1,005
  1,049
  1,095
  1,144
  1,196
  1,250
  1,307
  1,367
  1,430
  1,497
  1,567
  1,640
  1,718
  1,799
  1,884
Net income, $m
  877
  1,290
  1,337
  1,388
  1,443
  1,502
  1,565
  1,633
  1,704
  1,781
  1,862
  2,208
  2,299
  2,395
  2,496
  2,603
  2,716
  2,836
  2,961
  3,093
  3,233
  3,380
  3,534
  3,697
  3,868
  4,047
  4,236
  4,435
  4,644
  4,864
  5,095

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,863
  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
  15,769
  14,348
  14,833
  15,358
  15,925
  16,533
  17,184
  17,878
  18,618
  19,405
  20,240
  21,125
  22,062
  23,053
  24,100
  25,206
  26,373
  27,603
  28,901
  30,268
  31,707
  33,223
  34,819
  36,498
  38,265
  40,123
  42,078
  44,132
  46,293
  48,564
  50,951
Adjusted assets (=assets-cash), $m
  13,906
  14,348
  14,833
  15,358
  15,925
  16,533
  17,184
  17,878
  18,618
  19,405
  20,240
  21,125
  22,062
  23,053
  24,100
  25,206
  26,373
  27,603
  28,901
  30,268
  31,707
  33,223
  34,819
  36,498
  38,265
  40,123
  42,078
  44,132
  46,293
  48,564
  50,951
Revenue / Adjusted assets
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
Average production assets, $m
  4,796
  4,947
  5,115
  5,296
  5,491
  5,701
  5,925
  6,165
  6,420
  6,691
  6,979
  7,284
  7,607
  7,949
  8,310
  8,692
  9,094
  9,518
  9,966
  10,437
  10,933
  11,456
  12,006
  12,586
  13,195
  13,835
  14,509
  15,218
  15,963
  16,746
  17,569
Working capital, $m
  2,321
  1,127
  1,165
  1,206
  1,250
  1,298
  1,349
  1,404
  1,462
  1,524
  1,589
  1,659
  1,732
  1,810
  1,892
  1,979
  2,071
  2,167
  2,269
  2,376
  2,489
  2,608
  2,734
  2,866
  3,004
  3,150
  3,304
  3,465
  3,635
  3,813
  4,000
Total debt, $m
  4,416
  4,119
  4,479
  4,869
  5,289
  5,740
  6,223
  6,739
  7,288
  7,872
  8,491
  9,148
  9,843
  10,578
  11,355
  12,176
  13,041
  13,955
  14,917
  15,932
  17,000
  18,125
  19,309
  20,555
  21,866
  23,244
  24,695
  26,219
  27,822
  29,507
  31,279
Total liabilities, $m
  10,943
  10,646
  11,006
  11,396
  11,816
  12,267
  12,750
  13,266
  13,815
  14,399
  15,018
  15,675
  16,370
  17,105
  17,882
  18,703
  19,568
  20,482
  21,444
  22,459
  23,527
  24,652
  25,836
  27,082
  28,393
  29,771
  31,222
  32,746
  34,349
  36,034
  37,806
Total equity, $m
  4,826
  3,702
  3,827
  3,962
  4,109
  4,265
  4,433
  4,613
  4,804
  5,007
  5,222
  5,450
  5,692
  5,948
  6,218
  6,503
  6,804
  7,122
  7,456
  7,809
  8,180
  8,572
  8,983
  9,417
  9,872
  10,352
  10,856
  11,386
  11,944
  12,530
  13,145
Total liabilities and equity, $m
  15,769
  14,348
  14,833
  15,358
  15,925
  16,532
  17,183
  17,879
  18,619
  19,406
  20,240
  21,125
  22,062
  23,053
  24,100
  25,206
  26,372
  27,604
  28,900
  30,268
  31,707
  33,224
  34,819
  36,499
  38,265
  40,123
  42,078
  44,132
  46,293
  48,564
  50,951
Debt-to-equity ratio
  0.915
  1.110
  1.170
  1.230
  1.290
  1.350
  1.400
  1.460
  1.520
  1.570
  1.630
  1.680
  1.730
  1.780
  1.830
  1.870
  1.920
  1.960
  2.000
  2.040
  2.080
  2.110
  2.150
  2.180
  2.210
  2.250
  2.270
  2.300
  2.330
  2.360
  2.380
Adjusted equity ratio
  0.213
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  877
  1,290
  1,337
  1,388
  1,443
  1,502
  1,565
  1,633
  1,704
  1,781
  1,862
  2,208
  2,299
  2,395
  2,496
  2,603
  2,716
  2,836
  2,961
  3,093
  3,233
  3,380
  3,534
  3,697
  3,868
  4,047
  4,236
  4,435
  4,644
  4,864
  5,095
Depreciation, amort., depletion, $m
  462
  629
  638
  648
  659
  670
  683
  696
  710
  725
  741
  400
  418
  437
  457
  478
  500
  523
  548
  573
  601
  629
  660
  692
  725
  760
  797
  836
  877
  920
  965
Funds from operations, $m
  293
  1,919
  1,975
  2,036
  2,102
  2,172
  2,248
  2,329
  2,414
  2,506
  2,602
  2,608
  2,717
  2,832
