Announcement • May 02
Axalta Coating Systems Ltd. Provides Earnings Guidance for the Second Quarter and Fiscal Year 2026 Axalta Coating Systems Ltd. provided earnings guidance for the second quarter and fiscal year 2026. For the quarter, the company expects Net Sales (YoY % growth) of Flat.
For the year, the company expects Net Sales (YoY % growth) to be low single digit %. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: US$0.42 (vs US$0.45 in 1Q 2025) First quarter 2026 results: EPS: US$0.42 (down from US$0.45 in 1Q 2025). Revenue: US$1.25b (flat on 1Q 2025). Net income: US$90.0m (down 9.1% from 1Q 2025). Profit margin: 7.2% (down from 7.8% in 1Q 2025). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 7.2% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Apr 22
Axalta Coating Systems Ltd., Annual General Meeting, Jun 03, 2026 Axalta Coating Systems Ltd., Annual General Meeting, Jun 03, 2026. Location: axalta corporate headquarters & global innovation, center, 1050 constitution avenue, pa 19112, philadelphia United States Announcement • Apr 21
Axalta Coating Systems Launches Zencore Cabinet Coating System Axalta Coating Systems announced the launch of Zencore, a cabinet coating system designed for manufacturers with fast moving production and large inventories in North America. Built on the proven chemistry of Axalta’s premium Zenamel brand, Zencore reduces process complexity while improving throughput and cost efficiency for high volume operations. Formulated on the same technology platform as Zenamel, Zencore combines primer and enamel functionality into one optimized system, reducing coating steps from three to two without compromising finish quality or durability. Key benefits include: Improved Efficiency: Fewer products and steps reduce SKU complexity, accelerate changeovers, and improve first pass yield. Higher Yield, Less Waste: Simplified application reduces defects and rework while maintaining performance standards. Easy Defect Correction: Reliable recoat ability helps keep production moving. Durable, Consistent Finish: Clearcoat level mar resistance and stable color performance eliminate the need for a clear coat. Zencore is made to stock and readily available in the market. Announcement • Apr 06
Axalta Coating Systems Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Axalta Coating Systems Ltd. announced that they will report Q1, 2026 results at 6:00 AM, US Eastern Standard Time on Apr 30, 2026 Announcement • Feb 12
Axalta Coating Systems Ltd. Provides Earnings Guidance for the Fourth Quarter and Full Year of 2026 Axalta Coating Systems Ltd. provided earnings guidance for the fourth quarter and full year of 2026. For the quarter, the company expects revenue to decline mid-single digits, primarily driven by Performance Coatings.
For the full year, the company expects revenue to be up low single digits, driven by positive price-mix, favorable FX and higher volumes in the second half. Reported Earnings • Feb 11
Full year 2025 earnings released: EPS: US$1.75 (vs US$1.78 in FY 2024) Full year 2025 results: EPS: US$1.75 (down from US$1.78 in FY 2024). Revenue: US$5.12b (down 3.0% from FY 2024). Net income: US$378.0m (down 3.3% from FY 2024). Profit margin: 7.4% (in line with FY 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jan 08
Axalta Coating Systems Ltd. to Report Q4, 2025 Results on Feb 10, 2026 Axalta Coating Systems Ltd. announced that they will report Q4, 2025 results at 6:00 AM, US Eastern Standard Time on Feb 10, 2026 Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: US$0.51 (vs US$0.46 in 3Q 2024) Third quarter 2025 results: EPS: US$0.51 (up from US$0.46 in 3Q 2024). Revenue: US$1.29b (down 2.4% from 3Q 2024). Net income: US$110.0m (up 8.9% from 3Q 2024). Profit margin: 8.5% (up from 7.7% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 15% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Oct 28
Axalta Coating Systems Ltd. Updates Earnings Guidance for the Full Year 2025 Axalta Coating Systems Ltd. updated earnings guidance for the full Year 2025. For the year, the company updates net sales to exceed $5,100 million. Announcement • Oct 09
Axalta Coating Systems Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Axalta Coating Systems Ltd. announced that they will report Q3, 2025 results at 6:00 AM, US Eastern Standard Time on Oct 28, 2025 Announcement • Oct 07
