Long-Term Consistency from Leading Consumer & Industrial Brands
- The shares are trading at only 16x our 12-month forward EPS estimate, despite EPS modeled up an adjusted 20% in FY18 to a record $3.05 and around 12% in FY19 to $3.40.
- The Industrial segment (52% of sales) is a prime beneficiary of improving oil & gas markets (around 8% of corporate revenue) and U.S. infrastructure spending.
- RPM’s revenue is well diversified among the Industrial, Consumer (34%) and Specialty (14%) segments, with 70% of revenue from maintenance, remodeling and repair products.
- RPM's dividend, raised for 44 straight years (only 41 of 19,000 public companies can claim an equal or better record), provides a current yield of 2.6%.
RPM International manufactures, markets and sells various chemical product lines, including paints, infrastructure rehab and repair products, protective coatings, roofing systems, sealants and adhesives. The company's segments include: industrial, which includes maintenance and protection products and services for roofing and waterproofing systems; specialty, which includes industrial cleaners, restoration services equipment, colorants, exterior finishes, edible coatings and other coatings; and consumer, which includes rust-preventative, special purpose and decorative paints, caulks, sealants, primers, nail enamels, cement cleaners, floor sealers and woodcare coatings and other consumer products.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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