Intrinsic value of PPG Industries - PPG

Previous Close

$107.90

  Intrinsic Value

$51.22

stock screener

  Rating & Target

str. sell

-53%

Previous close

$107.90

 
Intrinsic value

$51.22

 
Up/down potential

-53%

 
Rating

str. sell

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

Revenue (in 2017), $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 27.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  15,252
  15,794
  16,379
  17,007
  17,679
  18,396
  19,160
  19,971
  20,832
  21,744
  22,710
  23,732
  24,811
  25,951
  27,153
  28,422
  29,758
  31,167
  32,650
  34,212
  35,856
  37,586
  39,406
  41,321
  43,334
  45,451
  47,677
  50,016
  52,475
  55,059
Variable operating expenses, $m
  14,423
  14,915
  15,445
  16,014
  16,623
  17,273
  17,965
  18,701
  19,481
  20,308
  20,585
  21,511
  22,489
  23,522
  24,612
  25,762
  26,973
  28,250
  29,595
  31,010
  32,501
  34,069
  35,718
  37,454
  39,279
  41,197
  43,215
  45,335
  47,564
  49,906
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
  14,423
  14,915
  15,445
  16,014
  16,623
  17,273
  17,965
  18,701
  19,481
  20,308
  20,585
  21,511
  22,489
  23,522
  24,612
  25,762
  26,973
  28,250
  29,595
  31,010
  32,501
  34,069
  35,718
  37,454
  39,279
  41,197
  43,215
  45,335
  47,564
  49,906
Operating income, $m
  829
  880
  934
  993
  1,056
  1,123
  1,194
  1,270
  1,351
  1,436
  2,125
  2,221
  2,322
  2,429
  2,541
  2,660
  2,785
  2,917
  3,056
  3,202
  3,356
  3,518
  3,688
  3,867
  4,056
  4,254
  4,462
  4,681
  4,911
  5,153
EBITDA, $m
  2,304
  2,386
  2,475
  2,570
  2,671
  2,779
  2,895
  3,017
  3,147
  3,285
  3,431
  3,586
  3,749
  3,921
  4,103
  4,294
  4,496
  4,709
  4,933
  5,169
  5,418
  5,679
  5,954
  6,243
  6,547
  6,867
  7,203
  7,557
  7,928
  8,319
Interest expense (income), $m
  118
  224
  244
  265
  289
  314
  340
  369
  399
  431
  466
  502
  540
  581
  624
  669
  717
  768
  821
  877
  936
  998
  1,063
  1,132
  1,205
  1,281
  1,361
  1,445
  1,533
  1,626
  1,724
Earnings before tax, $m
  605
  636
  669
  704
  742
  783
  826
  871
  919
  971
  1,623
  1,681
  1,741
  1,805
  1,872
  1,943
  2,017
  2,096
  2,179
  2,266
  2,358
  2,454
  2,556
  2,663
  2,775
  2,893
  3,017
  3,148
  3,285
  3,429
Tax expense, $m
  163
  172
  181
  190
  200
  211
  223
  235
  248
  262
  438
  454
  470
  487
  505
  525
  545
  566
  588
  612
  637
  663
  690
  719
  749
  781
  815
  850
  887
  926
Net income, $m
  442
  464
  488
  514
  542
  571
  603
  636
  671
  709
  1,185
  1,227
  1,271
  1,317
  1,367
  1,418
  1,473
  1,530
  1,591
  1,654
  1,721
  1,792
  1,866
  1,944
  2,026
  2,112
  2,203
  2,298
  2,398
  2,503