Axalta Coating Systems Ltd. Unveils Innovative Coatings to Support Improved Battery Safety in Electric Vehicles Axalta Coating Systems Ltd. will unveil two innovative products at The Battery Show North America (Booth #1638), reinforcing its commitment to innovation, technical service and performance in energy storage solutions and the automotive industry value chain. The new products, Alesta e-PRO FG Black and Alesta e-PRO Dielectric Gray, which are part of Axalta's broad portfolio of battery coatings, have been engineered for extreme heat protection and better electrical insulation in EV battery applications. Even as electric vehicles are growing in popularity, concerns remain among consumers about their safety, specifically around batteries. Thermal runaway in EV batteries remains a rare yet serious risk that can lead to fires, explosion, and structural failure. When one battery cell overheats, it can trigger a chain reaction, rapidly releasing extreme heat, flames, and smoke at temperatures exceeding 1200degC. When applied as part of a validated OEM battery system, these new coatings may contribute to improved thermal stability and electrical insulation performance. Alesta e-PRO FGBlack is a premium powder coating engineered for thermal stability and secondary fire protection in electric vehicle battery systems. This advanced coating is designed to resist ignition, expansion, and smoke generation at extreme temperatures up to 1200degC, helping to delay fire propagation from thermal events. Key design features include: Thermal integrity maintained under direct flame and extreme heat (600-1200degC); Zero smoke emission at high temperatures; Strong corrosion protection for standalone or enhanced protection over electrocoated substrates; Alesta e-PRO Dieelectric Gray is a premium epoxy-based powder coating designed to provide robust electrical insulation in high-voltage environments such as electric vehicle battery packs and stationary energy storage systems. The FG Black product has been tested for direct flame exposure, single-cell thermal runaway and UL 2596 TaG tests. When exposed to direct flame at 1200degC, Axalta's Alesta e-PRO FG black produces no smoke and does not catch fire during thermal events. The coatings are designed for global automotive manufacturers producing EVs, with the global EV market on track to surpass 20 million units in 2025, accounting for over a quarter of cars sold worldwide. Several leading OEMs and Tier 1 suppliers are currently conducting additional testing based on their specific designs and pre-production part approval processes. Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: US$0.50 (vs US$0.51 in 2Q 2024) Second quarter 2025 results: EPS: US$0.50 (down from US$0.51 in 2Q 2024). Revenue: US$1.31b (down 3.4% from 2Q 2024). Net income: US$109.0m (down 2.7% from 2Q 2024). Profit margin: 8.4% (up from 8.3% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 15% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Jul 30
Axalta Coating Systems Ltd. Provides Earnings Guidance for the Third Quarter 2025 and Updates Earnings Guidance for the Fiscal Year 2025 Axalta Coating Systems Ltd. provided earnings guidance for the third quarter 2025 and updated earnings guidance for the fiscal Year 2025. For the quarter, the company expects Net Sales of low single digit percentage.
For the year, the company expects Net Sales in the range of $5,200 million - $5,275 million. Announcement • Jul 08
Axalta Coating Systems Ltd. to Report Q2, 2025 Results on Jul 30, 2025 Axalta Coating Systems Ltd. announced that they will report Q2, 2025 results on Jul 30, 2025 Reported Earnings • May 08
First quarter 2025 earnings released: EPS: US$0.45 (vs US$0.19 in 1Q 2024) First quarter 2025 results: EPS: US$0.45 (up from US$0.19 in 1Q 2024). Revenue: US$1.26b (down 2.5% from 1Q 2024). Net income: US$99.0m (up 142% from 1Q 2024). Profit margin: 7.8% (up from 3.2% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.4% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • May 07
Axalta Coating Systems Ltd. Provides Earnings Guidance for the Second Quarter and Fiscal Year 2025 Axalta Coating Systems Ltd. provided earnings guidance for the second quarter and fiscal year 2025. For the quarter, the company expects Net Sales of low single digit %.
