Valspar Corp

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  • uploads///PPG Part  Q
    Earnings Report

    Why Analysts Think PPG Industries’ 3Q Net Profit Margin Fell

    As of October 11, 2016, Wall Street analysts are expecting PPG Industries (PPG) to post a net profit margin of 10.9%.

    By Peter Neil
  • uploads///ful pe
    Earnings Report

    How Did H.B. Fuller Perform Compared with Its Peers in 3Q15?

    H.B. Fuller was outperformed by its peers based on the net profit margin, EPS, and PBV ratio. However, H.B. Fuller is way ahead of its peers based on the PE ratio.

    By Gabriel Kane
  • uploads///Part
    Company & Industry Overviews

    PPG Industries’ Stock Price Is Still Under Pressure Post-3Q16

    PPG Industries’ (PPG) stock performance from November 1, 2016, to December 29, 2016, has been very mild, with a return of 1.6%.

    By Peter Neil
  • uploads///Part  Q pre earnings
    Earnings Report

    Why Are Analysts Expecting Axalta’s Revenue to Rise in 4Q16?

    Analysts are expecting Axalta (AXTA) to post revenue of $1.02 billion in 4Q16. That’s a 1.2% rise year-over-year compared to $1.01 billion in 4Q15.

    By Peter Neil
  • uploads///AdobeStock_
    Basic Materials

    David Einhorn’s Greenlight Capital: Analyzing Its 13F

    On November 14, Greenlight Capital filed its 13F. In the third quarter, the company bought a fresh stake in NeuBase Therapeutics.

    By Rabindra Samanta
  • uploads///VAL SHW consideration
    Miscellaneous

    Valspar and Sherwin-Williams Get a Second Request

    On May 11, after the Market closed, Valspar and Sherwin-Williams announced that they received a “second request” from the FTC regarding their merger.

    By Brent Nyitray, CFA, MBA
  • uploads///Part  SHW PRE Q
    Earnings Report

    Could Sherwin-Williams Deliver Revenue Growth in 3Q16?

    Sherwin-Williams (SHW) will be reporting its 3Q16 earnings on October 25, 2016, before the market opens.

    By Peter Neil
  • uploads///Part  Q
    Basic Materials

    Valspar’s 3Q16 Earnings Beat Analysts’ Estimates

    On September 7, 2016, Valspar (VAL) reported its 3Q16 earnings after market hours. Here’s what you need to know.

    By Peter Neil
  • uploads///PPS MAA Downside
    Basic Materials

    What’s the Downside in the Post Properties and Mid-America Deal?

    Post Properties was trading at ~$62 per share before the deal with Mid-America was announced. If the deal breaks, it could return to those levels.

    By Brent Nyitray, CFA, MBA
  • uploads///Part  Q
    Earnings Report

    PPG Industries’ 4Q16 EPS versus Street Expectations and Forex Impact

    PPG Industries (PPG) reported adjusted EPS of $1.19 in 4Q16, meeting the Wall Street analysts’ estimate of $1.19 adjusted earnings per share.

    By Peter Neil
  • uploads///Part  Q
    Earnings Report

    How Do RPM’s Valuations Look after Fiscal 1Q17?

    As of October 6, 2016, RPM International was trading at a one-year forward PE multiple of 17.5x.

    By Peter Neil
  • uploads///AdobeStock_
    Basic Materials

    What’s the Next Big Move for David Einhorn?

    Billionaire David Einhorn is prominent in the hedge fund industry for his bold investment strategies.

    By Rabindra Samanta
  • uploads///Part
    Company & Industry Overviews

    Porter’s 5 Forces: Lowe’s Position in a Competitive Industry

    Lowe’s (LOW) operates in the home improvement industry where most products, especially building materials, are largely standardized and undifferentiated.

    By Phalguni Soni
  • uploads///Part
    Basic Materials

    How Did Lowe’s Fiscal 2016 Sales Growth Stack Up against Rivals?

    Lowe’s (LOW) same-store sales in fiscal 4Q16 grew 5.2% for the company overall and 5.5% in the US.

