Intrinsic value of RPM International - RPM

Previous Close

$51.73

  Intrinsic Value

$37.11

stock screener

  Rating & Target

sell

-28%

  Value-price divergence*

+3%

Previous close

$51.73

 
Intrinsic value

$37.11

 
Up/down potential

-28%

 
Rating

sell

 
Value-price divergence*

+3%

*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 6.9

 

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
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  4,958
  5,186
  5,427
  5,680
  5,948
  6,230
  6,526
  6,839
  7,168
  7,514
  7,878
  8,261
  8,663
  9,087
  9,532
  10,000
  10,492
  11,008
  11,551
  12,122
  12,722
  13,352
  14,013
  14,708
  15,439
  16,206
  17,011
  17,857
  18,746
  19,680
  20,660
Variable operating expenses, $m
 
  4,584
  4,792
  5,011
  5,241
  5,484
  5,740
  6,009
  6,292
  6,591
  6,905
  7,120
  7,467
  7,832
  8,216
  8,619
  9,043
  9,488
  9,956
  10,448
  10,965
  11,508
  12,078
  12,678
  13,307
  13,968
  14,662
  15,392
  16,158
  16,962
  17,807
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
  4,630
  4,584
  4,792
  5,011
  5,241
  5,484
  5,740
  6,009
  6,292
  6,591
  6,905
  7,120
  7,467
  7,832
  8,216
  8,619
  9,043
  9,488
  9,956
  10,448
  10,965
  11,508
  12,078
  12,678
  13,307
  13,968
  14,662
  15,392
  16,158
  16,962
  17,807
Operating income, $m
  329
  602
  635
  670
  707
  746
  787
  830
  875
  923
  973
  1,141
  1,196
  1,255
  1,316
  1,381
  1,449
  1,520
  1,595
  1,674
  1,757
  1,843
  1,935
  2,031
  2,132
  2,238
  2,349
  2,466
  2,588
  2,717
  2,853
EBITDA, $m
  446
  779
  815
  853
  894
  936
  980
  1,027
  1,077
  1,129
  1,183
  1,241
  1,301
  1,365
  1,432
  1,502
  1,576
  1,654
  1,735
  1,821
  1,911
  2,006
  2,105
  2,210
  2,319
  2,435
  2,556
  2,683
  2,816
  2,956
  3,104
Interest expense (income), $m
  79
  77
  84
  91
  98
  106
  114
  122
  131
  141
  151
  161
  172
  184
  196
  209
  222
  236
  251
  267
  283
  301
  319
  338
  358
  379
  401
  424
  448
  474
  501
Earnings before tax, $m
  244
  525
  551
  579
  609
  640
  673
  708
  744
  782
  823
  979
  1,024
  1,071
  1,120
  1,172
  1,226
  1,284
  1,344
  1,407
  1,473
  1,543
  1,616
  1,693
  1,774
  1,859
  1,948
  2,042
  2,140
  2,243
  2,352
Tax expense, $m
  59
  142
  149
  156
  164
  173
  182
  191
  201
  211
  222
  264
  276
  289
  302
  316
  331
  347
  363
  380
  398
  417
  436
  457
  479
  502
  526
  551
  578
  606
  635
Net income, $m
  182
  383
  402
  423
  445
  467
  491
  517
  543
  571
  601
  715
  748
  782
  818
  856
  895
  937
  981
  1,027
  1,075
  1,126
  1,180
  1,236
  1,295
  1,357
  1,422
  1,490
  1,562
  1,638
  1,717

