Report
Brian Bernard
EUR 101.80 For Business Accounts Only

Reinitiating Coverage of No-Moat Owens Corning With a $78 FVE; Shares Fairly Valued

We reinitiate coverage of no-moat Owens Corning with a $78 per share fair value estimate, which equates to about 18 times and 9 times our base-case 2017 EPS and EBITDA estimates, respectively--about in line with the company’s three-year average forward P/E and enterprise value/EBITDA multiples.
Although Owens Corning, a leading manufacturer of fiberglass insulation, roofing shingles and components, and glass fiber composites, benefits from competitive advantages over smaller industry players and...
Underlying
OWENS CORNING INC

Owens Corning is engaged in manufacturing and delivering a range of insulation, roofing, and fiberglass composite materials. The company's Composites segment includes vertically integrated downstream activities. The company manufactures, fabricates and sells glass reinforcements in the form of fiber. The company's Insulation segment includes a portfolio of high, mid and low-temperature products with a geographic mix of United States, Canada, Europe, Asia-Pacific and Latin America, a market mix of residential, commercial, industrial and other markets, and a channel mix of retail, contractor and distribution. The company's products in the Roofing segment are laminate and strip asphalt roofing shingles.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Brian Bernard

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