    By Phalguni Soni
  • uploads///Part  Valuations
    Company & Industry Overviews

    Why PPG Industries Is Trading at a Discount to Peers

    At present, PPG is trading at a discount to SHW primarily due to the acquisition of Valspar (VAL).

    By Peter Neil
  • uploads///Part  AXTA
    Company & Industry Overviews

    Axalta Completed the Acquisition of Valspar’s Business

    On June 1, 2017, Axalta (AXTA) announced that it completed the acquisition of Valspar’s (VAL) North American Industrial Wood Coatings business.

    By Peter Neil
  • uploads///PPG Q dvd yld
    Company & Industry Overviews

    Why PPG Industries’ Dividend Yield Is in a Downward Trend

    PPG has a better current dividend yield than its peers, with the exception of RPM.

    By Peter Neil
  • uploads///Part
    Company & Industry Overviews

    Should RPM Increase Dividends to Maintain Better Dividend Yields?

    On April 13, 2017, RPM International (RPM) stock closed at $49.94.

    By Peter Neil
  • uploads///AXTA Part
    Company & Industry Overviews

    Axalta to Buy Valspar’s North American Industrial Wood Coatings

    On April 12, 2017, Axalta Coating System (AXTA) announced that it will acquire Valspar’s North American Industrial Wood Coatings business for $420.0 million in cash.

    By Peter Neil
  • uploads///Part  SHW
    Company & Industry Overviews

    Sherwin-Williams and Valspar Postpone Merger Date

    On March 21, 2017, Sherwin-Williams (SHW) and Valspar (VAL) extended the closure date of their merger agreement to June 21 from the previously announced March 21, 2017.

    By Peter Neil
  • uploads///Part
    Company & Industry Overviews

    Is PPG Industries’ Dividend Yield Better Than Its Peers?

    On March 1, 2017, PPG stock closed at $103.29. With a 1Q17 quarterly dividend of $0.40 per share, its current dividend yield is ~1.6%.

    By Peter Neil
  • uploads///Part  AXTA
    Company & Industry Overviews

    Axalta Offers New Global Warranty for Architectural Powder Coatings

    On February 20, 2017, Axalta (AXTA) came up with a global warranty program for its premium line of Alesta architectural coatings.

    By Peter Neil
  • uploads///Part
    Company & Industry Overviews

    Analysts’ Latest Recommendations for Sherwin-Williams

    As of February 27, 21 brokerage firms were actively tracking Sherwin-Williams stock—57% gave it a “buy,” 38% gave it a “hold,” and 5% gave it a “sell.”

    By Peter Neil
  • uploads///Part
    Company & Industry Overviews

    Why Is Sherwin-Williams’ Dividend Yield Falling?

    The fall in Sherwin-Williams’ dividend yield is primarily due to an increase in its share price. Sherwin-Williams’ share price outpaced its dividend growth.

    By Peter Neil
  • uploads///Part  Axalta
    Miscellaneous

    Chemical News: Axalta Will Buy Century Industrial Coatings

    On February 1, 2017, Axalta (AXTA) announced that it entered into an agreement to acquire Century Industrial Coatings.

    By Peter Neil
  • uploads///Part  PPG
    Macroeconomic Analysis

    PPG Extends Its Presence in EMEA Region with DEUTEK Acquisition

    On January 5, 2017, PPG Industries (PPG) announced that it had completed the acquisition of DEUTEK, a leading Romanian paint and architectural coatings manufacturer.

    By Peter Neil
  • uploads///Part  AXTA
    Macroeconomic Analysis

    Axalta to Take Over Ellis Paint Company for an Undisclosed Amount

    On January 6, 2017, Axalta (AXTA) announced that it had acquired Ellis Paint Company. Axalta didn’t disclose the financial terms of the deal.

    By Peter Neil
  • uploads///Part  Q VAL
    Earnings Report

    What Does Wall Street Think about Valspar?

    As of December 20, 2016, 13 brokerage firms are actively tracking Valspar (VAL)) stock. About 15.0% of those analysts have recommended a “buy” for the stock.

