Intrinsic value of Axalta Coating Systems - AXTA

Previous Close

$30.70

  Intrinsic Value

$24.19

stock screener

  Rating & Target

sell

-21%

Previous close

$30.70

 
Intrinsic value

$24.19

 
Up/down potential

-21%

 
Rating

sell

We calculate the intrinsic value of AXTA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $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 7.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
Revenue, $m
  4,845
  5,336
  5,849
  6,385
  6,943
  7,524
  8,128
  8,756
  9,408
  10,087
  10,791
  11,524
  12,286
  13,078
  13,902
  14,761
  15,655
  16,586
  17,557
  18,571
  19,628
  20,732
  21,884
  23,089
  24,349
  25,666
  27,044
  28,485
  29,995
  31,575
Variable operating expenses, $m
  4,337
  4,749
  5,179
  5,629
  6,097
  6,585
  7,092
  7,619
  8,167
  8,736
  9,058
  9,672
  10,312
  10,977
  11,669
  12,389
  13,139
  13,921
  14,736
  15,587
  16,474
  17,401
  18,368
  19,379
  20,437
  21,542
  22,698
  23,909
  25,175
  26,502
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
  4,337
  4,749
  5,179
  5,629
  6,097
  6,585
  7,092
  7,619
  8,167
  8,736
  9,058
  9,672
  10,312
  10,977
  11,669
  12,389
  13,139
  13,921
  14,736
  15,587
  16,474
  17,401
  18,368
  19,379
  20,437
  21,542
  22,698
  23,909
  25,175
  26,502
Operating income, $m
  509
  587
  670
  756
  846
  939
  1,036
  1,137
  1,242
  1,351
  1,734
  1,852
  1,974
  2,101
  2,234
  2,372
  2,515
  2,665
  2,821
  2,984
  3,154
  3,331
  3,516
  3,710
  3,912
  4,124
  4,345
  4,577
  4,819
  5,073
EBITDA, $m
  1,040
  1,145
  1,256
  1,371
  1,490
  1,615
  1,745
  1,879
  2,020
  2,165
  2,316
  2,474
  2,637
  2,807
  2,984
  3,168
  3,360
  3,560
  3,769
  3,986
  4,213
  4,450
  4,698
  4,956
  5,227
  5,509
  5,805
  6,115
  6,438
  6,778
Interest expense (income), $m
  169
  211
  243
  277
  312
  349
  387
  427
  468
  511
  556
  602
  651
  701
  753
  807
  864
  922
  984
  1,047
  1,114
  1,183
  1,256
  1,331
  1,410
  1,493
  1,579
  1,669
  1,764
  1,862
  1,966
Earnings before tax, $m
  297
  344
  393
  444
  497
  552
  609
  669
  731
  795
  1,132
  1,201
  1,273
  1,348
  1,427
  1,508
  1,593
  1,681
  1,774
  1,870
  1,970
  2,075
  2,185
  2,300
  2,419
  2,545
  2,676
  2,813
  2,957
  3,107
Tax expense, $m
  80
  93
  106
  120
  134
  149
  165
  181
  197
  215
  306
  324
  344
  364
  385
  407
  430
  454
  479
  505
  532
  560
  590
  621
  653
  687
  722
  760
  798
  839
Net income, $m
  217
  251
  287
  324
  363
  403
  445
  488
  533
  580
  826
  877
  929
  984
  1,041
  1,101
  1,163
  1,227
  1,295
  1,365
  1,438
  1,515
  1,595
  1,679
  1,766
  1,858
  1,953
  2,054
  2,159
  2,268

