Intrinsic value of RPM International - RPM

Previous Close

$52.64

  Intrinsic Value

$41.64

stock screener

  Rating & Target

sell

-21%

Previous close

$52.64

 
Intrinsic value

$41.64

 
Up/down potential

-21%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of RPM 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 7.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  2.99
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  4,958
  5,325
  5,706
  6,102
  6,514
  6,943
  7,388
  7,852
  8,334
  8,837
  9,361
  9,908
  10,478
  11,073
  11,694
  12,343
  13,021
  13,730
  14,471
  15,247
  16,059
  16,908
  17,798
  18,730
  19,707
  20,730
  21,802
  22,926
  24,104
  25,340
  26,635
Variable operating expenses, $m
 
  4,704
  5,033
  5,374
  5,729
  6,098
  6,482
  6,882
  7,298
  7,731
  8,183
  8,540
  9,031
  9,544
  10,079
  10,638
  11,223
  11,834
  12,473
  13,142
  13,841
  14,574
  15,341
  16,144
  16,986
  17,867
  18,792
  19,760
  20,776
  21,841
  22,958
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
  4,630
  4,704
  5,033
  5,374
  5,729
  6,098
  6,482
  6,882
  7,298
  7,731
  8,183
  8,540
  9,031
  9,544
  10,079
  10,638
  11,223
  11,834
  12,473
  13,142
  13,841
  14,574
  15,341
  16,144
  16,986
  17,867
  18,792
  19,760
  20,776
  21,841
  22,958
Operating income, $m
  329
  621
  673
  728
  785
  844
  906
  970
  1,036
  1,106
  1,178
  1,368
  1,447
  1,529
  1,615
  1,704
  1,798
  1,896
  1,998
  2,105
  2,217
  2,335
  2,457
  2,586
  2,721
  2,862
  3,010
  3,165
  3,328
  3,499
  3,678
EBITDA, $m
  446
  800
  857
  917
  979
  1,043
  1,110
  1,180
  1,252
  1,328
  1,406
  1,488
  1,574
  1,663
  1,757
  1,854
  1,956
  2,063
  2,174
  2,290
  2,412
  2,540
  2,674
  2,814
  2,960
  3,114
  3,275
  3,444
  3,621
  3,807
  4,001
Interest expense (income), $m
  79
  77
  88
  99
  110
  122
  134
  147
  160
  174
  189
  204
  220
  236
  253
  271
  290
  309
  330
  351
  373
  397
  421
  447
  474
  502
  531
  562
  594
  628
  664
Earnings before tax, $m
  244
  544
  586
  630
  675
  722
  772
  823
  876
  932
  989
  1,164
  1,227
  1,293
  1,362
  1,433
  1,508
  1,587
  1,669
  1,754
  1,844
  1,938
  2,036
  2,139
  2,247
  2,361
  2,479
  2,603
  2,734
  2,870
  3,014
Tax expense, $m
  59
  147
  158
  170
  182
  195
  208
  222
  237
  252
  267
  314
  331
  349
  368
  387
  407
  428
  450
  474
  498
  523
  550
  578
  607
  637
  669
  703
  738
  775
  814
Net income, $m
  182
  397
  428
  460
  493
  527
  563
  601
  639
  680
  722
  850
  896
  944
  994
  1,046
  1,101
  1,158
  1,218
  1,281
  1,346
  1,415
  1,487
  1,562
  1,641
  1,723
  1,810
  1,901
  1,996
  2,095
  2,200

