Axalta Executes on Cost Cuts, but We Think Low-Hanging Fruit Has Been Plucked; Maintaining $33 FVE
No-moat Axalta reported full-year 2016 results, with adjusted EBITDA up 4.6% to $907 million. The company reached its 2016 cost-cutting goal to reduce expenses by $60 million, roughly 1.5% of sales. While management says that the company is in the “middle innings†of its cost-saving initiatives, we contend that the low-hanging fruit has been plucked since the Axalta Way and Fit For Growth programs were meant to address cost issues that crept up under prior management. Only $50 million or so rema...
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