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  7,559
  8,325
  9,125
  9,961
  10,831
  11,737
  12,680
  13,660
  14,678
  15,736
  16,835
  17,978
  19,167
  20,403
  21,689
  23,028
  24,422
  25,876
  27,391
  28,971
  30,620
  32,342
  34,141
  36,021
  37,985
  40,040
  42,190
  44,439
  46,794
  49,259
Adjusted assets (=assets-cash), $m
  7,559
  8,325
  9,125
  9,961
  10,831
  11,737
  12,680
  13,660
  14,678
  15,736
  16,835
  17,978
  19,167
  20,403
  21,689
  23,028
  24,422
  25,876
  27,391
  28,971
  30,620
  32,342
  34,141
  36,021
  37,985
  40,040
  42,190
  44,439
  46,794
  49,259
Revenue / Adjusted assets
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
  0.641
Average production assets, $m
  2,825
  3,111
  3,410
  3,722
  4,048
  4,386
  4,739
  5,105
  5,485
  5,881
  6,291
  6,719
  7,163
  7,624
  8,105
  8,606
  9,127
  9,670
  10,236
  10,827
  11,443
  12,086
  12,759
  13,461
  14,195
  14,963
  15,766
  16,607
  17,487
  18,408
Working capital, $m
  552
  608
  667
  728
  791
  858
  927
  998
  1,073
  1,150
  1,230
  1,314
  1,401
  1,491
  1,585
  1,683
  1,785
  1,891
  2,002
  2,117
  2,238
  2,363
  2,495
  2,632
  2,776
  2,926
  3,083
  3,247
  3,419
  3,600
Total debt, $m
  4,505
  5,128
  5,778
  6,458
  7,165
  7,902
  8,668
  9,465
  10,293
  11,153
  12,047
  12,976
  13,942
  14,947
  15,992
  17,081
  18,215
  19,396
  20,628
  21,913
  23,254
  24,654
  26,116
  27,644
  29,242
  30,912
  32,660
  34,488
  36,403
  38,407
Total liabilities, $m
  6,145
  6,768
  7,419
  8,098
  8,806
  9,543
  10,309
  11,105
  11,933
  12,793
  13,687
  14,616
  15,582
  16,587
  17,633
  18,722
  19,855
  21,037
  22,269
  23,554
  24,894
  26,294
  27,757
  29,285
  30,882
  32,553
  34,300
  36,129
  38,043
  40,047
Total equity, $m
  1,414
  1,557
  1,706
  1,863
  2,025
  2,195
  2,371
  2,554
  2,745
  2,943
  3,148
  3,362
  3,584
  3,815
  4,056
  4,306
  4,567
  4,839
  5,122
  5,418
  5,726
  6,048
  6,384
  6,736
  7,103
  7,488
  7,889
  8,310
  8,750
  9,211
Total liabilities and equity, $m
  7,559
  8,325
  9,125
  9,961
  10,831
  11,738
  12,680
  13,659
  14,678
  15,736
  16,835
  17,978
  19,166
  20,402
  21,689
  23,028
  24,422
  25,876
  27,391
  28,972
  30,620
  32,342
  34,141
  36,021
  37,985
  40,041
  42,189
  44,439
  46,793
  49,258
Debt-to-equity ratio
  3.190
  3.290
  3.390
  3.470
  3.540
  3.600
  3.660
  3.710
  3.750
  3.790
  3.830
  3.860
  3.890
  3.920
  3.940
  3.970
  3.990
  4.010
  4.030
  4.040
  4.060
  4.080
  4.090
  4.100
  4.120
  4.130
  4.140
  4.150
  4.160
  4.170
Adjusted equity ratio
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187
  0.187

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  217
  251
  287
  324
  363
  403
  445
  488
  533
  580
  826
  877
  929
  984
  1,041
  1,101
  1,163
  1,227
  1,295
  1,365
  1,438
  1,515
  1,595
  1,679
  1,766
  1,858
  1,953
  2,054
  2,159
  2,268
Depreciation, amort., depletion, $m
  531
  558
  586
  615
  645
  676
  709
  743
  778
  814
  583
  622
  663
  706
  750
  797
  845
  895
  948
  1,002
  1,060
  1,119
  1,181
  1,246
  1,314
  1,385
  1,460
  1,538
  1,619
  1,704
Funds from operations, $m
  748
  809
  873
  939
  1,007
  1,079
  1,153
  1,231
  1,311
  1,395
  1,409
  1,499
  1,593
  1,690
  1,792
  1,898
  2,008
  2,123
  2,243
  2,367
  2,498
  2,634
  2,776
  2,925
  3,081
  3,243
  3,413
  3,591
  3,778
  3,973
Change in working capital, $m
  53
  56
  59
  61
  64
  66
  69
  72
  74
  77
  80
  84
  87
  90
  94
  98
  102
  106
  111
  115
  121
  126
  131
  137
  144
  150
  157
  164
  172
  180
Cash from operations, $m
  695
  753
  814
  878
  944
  1,013
  1,085
  1,159
  1,237
  1,317
  1,328
  1,415
  1,506
  1,600
  1,698
  1,800
  1,906
  2,017
  2,132
  2,252
  2,377
  2,508
  2,645
  2,788
  2,937
  3,093
  3,256
  3,427
  3,606
  3,793
Maintenance CAPEX, $m
  -236
  -262
  -288
  -316
  -345
  -375
  -406
  -439
  -473
  -508
  -544
  -583
  -622
  -663
  -706
  -750
  -797
  -845
  -895
  -948
  -1,002
  -1,060
  -1,119
  -1,181
  -1,246
  -1,314
  -1,385
  -1,460
  -1,538
  -1,619
New CAPEX, $m
  -274
  -286
  -299
  -312
  -325
  -339
  -352
  -366
  -380
  -395
  -411
  -427
  -444
  -462
  -481
  -500
  -521
  -543
  -566
  -591
  -616
  -644
  -672
  -702
  -734
  -768
  -803
  -841
  -880
  -921
Cash from investing activities, $m
  -510
  -548
  -587
  -628
  -670
  -714
  -758
  -805
  -853
  -903
  -955
  -1,010
  -1,066
  -1,125
  -1,187
  -1,250
  -1,318
  -1,388
  -1,461
  -1,539
  -1,618
  -1,704
  -1,791
  -1,883
  -1,980
  -2,082
  -2,188
  -2,301
  -2,418
  -2,540
Free cash flow, $m
  185
  206
  227
  250
  274
  299
  326
  354
  384
  414
  373
  406
  440
  475
  511
  549
  588
  628
  670
  714
  759
  805
  854
  904
  956
  1,011
  1,067
  1,127
  1,188
  1,252
Issuance/(repayment) of debt, $m
  589
  623
  651
  679
  708
  737
  766
  796
  828
  860
  894
  929
  966
  1,005
  1,046
  1,089
  1,134
  1,182
  1,232
  1,285
  1,341
  1,400
  1,462
  1,528
  1,597
  1,670
  1,748
  1,829
  1,914
  2,004
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  589
  623
  651
  679
  708
  737
  766
  796
  828
  860
  894
  929
  966
  1,005
  1,046
  1,089
  1,134
  1,182
  1,232
  1,285
  1,341
  1,400
  1,462
  1,528
  1,597
  1,670
  1,748
  1,829
  1,914
  2,004
Total cash flow (excl. dividends), $m
  774
  828
  878
  929
  982
  1,036
  1,092
  1,151
  1,211
  1,274
  1,267
  1,335
  1,406
  1,480
  1,557
  1,638
  1,722
  1,810
  1,902
  1,998
  2,099
  2,205
  2,316
  2,432
  2,554
  2,681
  2,815
  2,955
  3,102
  3,257
Retained Cash Flow (-), $m
  -137
  -143
  -150
  -156
  -163
  -169
  -176
  -183
  -190
  -198
  -206
  -214
  -222
  -231
  -241
  -250
  -261
  -272
  -283
  -296
  -308
  -322
  -336
  -351
  -367
  -384
  -402
  -421
  -440
  -461
Prev. year cash balance distribution, $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 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
  637
  685
  728
  773
  819
  867
  916
  968
  1,021
  1,076
  1,061
  1,121
  1,184
  1,249
  1,316
  1,387
  1,461
  1,538
  1,619
  1,703
  1,791
  1,883
  1,980
  2,081
  2,186
  2,297
  2,413
  2,535
  2,662
  2,796
Discount rate, %
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
  585
  573
  550
  522
  490
  454
  416
  377
  336
  295
  239
  205
  172
  142
  115
  92
  71
  54
  41
  29
  21
  14
  10
  6
  4
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  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 175.8
Price to Sales 1.8
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 17.5
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 $4377 million for the last fiscal year's total revenue generated by Axalta Coating Systems. The default revenue input number comes from 0001 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 10.7% 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 8.9%, 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 90.1%.

