Intrinsic value of Axalta Coating Systems - AXTA

Previous Close

$32.41

  Intrinsic Value

$12.82

stock screener

  Rating & Target

str. sell

-60%

Previous close

$32.41

 
Intrinsic value

$12.82

 
Up/down potential

-60%

 
Rating

str. sell

*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 7.9

 

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
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  4,097
  4,183
  4,283
  4,397
  4,523
  4,664
  4,817
  4,983
  5,164
  5,357
  5,565
  5,787
  6,024
  6,275
  6,543
  6,827
  7,127
  7,445
  7,782
  8,137
  8,512
  8,907
  9,324
  9,764
  10,227
  10,715
  11,228
  11,769
  12,337
  12,935
  13,564
Variable operating expenses, $m
 
  3,738
  3,825
  3,923
  4,034
  4,156
  4,289
  4,434
  4,591
  4,760
  4,940
  5,037
  5,243
  5,463
  5,695
  5,942
  6,204
  6,481
  6,774
  7,083
  7,409
  7,754
  8,117
  8,499
  8,902
  9,327
  9,774
  10,244
  10,739
  11,260
  11,807
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
  3,738
  3,825
  3,923
  4,034
  4,156
  4,289
  4,434
  4,591
  4,760
  4,940
  5,037
  5,243
  5,463
  5,695
  5,942
  6,204
  6,481
  6,774
  7,083
  7,409
  7,754
  8,117
  8,499
  8,902
  9,327
  9,774
  10,244
  10,739
  11,260
  11,807
Operating income, $m
  516
  445
  458
  473
  490
  508
  528
  549
  572
  598
  624
  750
  780
  813
  847
  884
  923
  964
  1,008
  1,054
  1,103
  1,154
  1,208
  1,265
  1,325
  1,388
  1,454
  1,524
  1,598
  1,675
  1,757
EBITDA, $m
  838
  781
  800
  821
  845
  871
  900
  931
  965
  1,001
  1,040
  1,081
  1,125
  1,172
  1,222
  1,275
  1,332
  1,391
  1,454
  1,520
  1,590
  1,664
  1,742
  1,824
  1,911
  2,002
  2,098
  2,199
  2,305
  2,417
  2,534
Interest expense (income), $m
  169
  162
  167
  172
  179
  186
  194
  203
  213
  223
  234
  246
  259
  272
  287
  302
  319
  336
  354
  373
  394
  415
  438
  462
  487
  514
  542
  572
  603
  635
  670
Earnings before tax, $m
  87
  284
  292
  301
  311
  322
  333
  346
  360
  375
  390
  504
  521
  540
  561
  582
  605
  629
  654
  681
  709
  738
  770
  803
  837
  874
  912
  953
  995
  1,040
  1,087
Tax expense, $m
  39
  77
  79
  81
  84
  87
  90
  93
  97
  101
  105
  136
  141
  146
  151
  157
  163
  170
  177
  184
  191
  199
  208
  217
  226
  236
  246
  257
  269
  281
  294
Net income, $m
  42
  207
  213
  220
  227
  235
  243
  253
  263
  273
  285
  368
  381
  395
  409
  425
  441
  459
  477
  497
  517
  539
  562
  586
  611
  638
  666
  696
  727
  759
  794