    By Peter Neil
  • uploads///Part  Q VAL
    Earnings Report

    Why Valspar’s Paints Segment Sales Fell in 4Q16

    In 4Q16, Valspar’s Paints segment reported revenue of $421.1 million, or 38.0% of the company’s total revenue. That revenue was ~7.0% lower than 4Q15.

    By Peter Neil
  • uploads///Part  Q VAL
    Earnings Report

    Why Valspar Missed Analysts’ 4Q16 Revenue Estimates

    Valspar (VAL) not only missed analysts’ 4Q16 earnings estimates, but it also missed analysts’ revenue estimates. Its total reported revenue was $1.1 billion.

    By Peter Neil
  • uploads///Part  Q VAL
    Earnings Report

    Here’s Valspar’s 4Q16 Earnings: Beat or Miss?

    On Tuesday, December 20, 2016, Valspar (VAL) reported its 4Q16 earnings before the market opened. It reported adjusted EPS (earnings per share) of $1.37.

    By Peter Neil
  • uploads///Part  Axalta
    Company & Industry Overviews

    Axalta’s Stock Price Spikes as It Plans a Rapid Expansion

    On December 6, 2016, Axalta (AXTA) introduced its new Procor HP line in Mexico and Central America.

    By Peter Neil
  • uploads///Part  SHW
    Company & Industry Overviews

    Why Valuations for Sherwin-Williams Are Higher Than Its Peers

    As of December 2, 2016, Sherwin-Williams’s one-year forward EV-to-EBITDA stood at 11.9x, while PPG’s was 10.4x.

    By Peter Neil
  • uploads///Part  SHW
    Macroeconomic Analysis

    Sherwin-Williams Stock Outperformed Broader Market in November

    Sherwin-Williams (SHW) stock had a strong performance in November, closing at $268.67 and rising a whopping 9.7%.

    By Peter Neil
  • uploads///Part  APD
    Macroeconomic Analysis

    PPG Completed Its Stake Sale in PFG Fiberglass Joint Venture

    On September 22, PPG Industries (PPG) reached an agreement to sell its 50% stake in its two PFG fiber glass joint ventures to Nan Ya Plastics.

    By Peter Neil
  • uploads///PPG Industries
    Macroeconomic Analysis

    PPG Industries Now Completely Owns PPG Univer

    On November 11, PPG Industries announced that it had bought the remaining 50% ownership in PPG Univer from Univer Italiana, its partner in the joint venture.

    By Peter Neil
  • uploads///Axalta
    Macroeconomic Analysis

    AXTA Bats for Environment, Announces Houston Plant Modernization

    In a move to support a clean environment, Axalta (AXTA) has announced the modernization of its powder manufacturing facility in Houston, Texas.

    By Peter Neil
  • uploads///Part  SHW PRE Q
    Earnings Report

    Could Sherwin-Williams Continue to Trade at a Premium?

    Sherwin-Williams’s valuation The forward PE (price-to-earnings) multiple indicates how much investors would be paying per dollar of expected earnings in the next 12 months. Using PE multiples, investors can compare two or more companies in the same industry and decide whether stocks are overvalued or undervalued. As of October 12, 2016, Sherwin-Williams was trading at a one-year […]

    By Peter Neil
  • uploads///Part  SHW PRE Q
    Earnings Report

    Could Sherwin-Williams Surprise Investors?

    Analysts’ expectations Wall Street analysts are expecting Sherwin-Williams (SHW) to post adjusted EPS (earnings per share) of $4.33 in 3Q16, compared with $3.98 in 3Q15. The projected adjusted EPS for 3Q16 implies a growth of 8.8% on a year-over-year basis. Peer Valspar (VAL) reported adjusted EPS of $1.15 in 3Q16. For Valspar’s complete 3Q16 earnings, […]

    By Peter Neil
  • uploads///Axalta part
    Company & Industry Overviews

    Axalta’s New Metallic Color Gives More Options to Customers

    On October 5, 2016, Axalta announced the introduction of its new architectural-grade Alesta AR400 champagne metallic color.

    By Peter Neil
  • uploads///Part  Q
    Earnings Report

    Why Did RPM’s Fiscal 1Q17 Revenues Miss Analyst Estimates?