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 5.4% 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 58.3%.

Life of production assets of 10.8 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 11.4%. 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 - $1276.1 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 240.593 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 $7.4 billion.

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COMPANY NEWS

▶ Outgoing Axalta CEO to lead Akzo Nobel chemicals   [Aug-20-18 10:11AM  Reuters]
▶ Axalta Coating Systems: 2Q Earnings Snapshot   [Jul-25-18 05:24PM  Associated Press]
▶ New Strong Sell Stocks for July 2nd   [Jul-02-18 10:22AM  Zacks]
▶ When Should You Buy Axalta Coating Systems Ltd (NYSE:AXTA)?   [Jun-22-18 09:59AM  Simply Wall St.]
▶ Axalta Publishes Sustainability Report   [Jun-19-18 01:33PM  PR Newswire]
▶ Axalta Sells 50,000th Spectrophotometer   [Jun-14-18 12:03PM  PR Newswire]
▶ Axalta Customers Make the Easy Switch to Cromax EZ   [Jun-12-18 10:21AM  PR Newswire]
▶ Axalta Expands Industrial Wood Manufacturing Capability   [May-16-18 02:16PM  PR Newswire]
▶ Axalta Coating Systems: 1Q Earnings Snapshot   [06:56AM  Associated Press]
▶ New Strong Sell Stocks for April 10th   [Apr-10-18 07:48AM  Zacks]
▶ [$$] Paint Giants Prepped for Merger Endgame   [12:35AM  The Wall Street Journal]
▶ [$$] Paint Giants Prepped for Merger Endgame   [Mar-27-18 11:17AM  The Wall Street Journal]
▶ Hendrick signs Axalta to 25-race deal through 2022 season   [Mar-23-18 03:48PM  Associated Press]
▶ Axalta Announces its 2017 Supplier of the Year Winners   [Mar-01-18 10:11AM  Business Wire]
▶ 3 Warren Buffett Stocks You've Probably Never Heard Of   [Feb-23-18 02:31PM  Motley Fool]
▶ 2018 Winter Olympic Athletes Will Sport Axalta Coatings   [Feb-09-18 12:00PM  Business Wire]
▶ Axalta Coating Systems reports 4Q loss   [07:03AM  Associated Press]
▶ PPG Industries Stock Soars as 4Q17 Revenue Beats Estimates   [Jan-22-18 09:47AM  Market Realist]
▶ PPG Industries: Short Interest before Its 4Q17 Earnings   [Jan-15-18 07:33AM  Market Realist]

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