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
  17,098
  17,707
  18,363
  19,067
  19,820
  20,624
  21,479
  22,389
  23,354
  24,377
  25,460
  26,605
  27,815
  29,093
  30,441
  31,863
  33,361
  34,940
  36,604
  38,355
  40,198
  42,137
  44,178
  46,324
  48,581
  50,954
  53,449
  56,072
  58,829
  61,726
Adjusted assets (=assets-cash), $m
  17,098
  17,707
  18,363
  19,067
  19,820
  20,624
  21,479
  22,389
  23,354
  24,377
  25,460
  26,605
  27,815
  29,093
  30,441
  31,863
  33,361
  34,940
  36,604
  38,355
  40,198
  42,137
  44,178
  46,324
  48,581
  50,954
  53,449
  56,072
  58,829
  61,726
Revenue / Adjusted assets
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
  0.892
Average production assets, $m
  8,770
  9,082
  9,418
  9,779
  10,166
  10,578
  11,017
  11,483
  11,978
  12,503
  13,058
  13,646
  14,266
  14,922
  15,613
  16,342
  17,111
  17,921
  18,774
  19,672
  20,617
  21,612
  22,659
  23,760
  24,917
  26,134
  27,414
  28,759
  30,173
  31,659
Working capital, $m
  -2,120
  -2,195
  -2,277
  -2,364
  -2,457
  -2,557
  -2,663
  -2,776
  -2,896
  -3,022
  -3,157
  -3,299
  -3,449
  -3,607
  -3,774
  -3,951
  -4,136
  -4,332
  -4,538
  -4,756
  -4,984
  -5,225
  -5,478
  -5,744
  -6,023
  -6,318
  -6,627
  -6,952
  -7,294
  -7,653
Total debt, $m
  4,514
  4,914
  5,345
  5,808
  6,303
  6,831
  7,393
  7,991
  8,625
  9,297
  10,008
  10,761
  11,556
  12,395
  13,281
  14,215
  15,199
  16,237
  17,330
  18,480
  19,691
  20,965
  22,306
  23,716
  25,199
  26,758
  28,397
  30,120
  31,931
  33,835
Total liabilities, $m
  11,233
  11,633
  12,064
  12,527
  13,022
  13,550
  14,112
  14,710
  15,344
  16,016
  16,727
  17,480
  18,275
  19,114
  20,000
  20,934
  21,918
  22,956
  24,049
  25,199
  26,410
  27,684
  29,025
  30,435
  31,918
  33,477
  35,116
  36,839
  38,650
  40,554
Total equity, $m
  5,865
  6,073
  6,298
  6,540
  6,798
  7,074
  7,367
  7,679
  8,010
  8,361
  8,733
  9,126
  9,541
  9,979
  10,441
  10,929
  11,443
  11,985
  12,555
  13,156
  13,788
  14,453
  15,153
  15,889
  16,663
  17,477
  18,333
  19,233
  20,178
  21,172
Total liabilities and equity, $m
  17,098
  17,706
  18,362
  19,067
  19,820
  20,624
  21,479
  22,389
  23,354
  24,377
  25,460
  26,606
  27,816
  29,093
  30,441
  31,863
  33,361
  34,941
  36,604
  38,355
  40,198
  42,137
  44,178
  46,324
  48,581
  50,954
  53,449
  56,072
  58,828
  61,726
Debt-to-equity ratio
  0.770
  0.810
  0.850
  0.890
  0.930
  0.970
  1.000
  1.040
  1.080
  1.110
  1.150
  1.180
  1.210
  1.240
  1.270
  1.300
  1.330
  1.350
  1.380
  1.400
  1.430
  1.450
  1.470
  1.490
  1.510
  1.530
  1.550
  1.570
  1.580
  1.600
Adjusted equity ratio
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  442
  464
  488
  514
  542
  571
  603
  636
  671
  709
  1,185
  1,227
  1,271
  1,317
  1,367
  1,418
  1,473
  1,530
  1,591
  1,654
  1,721
  1,792
  1,866
  1,944
  2,026
  2,112
  2,203
  2,298
  2,398
  2,503
Depreciation, amort., depletion, $m
  1,476
  1,507
  1,541
  1,577
  1,615
  1,656
  1,700
  1,747
  1,797
  1,849
  1,306
  1,365
  1,427
  1,492
  1,561
  1,634
  1,711
  1,792
  1,877
  1,967
  2,062
  2,161
  2,266
  2,376
  2,492
  2,613
  2,741
  2,876
  3,017
  3,166
Funds from operations, $m
  1,917
  1,971
  2,029
  2,091
  2,157
  2,228
  2,303
  2,383
  2,468
  2,558
  2,491
  2,591
  2,698
  2,810
  2,928
  3,052
  3,184
  3,322
  3,468
  3,621
  3,783
  3,953
  4,132
  4,320
  4,517
  4,725
  4,944
  5,174
  5,415
  5,669
Change in working capital, $m
  -70
  -75
  -81
  -87
  -93
  -100
  -106
  -113
  -120
  -127
  -134
  -142
  -150
  -158
  -167
  -176
  -186
  -196
  -206
  -217
  -229
  -240
  -253
  -266
  -280
  -294
  -309
  -325
  -342
  -359
Cash from operations, $m
  1,987
  2,046
  2,110
  2,178
  2,251
  2,327
  2,409
  2,496
  2,587
  2,684
  2,625
  2,733
  2,848
  2,968
  3,095
  3,229
  3,370
  3,518
  3,674
  3,839
  4,012
  4,193
  4,385
  4,586
  4,797
  5,020
  5,253
  5,499
  5,757
  6,028
Maintenance CAPEX, $m
  -849
  -877
  -908
  -942
  -978
  -1,017
  -1,058
  -1,102
  -1,148
  -1,198
  -1,250
  -1,306
  -1,365
  -1,427