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  351
  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
  5,090
  5,091
  5,455
  5,834
  6,228
  6,637
  7,063
  7,506
  7,968
  8,449
  8,950
  9,472
  10,017
  10,586
  11,180
  11,800
  12,448
  13,126
  13,835
  14,576
  15,352
  16,165
  17,016
  17,907
  18,840
  19,818
  20,843
  21,918
  23,044
  24,225
  25,464
Adjusted assets (=assets-cash), $m
  4,739
  5,091
  5,455
  5,834
  6,228
  6,637
  7,063
  7,506
  7,968
  8,449
  8,950
  9,472
  10,017
  10,586
  11,180
  11,800
  12,448
  13,126
  13,835
  14,576
  15,352
  16,165
  17,016
  17,907
  18,840
  19,818
  20,843
  21,918
  23,044
  24,225
  25,464
Revenue / Adjusted assets
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
  1.046
Average production assets, $m
  1,261
  1,353
  1,449
  1,550
  1,655
  1,763
  1,877
  1,994
  2,117
  2,245
  2,378
  2,517
  2,661
  2,812
  2,970
  3,135
  3,307
  3,487
  3,676
  3,873
  4,079
  4,295
  4,521
  4,757
  5,005
  5,265
  5,538
  5,823
  6,122
  6,436
  6,765
Working capital, $m
  1,162
  1,145
  1,227
  1,312
  1,401
  1,493
  1,588
  1,688
  1,792
  1,900
  2,013
  2,130
  2,253
  2,381
  2,514
  2,654
  2,799
  2,952
  3,111
  3,278
  3,453
  3,635
  3,827
  4,027
  4,237
  4,457
  4,687
  4,929
  5,182
  5,448
  5,727
Total debt, $m
  2,090
  2,086
  2,347
  2,619
  2,901
  3,195
  3,500
  3,818
  4,149
  4,494
  4,853
  5,227
  5,618
  6,026
  6,452
  6,897
  7,361
  7,847
  8,356
  8,887
  9,444
  10,026
  10,636
  11,275
  11,944
  12,646
  13,380
  14,151
  14,959
  15,805
  16,694
Total liabilities, $m
  3,654
  3,650
  3,911
  4,183
  4,465
  4,759
  5,064
  5,382
  5,713
  6,058
  6,417
  6,791
  7,182
  7,590
  8,016
  8,461
  8,925
  9,411
  9,920
  10,451
  11,008
  11,590
  12,200
  12,839
  13,508
  14,210
  14,944
  15,715
  16,523
  17,369
  18,258
Total equity, $m
  1,436
  1,441
  1,544
  1,651
  1,762
  1,878
  1,999
  2,124
  2,255
  2,391
  2,533
  2,681
  2,835
  2,996
  3,164
  3,339
  3,523
  3,715
  3,915
  4,125
  4,345
  4,575
  4,815
  5,068
  5,332
  5,609
  5,899
  6,203
  6,521
  6,856
  7,206
Total liabilities and equity, $m
  5,090
  5,091
  5,455
  5,834
  6,227
  6,637
  7,063
  7,506
  7,968
  8,449
  8,950
  9,472
  10,017
  10,586
  11,180
  11,800
  12,448
  13,126
  13,835
  14,576
  15,353
  16,165
  17,015
  17,907
  18,840
  19,819
  20,843
  21,918
  23,044
  24,225
  25,464
Debt-to-equity ratio
  1.455
  1.450
  1.520
  1.590
  1.650
  1.700
  1.750
  1.800
  1.840
  1.880
  1.920
  1.950
  1.980
  2.010
  2.040
  2.070
  2.090
  2.110
  2.130
  2.150
  2.170
  2.190
  2.210
  2.220
  2.240
  2.250
  2.270
  2.280
  2.290
  2.310
  2.320
Adjusted equity ratio
  0.229
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  182
  397
  428
  460
  493
  527
  563
  601
  639
  680
  722
  850
  896
  944
  994
  1,046
  1,101
  1,158
  1,218
  1,281
  1,346