  2,953
  3,081
  3,216
  3,359
  3,509
  3,667
  3,834
  4,009
  4,194
  4,388
  4,593
  4,808
  5,034
  5,271
  5,521
  5,784
  6,060
Change in working capital, $m
  -1,032
  35
  38
  41
  44
  48
  51
  55
  58
  62
  66
  69
  74
  78
  82
  87
  92
  97
  102
  107
  113
  119
  125
  132
  139
  146
  153
  161
  170
  178
  187
Cash from operations, $m
  1,325
  1,884
  1,937
  1,995
  2,057
  2,125
  2,197
  2,274
  2,356
  2,444
  2,537
  2,539
  2,643
  2,754
  2,871
  2,994
  3,124
  3,262
  3,407
  3,560
  3,721
  3,890
  4,068
  4,256
  4,454
  4,662
  4,880
  5,110
  5,352
  5,606
  5,873
Maintenance CAPEX, $m
  0
  -263
  -272
  -281
  -291
  -302
  -313
  -326
  -339
  -353
  -368
  -383
  -400
  -418
  -437
  -457
  -478
  -500
  -523
  -548
  -573
  -601
  -629
  -660
  -692
  -725
  -760
  -797
  -836
  -877
  -920
New CAPEX, $m
  -402
  -152
  -167
  -181
  -195
  -210
  -224
  -240
  -255
  -271
  -288
  -305
  -323
  -342
  -361
  -381
  -402
  -424
  -447
  -471
  -496
  -523
  -550
  -579
  -609
  -641
  -674
  -709
  -745
  -783
  -823
Cash from investing activities, $m
  436
  -415
  -439
  -462
  -486
  -512
  -537
  -566
  -594
  -624
  -656
  -688
  -723
  -760
  -798
  -838
  -880
  -924
  -970
  -1,019
  -1,069
  -1,124
  -1,179
  -1,239
  -1,301
  -1,366
  -1,434
  -1,506
  -1,581
  -1,660
  -1,743
Free cash flow, $m
  1,761
  1,468
  1,498
  1,533
  1,571
  1,613
  1,659
  1,709
  1,762
  1,820
  1,881
  1,850
  1,920
  1,994
  2,073
  2,156
  2,245
  2,338
  2,437
  2,541
  2,651
  2,767
  2,889
  3,017
  3,153
  3,296
  3,446
  3,604
  3,771
  3,946
  4,130
Issuance/(repayment) of debt, $m
  233
  332
  360
  390
  420
  451
  483
  516
  549
  584
  620
  657
  695
  735
  777
  820
  866
  913
  963
  1,014
  1,068
  1,125
  1,184
  1,246
  1,311
  1,379
  1,450
  1,525
  1,603
  1,685
  1,771
Issuance/(repurchase) of shares, $m
  -1,019
  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  
  -770
  332
  360
  390
  420
  451
  483
  516
  549
  584
  620
  657
  695
  735
  777
  820
  866
  913
  963
  1,014
  1,068
  1,125
  1,184
  1,246
  1,311
  1,379
  1,450
  1,525
  1,603
  1,685
  1,771
Total cash flow (excl. dividends), $m
  923
  1,800
  1,858
  1,922
  1,991
  2,065
  2,142
  2,224
  2,311
  2,403
  2,501
  2,507
  2,615
  2,729
  2,850
  2,977
  3,110
  3,251
  3,399
  3,555
  3,719
  3,891
  4,073
  4,263
  4,464
  4,675
  4,896
  5,129
  5,374
  5,631
  5,901
Retained Cash Flow (-), $m
  157
  -110
  -125
  -136
  -146
  -157
  -168
  -179
  -191
  -203
  -215
  -228
  -242
  -256
  -270
  -285
  -301
  -318
  -335
  -353
  -371
  -391
  -412
  -433
  -456
  -479
  -504
  -530
  -557
  -586
  -616
Prev. year cash balance distribution, $m
 
  1,234
  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
 
  2,925
  1,733
  1,787
  1,845
  1,908
  1,974
  2,045
  2,121
  2,201
  2,285
  2,279
  2,374
  2,474
  2,580
  2,691
  2,809
  2,934
  3,064
  3,202
  3,347
  3,500
  3,661
  3,830
  4,008
  4,195
  4,392
  4,599
  4,816
  5,045
  5,285
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,804
  1,586
  1,555
  1,519
  1,479
  1,433
  1,382
  1,325
  1,264
  1,198
  1,082
  1,013
  941
  866
  790
  714
  638
  564
  493
  425
  362
  304
  251
  204
  163
  128
  99
  75
  55
  40
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

PPG Industries, Inc. manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses. The Company's geographical segments include the United States, Canada, Western Europe, Latin America, Central and Eastern Europe, the Middle East, Africa and Asia Pacific. The Company's brands include PPG, GLIDDEN, COMEX, OLYMPIC, DULUX, SIKKENS, PPG PITTSBURGH PAINTS, MULCO, FLOOD, LIQUID NAILS, SICO, CIL, RENNER, TAUBMANS, WHITE KNIGHT, BRISTOL, HOMAX, DEKORAL, TRILAK, GORI, and BONDEX, among others.