    RPM International (RPM) reported fiscal 1Q17 revenues of $1.25 billion, which missed analysts’ expectation of $1.30 billion.

    By Peter Neil
  • uploads///Part  Q
    Earnings Report

    RPM International’s Fiscal 1Q17 Earnings Beat Analysts’ Estimates

    RPM International reported adjusted EPS (or earnings per share) of $0.83, which beat analysts’ estimate of $0.80.

    By Peter Neil
  • uploads///Part
    Company & Industry Overviews

    A Quick Look into RPM International’s Leverage and Credit Ratings

    The coating industry has a high debt ratio. A high debt-to-equity ratio shows aggressive growth rates, but high debt also affects credit ratings.

    By Peter Neil
  • uploads///Part
    Company & Industry Overviews

    Inside RPM International’s Cost of Sales and SG&A Trends

    In 2011, cost of sales represented 58.6% of the RPM International’s (RPM) total revenue.

    By Peter Neil
  • uploads///Part
    Company & Industry Overviews

    An Overview of RPM International’s Specialty Segment

    In fiscal 2016, RPM International’s new Specialty segmented accounted for $732 million, or 15.2%, of the company’s total revenue.

    By Peter Neil
  • uploads///Part
    Company & Industry Overviews

    RPM International’s Revenue Rides on the Industrial Segment

    RPM International’s largest contribution comes from the Industrial Segment, which contributed 50.7%, or ~$2.4 billion, of the company’s total revenue.

    By Peter Neil
  • uploads///Part
    Company & Industry Overviews

    Inside RPM International’s Revenue Segments

    Until the fiscal 1Q16, RPM was reporting under two segments, Consumer and Industrial. Now it has combined two sub-segments and reports under three.

    By Peter Neil
  • uploads///Part
    Company & Industry Overviews

    A Glimpse into RPM’s Stock Price Movement, Past to Present

    From September 1, 2008, to Jan 31, 2009—the peak time of the crisis—RPM’s stock price fell 43.2%.

    By Peter Neil
  • uploads///part__q
    Earnings Report

    Why Did H.B. Fuller Miss 3Q16 Revenue Estimates?

    Analysts had estimated that H.B. Fuller’s (FUL) 3Q16 revenue would be $534.8 million, but it came in at $512.9 million.

    By Peter Neil
  • uploads///Chemours
    Macroeconomic Analysis

    Chemours Inaugurates New TiO2 Production Line at Altamira in Mexico

    On September 22, Chemours inaugurated its new Tio2, which is used as raw material for coatings and paints, production line at its Altamira plant in Mexico.

    By Peter Neil
  • uploads///Axalta
    Basic Materials

    Axalta Coating Systems Prices Its 450 Million Euro Senior Notes

    On September 13, Axalta Coating Systems (AXTA) announced that its wholly owned subsidiary, Axalta Coating Systems Dutch Holding BBV, has priced its offering of 450 million euro senior notes. With a 3.75% coupon rate, the notes are being offered to qualified institutional buyers, and the offer is expected to close on September 27.

    By Peter Neil
  • uploads///PPG Industries
    Basic Materials

    PPG Displayed Marine Coatings Technology at Industry Conference

    PPG Industries’ (PPG) protective and marine coatings business displayed premium marine coatings solutions at the SMM event that took place in Hamburg, Germany, September 6–9, 2016.

    By Peter Neil
  • uploads///Part  Q
    Earnings Report

    Valspar’s Paint Segment Performed Marginally Better in 3Q16

    In 3Q16, Valspar’s (VAL) Paints segment reported revenue of $445.4 million, representing 39% of Valspar’s total revenue.

    By Peter Neil
  • uploads///Part  Q
    Earnings Report

    Why Did Valspar’s Coatings Segment Revenue Fall in 3Q16?

    Valspar (VAL) reports its revenue under two segments, namely: the coatings segment and paints segment.

    By Peter Neil
  • uploads///Part  Q
    Basic Materials

    Why Did Valspar Miss 3Q16 Analyst Revenue Estimates?

    Valspar’s (VAL) 3Q16 earnings beat analysts’ estimates but missed analysts’ revenue estimates.

