Third Quarter in Line With PPG’s Lowered Guidance; Maintaining $94 Fair Value Estimate
PPG reported third-quarter 2016 adjusted earnings per share of $1.56, in line with the $1.54 to $1.57 range management guided to on the Oct. 7 profit warning that sent shares down about 8% that day. The company continues to divest noncore operations, completing the sale of the European fiber glass and flat glass businesses and announcing the sale of 50% ownership interest in its Asian fiber glass JVs. We are maintaining our $94 per share fair value estimate and view shares as fairly valued.Sale...
PPG Industries manufactures and distributes a range of paints, coatings and specialty materials. The company's business is comprised of two reportable business segments: Performance Coatings, which primarily supplies a variety of protective and decorative coatings, sealants and finishes along with paint strippers, stains and related chemicals, as well as transparencies and transparent armor; and Industrial Coatings, which primarily supplies a variety of protective and decorative coatings and finishes along with adhesives, sealants, metal pretreatment products, optical monomers and coatings, precipitated silicas and other specialty materials.
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.
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