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
  4,958
  5,188
  5,431
  5,686
  5,956
  6,239
  6,538
  6,853
  7,183
  7,531
  7,897
  8,282
  8,687
  9,113
  9,560
  10,030
  10,524
  11,043
  11,589
  12,162
  12,764
  13,397
  14,062
  14,760
  15,493
  16,263
  17,072
  17,922
  18,814
  19,751
Adjusted assets (=assets-cash), $m
  4,739
  4,958
  5,188
  5,431
  5,686
  5,956
  6,239
  6,538
  6,853
  7,183
  7,531
  7,897
  8,282
  8,687
  9,113
  9,560
  10,030
  10,524
  11,043
  11,589
  12,162
  12,764
  13,397
  14,062
  14,760
  15,493
  16,263
  17,072
  17,922
  18,814
  19,751
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
  1,317
  1,378
  1,443
  1,511
  1,582
  1,658
  1,737
  1,821
  1,909
  2,001
  2,098
  2,201
  2,308
  2,421
  2,540
  2,665
  2,796
  2,934
  3,079
  3,231
  3,391
  3,559
  3,736
  3,921
  4,116
  4,321
  4,536
  4,762
  4,999
  5,248
Working capital, $m
  1,162
  1,115
  1,167
  1,221
  1,279
  1,339
  1,403
  1,470
  1,541
  1,615
  1,694
  1,776
  1,863
  1,954
  2,049
  2,150
  2,256
  2,367
  2,484
  2,606
  2,735
  2,871
  3,013
  3,162
  3,319
  3,484
  3,657
  3,839
  4,030
  4,231
  4,442
Total debt, $m
  2,090
  1,991
  2,156
  2,330
  2,513
  2,706
  2,910
  3,124
  3,349
  3,586
  3,836
  4,099
  4,375
  4,665
  4,970
  5,291
  5,628
  5,982
  6,354
  6,745
  7,156
  7,588
  8,042
  8,518
  9,019
  9,544
  10,097
  10,677
  11,286
  11,926
  12,598
Total liabilities, $m
  3,654
  3,555
  3,720
  3,894
  4,077
  4,270
  4,474
  4,688
  4,913
  5,150
  5,400
  5,663
  5,939
  6,229
  6,534
  6,855
  7,192
  7,546
  7,918
  8,309
  8,720
  9,152
  9,606
  10,082
  10,583
  11,108
  11,661
  12,241
  12,850
  13,490
  14,162
Total equity, $m
  1,436
  1,403
  1,468
  1,537
  1,609
  1,685
  1,766
  1,850
  1,939
  2,033
  2,131
  2,235
  2,344
  2,458
  2,579
  2,705
  2,839
  2,978
  3,125
  3,280
  3,442
  3,612
  3,791
  3,979
  4,177
  4,385
  4,602
  4,831
  5,072
  5,324
  5,590
Total liabilities and equity, $m
  5,090
  4,958
  5,188
  5,431
  5,686
  5,955
  6,240
  6,538
  6,852
  7,183
  7,531
  7,898
  8,283
  8,687
  9,113
  9,560
  10,031
  10,524
  11,043
  11,589
  12,162
  12,764
  13,397
  14,061
  14,760
  15,493
  16,263
  17,072
  17,922
  18,814
  19,752
Debt-to-equity ratio
  1.455
  1.420
  1.470
  1.520
  1.560
  1.610
  1.650
  1.690
  1.730
  1.760
  1.800
  1.830
  1.870
  1.900
  1.930
  1.960
  1.980
  2.010
  2.030
  2.060
  2.080
  2.100
  2.120
  2.140
  2.160
  2.180
  2.190
  2.210
  2.230
  2.240
  2.250
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
  383
  402
  423
  445
  467
  491
  517
  543
  571
  601
  715
  748
  782
  818
  856
  895
  937
  981
  1,027
  1,075
  1,126
  1,180
  1,236
  1,295
  1,357
  1,422
  1,490
  1,562
  1,638
  1,717
Depreciation, amort., depletion, $m
  117
  177
  180
  183
  187
  190
  194
  198
  202
  206
  210
  100
  105
  110
  116
  122
  128
  134
  140
  147
  155
  162
  170
  179
  188
  197
  207
  217
  228
  239
  251
Funds from operations, $m
  215
  560
  583
  606
  631
  657
  685
  714
  745
  777
  811
  815
  853
  892
  934
  977
  1,023
  1,071
  1,121
  1,174
  1,230
  1,289
  1,350
  1,415
  1,483
  1,554
  1,629
  1,707
  1,790
  1,877
  1,968
Change in working capital, $m
  -171
  49
  52
  55
  58
  61
  64
  67
  71
  74
  78
  82
  87
  91