    By Peter Neil
  • uploads///Part
    Basic Materials

    Sherwin-Williams Chooses Poised Taupe as 2017 Color of the Year

    Sherwin-Williams (SHW), in a press release on August 29, 2016, announced Poised Taupe (SW 6039) as its 2017 color of the year.

    By Peter Neil
  • uploads///part
    Basic Materials

    Inside PPG Industries’ Industrial Coatings Segment

    PPG Industries’ (PPG) industrial coatings segment is the company’s second-largest revenue generator, contributing 36% of PPG’s total revenue in 2015.

    By Peter Neil
  • uploads///part
    Basic Materials

    How PPG’s Valuations Compare to Its Peers

    As of August 26, 2016, PPG Industries was trading at a one-year forward PE multiple of 16.0x compared to Sherwin-Williams and Valspar at 21.20x and 20.30x, respectively.

    By Peter Neil
  • uploads///part
    Basic Materials

    How PPG Industries Manages Its Costs and SGA Expenses

    In the past five years, PPG Industries’ SG&A expenses have grown at a CAGR of 4.3%, while its sales grew at a CAGR of 2.7%.

    By Peter Neil
  • uploads///part
    Basic Materials

    Exploring PPG Industries’ Performance Coating Segment

    PPG Industries’ (PPG) biggest chunk of revenue comes from the performance coatings segment.

    By Peter Neil
  • uploads///part
    Basic Materials

    Reviewing PPG’s Stock Price Rebound since the Subprime Crisis

    The subprime crisis that began in September 2008 shook the financial world and pushed the global economy into recession. PPG was no exception, and the stock suffered.

    By Peter Neil
  • uploads///part_a_
    Basic Materials

    Understanding PPG’s Formation through a Review of Its History

    PPG Industries (PPG) is a Fortune 500 company and the world’s largest paint and coatings company by revenue. In 2015, its coatings segment posted $14.2 billion.

    By Peter Neil
  • uploads///PPS MAA Synergies
    Basic Materials

    Post Properties and Mid-America: Exceptions in the MAE Clause

    Pretty much anything that has a material adverse effect on a company will be considered an MAE, although there are exceptions to that rule.

    By Brent Nyitray, CFA, MBA
  • uploads///PPS MAA Strategic Rationale
    Basic Materials

    MAE Clause: How Mid-America Could Walk Away from the Deal

    We’ll look at the MAE clause of the Post Properties and Mid-America Apartment merger agreement. We’ll see how Mid-America could walk away from the deal.

    By Brent Nyitray, CFA, MBA
  • uploads///PPS MAA complementary portfolio
    Basic Materials

    Why Is Mid-America Apartment Buying Post Properties?

    Mid-America Apartment is buying Post Properties (PPS) in a $4.5 billion stock transaction to create the largest publicly traded apartment REIT.

    By Brent Nyitray, CFA, MBA
  • uploads///PPS MAA Spread
    Basic Materials

    Mid-America Apartment Buys Post Properties in a $4.5 Billion Deal

    Post Properties and Mid-America Apartment announced a merger. Mid-America will purchase Post Properties for ~$4.5 billion in stock and assumed debt.

    By Brent Nyitray, CFA, MBA
  • uploads///EVER TIAA loan portfolio
    Basic Materials

    How Could TIAA Walk Away from the Deal?

    We’ll look at the MAE (material adverse effect) clause of the Everbank (EVER)-TIAA merger agreement and see how TIAA could walk away from the deal.

    By Brent Nyitray, CFA, MBA
  • uploads///Part  Graph
    Basic Materials

    Why FMC’s Health and Nutrition Segment’s Revenue Fell in 2Q16

    In 2Q16, FMC Corporation’s (FMC) Health and Nutrition segment reported revenue of $195 million, representing 24.1% of FMC’s total revenue.

    By Peter Neil
  • uploads///EVER TIAA banking franchise overview
    Basic Materials

    What’s the Rationale for the TIAA-Everbank Merger?

    Everbank is a major player in the mortgage origination space. TIAA is looking to take some of that mortgage origination and put it on its balance sheet.