FINANCIAL RATIOS  of  PPG Industries (PPG)

Valuation Ratios
P/E Ratio 34.5
Price to Sales 2
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 22.8
Price to Free Cash Flow 32.7
Growth Rates
Sales Growth Rate -0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.5%
Cap. Spend. - 3 Yr. Gr. Rate -4%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 78.5%
Total Debt to Equity 91.5%
Interest Coverage 8
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 9.5%
Ret/ On T. Cap. - 3 Yr. Avg. 16.2%
Return On Equity 17.9%
Return On Equity - 3 Yr. Avg. 29%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 45.3%
Gross Margin - 3 Yr. Avg. 44.4%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 13.2%
Operating Margin 5.7%
Oper. Margin - 3 Yr. Avg. 9.1%
Pre-Tax Margin 5.6%
Pre-Tax Margin - 3 Yr. Avg. 8.9%
Net Profit Margin 5.9%
Net Profit Margin - 3 Yr. Avg. 9.9%
Effective Tax Rate 29.1%
Eff/ Tax Rate - 3 Yr. Avg. 23.5%
Payout Ratio 47.2%

PPG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PPG stock intrinsic value calculation we used $14751 million for the last fiscal year's total revenue generated by PPG Industries. The default revenue input number comes from 2016 income statement of PPG Industries. 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 PPG stock valuation model: a) initial revenue growth rate of 3.2% 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 4.3%, whose default value for PPG is calculated based on our internal credit rating of PPG Industries, 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 PPG Industries.
    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 PPG stock the variable cost ratio is equal to 87.6%.

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 PPG 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 PPG Industries.

Corporate tax rate of 27% is the nominal tax rate for PPG Industries. 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 PPG 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 PPG are equal to 32.5%.

Life of production assets of 18.2 years is the average useful life of capital assets used in PPG Industries 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 PPG is equal to 7.4%. 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 - $4826 million for PPG Industries - 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 255.265 million for PPG Industries 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 PPG Industries at the current share price and the inputted number of shares is $30.0 billion.

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COMPANY NEWS

▶ PPG Appoints Senior Business Director, Mobility   [Feb-19-18 01:08PM  Business Wire]
▶ Is PPG Industries Incs (NYSE:PPG) ROE Of 23.78% Sustainable?   [Feb-15-18 07:27PM  Simply Wall St.]
▶ Longtime shareholder walks away from Akzo Nobel   [Jan-30-18 06:14AM  Reuters]
▶ What Could Drive LyondellBasells Revenue in 4Q17?   [Jan-26-18 05:15PM  Market Realist]
▶ 3 Growth-Driven Dividend Aristocrats to Buy   [Jan-23-18 02:38PM  InvestorPlace]
▶ PPG Industries: Cramer's Top Takeaways   [06:40AM  TheStreet.com]
▶ PPG Industries beats Street 4Q forecasts   [07:09AM  Associated Press]
▶ PPG creates partnership for autonomous vehicle research   [Jan-16-18 02:15PM  American City Business Journals]
▶ Five Companies Hit 52-Week Highs   [11:25AM  GuruFocus.com]
▶ PPG Industries: Analysts Views and Recommendations   [Jan-12-18 10:40AM  Market Realist]
▶ Will RPM Internationals Dividend Yield Be Steady?   [Jan-10-18 10:18AM  Market Realist]
▶ Why PPG Industries Stock Outperformed in 2017   [Jan-09-18 05:14PM  Motley Fool]
▶ PPG Industries to Acquire ProCoatings   [Jan-08-18 07:36AM  Market Realist]
▶ PPG Industries Increases Precipitated Silica Product Prices   [Dec-26-17 08:28AM  Market Realist]
▶ How RPM Internationals Valuation Compares   [Dec-25-17 09:02AM  Market Realist]
▶ How Safe Is PPG Industries' Dividend?   [Dec-22-17 02:02PM  Motley Fool]
▶ Top Stock Reports for Nike, PayPal & BNY Mellon   [Dec-20-17 04:06PM  Zacks]
▶ How PPG Industries Interest Coverage Ratio Compares to Peers   [Nov-29-17 11:00AM  Market Realist]
Financial statements of PPG
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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