  1,415
  1,487
  1,562
  1,641
  1,723
  1,810
  1,901
  1,996
  2,095
  2,200
Depreciation, amort., depletion, $m
  117
  179
  184
  189
  194
  199
  204
  210
  216
  222
  228
  120
  127
  135
  142
  150
  158
  167
  176
  185
  195
  205
  216
  228
  239
  252
  265
  279
  293
  308
  324
Funds from operations, $m
  215
  576
  611
  648
  686
  726
  767
  810
  855
  902
  950
  970
  1,023
  1,078
  1,136
  1,196
  1,259
  1,325
  1,394
  1,466
  1,541
  1,620
  1,703
  1,789
  1,880
  1,975
  2,075
  2,179
  2,289
  2,403
  2,524
Change in working capital, $m
  -171
  79
  82
  85
  89
  92
  96
  100
  104
  108
  113
  117
  123
  128
  134
  140
  146
  152
  159
  167
  175
  183
  191
  200
  210
  220
  231
  242
  253
  266
  279
Cash from operations, $m
  386
  497
  529
  563
  598
  634
  672
  711
  751
  794
  838
  853
  901
  950
  1,002
  1,057
  1,113
  1,173
  1,234
  1,299
  1,367
  1,438
  1,512
  1,589
  1,670
  1,755
  1,844
  1,938
  2,035
  2,138
  2,245
Maintenance CAPEX, $m
  0
  -60
  -65
  -69
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -114
  -120
  -127
  -135
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -205
  -216
  -228
  -239
  -252
  -265
  -279
  -293
  -308
New CAPEX, $m
  -126
  -92
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -216
  -226
  -237
  -248
  -260
  -272
  -285
  -299
  -314
  -329
Cash from investing activities, $m
  -340
  -152
  -162
  -170
  -179
  -188
  -197
  -208
  -218
  -229
  -240
  -253
  -265
  -278
  -293
  -307
  -322
  -338
  -355
  -373
  -391
  -411
  -431
  -453
  -476
  -499
  -524
  -550
  -578
  -607
  -637
Free cash flow, $m
  46
  345
  368
  393
  419
  446
  474
  503
  533
  565
  597
  600
  635
  672
  710
  750
  791
  834
  879
  926
  975
  1,027
  1,080
  1,136
  1,195
  1,256
  1,320
  1,387
  1,457
  1,531
  1,608
Issuance/(repayment) of debt, $m
  222
  250
  261
  272
  282
  294
  305
  318
  331
  345
  359
  375
  391
  408
  426
  445
  465
  486
  508
  532
  556
  583
  610
  639
  669
  701
  735
  770
  808
  847
  888
Issuance/(repurchase) of shares, $m
  -22
  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  
  193
  250
  261
  272
  282
  294
  305
  318
  331
  345
  359
  375
  391
  408
  426
  445
  465
  486
  508
  532
  556
  583
  610
  639
  669
  701
  735
  770
  808
  847
  888
Total cash flow (excl. dividends), $m
  242
  595
  629
  665
  701
  740
  779
  821
  864
  909
  956
  975
  1,026
  1,080
  1,136
  1,195
  1,256
  1,320
  1,388
  1,458
  1,532
  1,609
  1,690
  1,775
  1,864
  1,957
  2,055
  2,157
  2,265
  2,378
  2,496
Retained Cash Flow (-), $m
  -64
  -102
  -103
  -107
  -111
  -116
  -121
  -125
  -131
  -136
  -142
  -148
  -154
  -161
  -168
  -176
  -183
  -192
  -201
  -210
  -220
  -230
  -241
  -252
  -264
  -277
  -290
  -304
  -319
  -334
  -351
Prev. year cash balance distribution, $m
 