    By Brent Nyitray, CFA, MBA
  • uploads///EVER TIAA spread
    Basic Materials

    TIAA Buys Everbank to Boost Its Banking Business

    On August 8, 2016, TIAA and Everbank (EVER) announced a merger in which TIAA will purchase Everbank for $19.50 per share in cash, or ~$2.5 billion.

    By Brent Nyitray, CFA, MBA
  • uploads///Part  Graph
    Basic Materials

    Europe, China, and India Sales Rose, but Not Enough Not Help PPG Industries

    Wall Street analysts estimated that PPG Industries’ revenue for 2Q16 would be $4.17 billion, but PPG Industries reported total revenue of $4.06 billion.

    By Peter Neil
  • uploads///Part  Graph
    Earnings Report

    What’s the Word among Analysts on PPG Industries?

    As of June 21, PPG’s consensus 12-month target price was $125, which represents a potential return of ~15% from its closing price of $108.06 on June 21.

    By Peter Neil
  • uploads///VAL SHW value
    Miscellaneous

    How Will Arbs Impact the Valspar and Sherwin-Williams Deal?

    If the deal closes as advertised, you’re getting a 10% plus return. If regulators demand $650 million in divestitures, you still get a 2.8% return.

    By Brent Nyitray, CFA, MBA
  • uploads///VAL SHW combination
    Miscellaneous

    What’s the Rationale for the Valspar and Sherwin-Williams Merger?

    Sherwin-Williams is buying coatings manufacturer Valspar in a $11.3 billion cash transaction. The companies stress that this is a complementary transaction.

    By Brent Nyitray, CFA, MBA
  • uploads///business model
    Company & Industry Overviews

    Understanding the Business Models of Specialty Chemical Companies

    Companies in the specialty chemical industry have fewer intermediaries in their distribution range as they move from coatings to more specialized chemicals.

    By Shannon Black
  • uploads///roic
    Company & Industry Overviews

    Assessing Returns in the Specialty Chemical Industry

    The proprietary products and processes developed by specialty chemical firms command a premium and have enabled companies to post high returns on capital.

    By Shannon Black
  • uploads///ameccoat
    Company & Industry Overviews

    What You Need to Know before Investing in Paint Companies

    Even when the house not for sale, the aesthetic appeal of new paint on a house is a strong motivator for repainting, making it a recurring activity.

    By Shannon Black
  • uploads///region
    Company & Industry Overviews

    Introducing Three Coatings Industry Regional Markets

    Asia-Pacific is the largest geographical market for the coatings industry, followed by Europe and North America.

    By Shannon Black
  • uploads///diy
    Company & Industry Overviews

    Why Paint Companies Are Posting Their Best Gross Margins

    Paint companies benefit significantly when titanium dioxide prices enter recessionary cycles.

    By Shannon Black
  • uploads///value_chain
    Company & Industry Overviews

    Introducing the Specialty Chemicals Industry: What You May Not Yet Know

    The specialty chemicals industry caters to diverse sectors through innovative products that are tailored to the specific requirements of end markets.

    By Shannon Black
  • uploads///rpm pe
    Earnings Report

    RPM International’s Performance Compared to Its Peers

    The peers outperformed RPM International based on EPS and the PBV ratio. RPM International is way ahead of its peers based on the current ratio and PE ratio.

    By Gabriel Kane
  • uploads///SEMG_Basin
    Fund Managers

    Iridian slightly raises its holdings in SemGroup Corporation

    In its 13G filing, Iridian Asset Management slightly increased its holdings in SemGroup (SEMG). This resulted in a passive stake of 8.2% in the company.

    By Stuart McKenzie
  • uploads///VAL
    Fund Managers

    Iridian Asset Management ups its position in Valspar Corporation

    In its 13G filing, Iridian Asset Management increased its holdings in Valspar Corporation (VAL) by 20%. The fund holds a passive stake of 6.4% in Valspar.

    By Stuart McKenzie
  • uploads///LXK_Fit
    Fund Managers

    Iridian nearly doubles its holdings in Lexmark International

    Iridian Asset Management has increased its holdings in Lexmark International, Inc. (LXK) by 49%. This represents a 10.4% passive stake in the company.

    By Stuart McKenzie
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