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
  5,440
  5,570
  5,717
  5,882
  6,064
  6,264
  6,480
  6,715
  6,966
  7,237
  7,525
  7,833
  8,160
  8,508
  8,877
  9,268
  9,682
  10,119
  10,581
  11,069
  11,583
  12,125
  12,697
  13,299
  13,933
  14,601
  15,304
  16,043
  16,821
  17,639
Adjusted assets (=assets-cash), $m
  5,331
  5,440
  5,570
  5,717
  5,882
  6,064
  6,264
  6,480
  6,715
  6,966
  7,237
  7,525
  7,833
  8,160
  8,508
  8,877
  9,268
  9,682
  10,119
  10,581
  11,069
  11,583
  12,125
  12,697
  13,299
  13,933
  14,601
  15,304
  16,043
  16,821
  17,639
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
  2,564
  2,625
  2,695
  2,773
  2,859
  2,953
  3,055
  3,165
  3,284
  3,411
  3,547
  3,692
  3,847
  4,011
  4,185
  4,369
  4,564
  4,770
  4,988
  5,218
  5,460
  5,716
  5,985
  6,269
  6,568
  6,883
  7,214
  7,563
  7,929
  8,315
Working capital, $m
  978
  481
  493
  506
  520
  536
  554
  573
  594
  616
  640
  665
  693
  722
  752
  785
  820
  856
  895
  936
  979
  1,024
  1,072
  1,123
  1,176
  1,232
  1,291
  1,353
  1,419
  1,488
  1,560
Total debt, $m
  3,264
  3,332
  3,447
  3,577
  3,723
  3,884
  4,060
  4,252
  4,459
  4,681
  4,920
  5,175
  5,447
  5,737
  6,044
  6,371
  6,716
  7,082
  7,468
  7,877
  8,308
  8,762
  9,242
  9,747
  10,279
  10,840
  11,430
  12,051
  12,705
  13,393
  14,116
Total liabilities, $m
  4,741
  4,809
  4,924
  5,054
  5,200
  5,361
  5,537
  5,729
  5,936
  6,158
  6,397
  6,652
  6,924
  7,214
  7,521
  7,848
  8,193
  8,559
  8,945
  9,354
  9,785
  10,239
  10,719
  11,224
  11,756
  12,317
  12,907
  13,528
  14,182
  14,870
  15,593
Total equity, $m
  1,125
  631
  646
  663
  682
  703
  727
  752
  779
  808
  839
  873
  909
  947
  987
  1,030
  1,075
  1,123
  1,174
  1,227
  1,284
  1,344
  1,407
  1,473
  1,543
  1,616
  1,694
  1,775
  1,861
  1,951
  2,046
Total liabilities and equity, $m
  5,866
  5,440
  5,570
  5,717
  5,882
  6,064
  6,264
  6,481
  6,715
  6,966
  7,236
  7,525
  7,833
  8,161
  8,508
  8,878
  9,268
  9,682
  10,119
  10,581
  11,069
  11,583
  12,126
  12,697
  13,299
  13,933
  14,601
  15,303
  16,043
  16,821
  17,639
Debt-to-equity ratio
  2.901
  5.280
  5.330
  5.390
  5.460
  5.520
  5.590
  5.660
  5.720
  5.790
  5.860
  5.930
  6.000
  6.060
  6.120
  6.190
  6.250
  6.310
  6.360
  6.420
  6.470
  6.520
  6.570
  6.620
  6.660
  6.710
  6.750
  6.790
  6.830
  6.860
  6.900
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
  207
  213
  220
  227
  235
  243
  253
  263
  273
  285
  368
  381
  395
  409
  425
  441
  459
  477
  497
  517
  539
  562
  586
  611
  638
  666
  696
  727
  759
  794
Depreciation, amort., depletion, $m
  322
  336
  342
  348
  356
  364
  372
  382
  392
  403
  415
  332
  345
  360
  375
  391
  408
  427
  446
  466
  488
  510
  534
  559
  586
  614
  643
  674
  707
  741
  777
Funds from operations, $m
  504
  543
  555
  568
  582
  598
  616
  635
  655
  677
  700
  699
  726
  754
  784
  816
  850
  885
  923
  963
  1,005
  1,049
  1,096
  1,145
  1,197
  1,252
  1,309
  1,370
  1,433
  1,500
  1,571
Change in working capital, $m
  -55
  10
  11
  13
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  51
  53
  56
  59
  62
  65
  69
  72
Cash from operations, $m
  559
  533
  543
  555
  568
  582
  598
  615
  634
  654
  676
  674
  699
  725
  753
  783
  815
  849
  884
  922
  962
  1,004
  1,048
  1,095
  1,144
  1,196
  1,250
  1,308
  1,368
  1,432
  1,499
Maintenance CAPEX, $m
  0
  -235
  -240
  -245
  -252
  -259
  -267
  -276
  -286
  -296
  -307
  -319
  -332
  -345
  -360
  -375
  -391
  -408
  -427
  -446
  -466
  -488
  -510
  -534
  -559
  -586
  -614
  -643
  -674
  -707
  -741
New CAPEX, $m
  -136
  -54
  -61
  -70
  -78
  -86
  -94
  -102
  -110
  -119
  -127
  -136
  -145
  -154
  -164
  -174
  -184
  -195
  -206
  -218
  -230
  -242
  -256
  -269
  -284
  -299
  -315
  -331
  -349
  -367
  -386
Cash from investing activities, $m
  -257
  -289
  -301
  -315
  -330
  -345
  -361
  -378
  -396
  -415
  -434
  -455
  -477
  -499
  -524
  -549
  -575
  -603
  -633
  -664
  -696
  -730
  -766
  -803
  -843
  -885
  -929
  -974
  -1,023
  -1,074
  -1,127
Free cash flow, $m
  302
  245
  242
  240
  238
  237
  237
  237
  238
  240
  242
  219
  222
  226
  230
  235
  240
  246
  252
  259
  266
  274
  282
  291
  301
  311
  322
  333
  345
  358
  372
Issuance/(repayment) of debt, $m
  -160
  96
  115
  131
  146
  161
  176
  192
  207
  223
  239
  255
  272
  290
  308
  326
  346
  366
  387
  408
  431
  455
  479
  505
  532
  561
  590
  621
  654
  688
  723
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
  96
  115
  131
  146
  161
  176
  192
  207
  223
  239
  255
  272
  290
  308
  326
  346
  366
  387
  408
  431
  455
  479
  505
  532
  561
  590
  621
  654
  688
  723
Total cash flow (excl. dividends), $m
  50
  340
  357
  370
  384
  398
  413
  429
  445
  463
  481
  474
  494
  515
  537
  561
  585
  611
  638
  667
  697
  728
  762
  796
  833
  871
  912
  954
  999
  1,046
  1,095
Retained Cash Flow (-), $m
  -51
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -77
  -82
  -86
  -90
  -95
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
 