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  157
  165
  173
  182
  191
  201
  211
Cash from operations, $m
  386
  511
  531
  552
  574
  597
  621
  647
  674
  702
  732
  733
  766
  801
  838
  876
  917
  960
  1,005
  1,052
  1,101
  1,153
  1,208
  1,265
  1,326
  1,389
  1,456
  1,525
  1,599
  1,676
  1,757
Maintenance CAPEX, $m
  0
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -140
  -147
  -155
  -162
  -170
  -179
  -188
  -197
  -207
  -217
  -228
  -239
New CAPEX, $m
  -126
  -57
  -61
  -64
  -68
  -72
  -75
  -79
  -84
  -88
  -92
  -97
  -102
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -177
  -185
  -195
  -205
  -215
  -226
  -237
  -249
Cash from investing activities, $m
  -340
  -117
  -124
  -130
  -137
  -144
  -151
  -158
  -167
  -175
  -183
  -193
  -202
  -213
  -223
  -235
  -247
  -259
  -272
  -285
  -299
  -315
  -330
  -347
  -364
  -383
  -402
  -422
  -443
  -465
  -488
Free cash flow, $m
  46
  394
  407
  421
  437
  453
  470
  488
  507
  527
  549
  540
  564
  588
  614
  642
  671
  701
  733
  766
  802
  839
  877
  918
  961
  1,007
  1,054
  1,104
  1,156
  1,211
  1,269
Issuance/(repayment) of debt, $m
  222
  155
  165
  174
  183
  193
  203
  214
  225
  237
  250
  262
  276
  290
  305
  321
  337
  354
  372
  391
  411
  432
  454
  476
  501
  526
  552
  580
  609
  640
  672
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
  155
  165
  174
  183
  193
  203
  214
  225
  237
  250
  262
  276
  290
  305
  321
  337
  354
  372
  391
  411
  432
  454
  476
  501
  526
  552
  580
  609
  640
  672
Total cash flow (excl. dividends), $m
  242
  549
  572
  595
  620
  646
  674
  702
  733
  765
  798
  803
  840
  879
  920
  963
  1,008
  1,055
  1,105
  1,157
  1,213
  1,270
  1,331
  1,395
  1,462
  1,532
  1,606
  1,684
  1,765
  1,851
  1,941
Retained Cash Flow (-), $m
  -64
  -64
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
  -98
  -104
  -109
  -115
  -120
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -218
  -229
  -240
  -253
  -265
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
 
  582
  507
  527
  548
  570
  593
  618
  644
  671
  700
  699
  731
  764
  799
  836
  875
  915
  958
  1,003
  1,050
  1,100
  1,152
  1,207
  1,264
  1,325
  1,388
  1,455
  1,525
  1,598
  1,676
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
 
  544
  440
  421
  401
  379
  355
  330
  304
  277
  250
  213
  188
  164
  141
  119
  99
  82
  66
  52
  40
  31
  23
  17
  12
  8
  6
  4
  2
  1
  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
Price to Sales 1.4
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 26.6
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 4.6% 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 133.921 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 $6.9 billion.

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COMPANY NEWS

▶ 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]
▶ RPM International tops 3Q profit forecasts   [06:55AM  Associated Press]
▶ RPM Declares Quarterly Dividend   [Apr-04-17 09:00AM  Business Wire]
▶ What Analysts Recommend for RPM International   [07:37AM  Market Realist]
▶ Why Analysts Expect RPM Internationals Adjusted EPS to Fall   [Apr-03-17 12:35PM  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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