  97
  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
 
  590
  526
  557
  590
  624
  659
  696
  734
  773
  815
  827
  872
  919
  968
  1,019
  1,073
  1,128
  1,187
  1,248
  1,312
  1,379
  1,449
  1,523
  1,600
  1,680
  1,765
  1,853
  1,946
  2,044
  2,146
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  552
  457
  446
  432
  415
  394
  371
  346
  319
  291
  252
  224
  197
  171
  145
  122
  101
  82
  65
  50
  39
  29
  21
  15
  10
  7
  5
  3
  2
  1
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

RPM International Inc., through its subsidiaries, manufactures, markets and sells various specialty chemical product lines, including specialty paints, protective coatings, roofing systems, sealants and adhesives, focusing on the maintenance of industrial, specialty and consumer markets. The Company operates through three segments: the industrial reportable segment (industrial segment), the specialty reportable segment (specialty segment) and the consumer reportable segment (consumer segment). Its family of products includes those marketed under brand names, such as API, Carboline, CAVE, DAP, Day-Glo, Dri-Eaz, Dryvit, Euclid, EUCO, Fibergrate, Flecto, Flowcrete, Grupo PV, Hummervoll, illbruck, Mohawk, Rust-Oleum, Stonhard, TCI, Toxement, Tremco, Tuf-Strand, Universal Sealants, Viapol, Watco and Zinsser. As of May 31, 2016, its subsidiaries marketed products in approximately 164 countries and territories, and operated manufacturing facilities in approximately 120 locations.

FINANCIAL RATIOS  of  RPM International (RPM)

Valuation Ratios
P/E Ratio 38.6
Price to Sales 1.4
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 18.2
Price to Free Cash Flow 27
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.7%
Cap. Spend. - 3 Yr. Gr. Rate 6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 127.9%
Total Debt to Equity 145.5%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 5.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.6%
Return On Equity 13%
Return On Equity - 3 Yr. Avg. 19.2%
Asset Turnover 1
Profitability Ratios
Gross Margin 43.7%
Gross Margin - 3 Yr. Avg. 43.1%
EBITDA Margin 8.9%
EBITDA Margin - 3 Yr. Avg. 12.2%
Operating Margin 6.6%
Oper. Margin - 3 Yr. Avg. 9.8%
Pre-Tax Margin 4.9%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 3.7%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 24.2%
Eff/ Tax Rate - 3 Yr. Avg. 33.3%
Payout Ratio 86.3%

RPM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RPM stock intrinsic value calculation we used $4958 million for the last fiscal year's total revenue generated by RPM International. The default revenue input number comes from 2017 income statement of RPM International. 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 RPM stock valuation model: a) initial revenue growth rate of 7.4% 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 7%, whose default value for RPM is calculated based on our internal credit rating of RPM International, 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 RPM International.
    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 RPM stock the variable cost ratio is equal to 88.5%.

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 RPM 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 4.2% for RPM International.

Corporate tax rate of 27% is the nominal tax rate for RPM International. 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 RPM 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 RPM are equal to 25.4%.

Life of production assets of 20.9 years is the average useful life of capital assets used in RPM International 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 RPM is equal to 21.5%. 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 - $1436 million for RPM International - 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 133.602 million for RPM International 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 RPM International at the current share price and the inputted number of shares is $7.0 billion.

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COMPANY NEWS

▶ RPM International Acquires Whink Products   [Dec-11-17 05:20PM  Market Realist]
▶ RPM Acquires Leader in Rust Stain Removal Products   [Dec-04-17 04:11PM  Business Wire]
▶ RPM International Increases Its Quarterly Dividend   [Oct-09-17 03:06PM  Market Realist]
▶ How RPMs Industrial Segment Performed in Fiscal 1Q18   [Oct-06-17 01:35PM  Market Realist]
▶ RPM Increases Cash Dividend for 44th Consecutive Year   [Oct-05-17 02:30PM  Business Wire]
▶ RPM International tops Street 1Q forecasts   [06:56AM  Associated Press]
▶ Cleveland company acquires Greater Cincinnati manufacturer   [Jul-31-17 11:14AM  American City Business Journals]
▶ RPM International misses 4Q profit forecasts   [Jul-24-17 10:09PM  Associated Press]
▶ Analysts Expect RPM Internationals Adjusted EPS to Grow   [Jul-13-17 10:37AM  Market Realist]
▶ RPM Declares Quarterly Dividend   [Jul-05-17 09:00AM  Business Wire]
▶ 3 Dividend Stocks Perfect for Retirement   [Jun-24-17 08:16AM  Motley Fool]
▶ Will Axaltas New Product Launches Boost Revenue?   [Jun-19-17 08:31AM  Market Realist]
▶ What Analysts Recommend for RPM International   [Apr-17-17 01:06PM  Market Realist]
Financial statements of RPM
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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