  -1,492
  -1,561
  -1,634
  -1,711
  -1,792
  -1,877
  -1,967
  -2,062
  -2,161
  -2,266
  -2,376
  -2,492
  -2,613
  -2,741
  -2,876
  -3,017
New CAPEX, $m
  -283
  -312
  -336
  -361
  -386
  -412
  -439
  -467
  -495
  -525
  -555
  -587
  -621
  -655
  -691
  -729
  -769
  -810
  -853
  -898
  -945
  -995
  -1,047
  -1,101
  -1,158
  -1,217
  -1,280
  -1,345
  -1,414
  -1,486
Cash from investing activities, $m
  -1,132
  -1,189
  -1,244
  -1,303
  -1,364
  -1,429
  -1,497
  -1,569
  -1,643
  -1,723
  -1,805
  -1,893
  -1,986
  -2,082
  -2,183
  -2,290
  -2,403
  -2,521
  -2,645
  -2,775
  -2,912
  -3,057
  -3,208
  -3,367
  -3,534
  -3,709
  -3,893
  -4,086
  -4,290
  -4,503
Free cash flow, $m
  856
  857
  866
  875
  886
  899
  912
  928
  944
  962
  820
  840
  862
  886
  911
  938
  967
  997
  1,029
  1,063
  1,099
  1,137
  1,177
  1,219
  1,264
  1,311
  1,360
  1,412
  1,467
  1,525
Issuance/(repayment) of debt, $m
  368
  400
  431
  462
  495
  528
  562
  598
  634
  672
  711
  752
  795
  839
  886
  934
  985
  1,037
  1,093
  1,150
  1,211
  1,274
  1,341
  1,410
  1,483
  1,559
  1,639
  1,723
  1,811
  1,903
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  
  368
  400
  431
  462
  495
  528
  562
  598
  634
  672
  711
  752
  795
  839
  886
  934
  985
  1,037
  1,093
  1,150
  1,211
  1,274
  1,341
  1,410
  1,483
  1,559
  1,639
  1,723
  1,811
  1,903
Total cash flow (excl. dividends), $m
  1,224
  1,257
  1,296
  1,338
  1,381
  1,427
  1,475
  1,525
  1,578
  1,634
  1,531
  1,593
  1,657
  1,725
  1,797
  1,872
  1,951
  2,034
  2,122
  2,214
  2,310
  2,411
  2,518
  2,629
  2,747
  2,870
  2,999
  3,135
  3,278
  3,428
Retained Cash Flow (-), $m
  -192
  -209
  -225
  -241
  -258
  -276
  -294
  -312
  -331
  -351
  -371
  -393
  -415
  -438
  -462
  -488
  -514
  -542
  -570
  -601
  -632
  -665
  -700
  -736
  -774
  -814
  -856
  -900
  -946
  -994
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
  44
  46
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
  94
  98
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
Cash available for distribution, $m
  1,032
  1,048
  1,071
  1,096
  1,123
  1,151
  1,181
  1,213
  1,247
  1,283
  1,160
  1,200
  1,242
  1,287
  1,335
  1,385
  1,437
  1,493
  1,551
  1,613
  1,678
  1,746
  1,818
  1,893
  1,972
  2,056
  2,144
  2,236
  2,333
  2,435
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
  990
  960
  932
  903
  870
  835
  798
  758
  716
  673
  551
  512
  472
  432
  392
  352
  313
  275
  239
  205
  174
  145
  119
  96
  77
  60
  46
  35
  25
  18
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

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 31.7
Price to Sales 1.9
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 21
Price to Free Cash Flow 30.1
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 $14750 million for the last fiscal year's total revenue generated by PPG Industries. The default revenue input number comes from 2017 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 3.4% 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 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 94.7%.

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 5.4% 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 0.3%.

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 57.5%.

Life of production assets of 10 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 -13.9%. 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 - $5673 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 254 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 $27.4 billion.

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COMPANY NEWS

▶ Manufacturing jobs growing at fastest rate in 23 years   [Aug-03-18 03:32PM  MarketWatch]
▶ PPG dealing with rising costs, evaluating more price hikes   [Jul-19-18 04:49PM  American City Business Journals]
▶ PPG Industries: 2Q Earnings Snapshot   [07:17AM  Associated Press]
▶ PPG Industries Q2 Earnings Outlook   [04:21PM  Benzinga]
▶ PPG Announces Leadership Appointments   [04:21PM  Business Wire]
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