  834
  342
  353
  365
  377
  390
  404
  418
  433
  449
  440
  458
  477
  497
  518
  540
  563
  588
  613
  640
  669
  699
  730
  763
  798
  834
  873
  913
  956
  1,000
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
 
  767
  287
  268
  247
  227
  206
  185
  164
  144
  125
  101
  85
  71
  58
  47
  37
  28
  22
  16
  12
  8
  6
  4
  2
  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 185.6
Price to Sales 1.9
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 18.4
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 2.1% 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 243.262 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 $7.9 billion.

RELATED COMPANIES Price Int.Val. Rating
PPG PPG Industries 115.92 91.19  sell
SHW Sherwin-Willia 408.85 569.90  buy
FOE Ferro Corp. 23.65 25.87  hold
NTIC Northern Techn 20.30 2.49  str.sell

COMPANY NEWS

▶ 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]
▶ [$$] Akzo Nobel, Axalta Confirm Merger Talks   [05:32AM  The Wall Street Journal]
▶ [$$] Akzo Nobel in Merger Talks With Axalta   [Oct-29-17 11:21PM  The Wall Street Journal]
▶ [$$] Akzo Nobel in Merger Talks With Axalta   [Oct-28-17 10:29AM  The Wall Street Journal]
▶ Axalta Coating Systems tops 3Q profit forecasts   [Oct-26-17 07:17AM  Associated Press]
▶ Axalta Releases Third Quarter 2017 Results   [06:45AM  Business Wire]
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

VALUATION THEORY       ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2017. All rigths reserved.