For the year, the company expects Net Sales in the range of $5,300 million - $5,375 million. Announcement • Apr 23
Axalta Coating Systems Ltd., Annual General Meeting, Jun 04, 2025 Axalta Coating Systems Ltd., Annual General Meeting, Jun 04, 2025. Location: headquarters &global innovationcenter, 1050constitution avenue, pa 19112, philadelphia United States Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$28.03, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 8x in the Chemicals industry in the United Kingdom. Total returns to shareholders of 9.5% over the past three years. Announcement • Apr 09
Axalta Coating Systems Ltd. to Report Q1, 2025 Results on May 07, 2025 Axalta Coating Systems Ltd. announced that they will report Q1, 2025 results at 6:00 AM, US Eastern Standard Time on May 07, 2025 Reported Earnings • Feb 04
Full year 2024 earnings released: EPS: US$1.78 (vs US$1.21 in FY 2023) Full year 2024 results: EPS: US$1.78 (up from US$1.21 in FY 2023). Revenue: US$5.28b (up 1.8% from FY 2023). Net income: US$391.0m (up 46% from FY 2023). Profit margin: 7.4% (up from 5.2% in FY 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.6% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Announcement • Jan 23
Axalta Coating Systems Ltd. Announces Executive Changes Axalta Coating Systems Ltd. announced that Tim Bowes has been appointed President, Global Industrial Coatings, effective January 27, 2025. Mr. Bowes will succeed Shelley Bausch who will be stepping down from her role. Most recently, Mr. Bowes served as Axalta’s Senior Vice President and Chief Transformation Officer. Prior to joining Axalta, he served as Senior Vice President and President of Electrification, Industrial, Aftermarket, Purchasing & Supply Chain for Meritor. Mr. Bowes has also served as Senior Vice President and President of the Casting business unit for American Axle & Manufacturing and CEO and President of Transtar Industries, an Industrial and Automotive Aftermarket company. He also held executive leadership roles at ITT Automotive and Intermet. Mr. Bowes has lived and worked in Asia and Europe and holds a Master of Business Administration from Wayne State University in Detroit, Michigan and a bachelor's degree from Lawrence Technological University in Southfield, Michigan. Announcement • Jan 13
Axalta Coating Systems Ltd. to Report Q4, 2024 Results on Feb 04, 2025 Axalta Coating Systems Ltd. announced that they will report Q4, 2024 results at 6:00 AM, US Eastern Standard Time on Feb 04, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: US$0.46 (vs US$0.33 in 3Q 2023) Third quarter 2024 results: EPS: US$0.46 (up from US$0.33 in 3Q 2023). Revenue: US$1.32b (flat on 3Q 2023). Net income: US$101.0m (up 39% from 3Q 2023). Profit margin: 7.7% (up from 5.6% in 3Q 2023). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 6.5% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 6% per year. Announcement • Oct 08
Axalta Coating Systems Ltd. to Report Q3, 2024 Results on Oct 30, 2024 Axalta Coating Systems Ltd. announced that they will report Q3, 2024 results at 6:00 AM, US Eastern Standard Time on Oct 30, 2024 Announcement • Sep 04
Axalta Introduces Axalta Irus Scan, A Next-Generation Spectrophotometer, for Refinish Customers Axalta Coating Systems Ltd. announced the launch of Axalta Irus Scan, its latest spectrophotometer for refinish customers. This new technology scientifically measures paint color on a vehicle to provide accurate color matches in waterborne and solventborne basecoat technologies. Axalta Irus Scan now joins the simple, three-step Axalta Irus digital color management process as the first step of: Scan – Match – Mix. Axalta Irus Scan leverages a patented inverse angle to detect hue shifting effect pigments which results in a more precise reading for popular achromatic effect colors. Additionally, it is the first spectrophotometer with built-in gloss measurement capabilities to ensure accurate surface preparation and clearcoat product usage. The high definition, RGB camera measures colored sparkle and pairs with Axalta’s color formula retrieval system which leverages a proprietary algorithm to provide the single, best color match for the vehicle under repair from the newly refreshed database of over two million color formulas. This eliminates time in the color match process allowing for more vehicles to be processed faster and more efficiently. Axalta Irus Scan has a user-friendly interface with a live view display of the RGB camera and does not require a skilled refinish technician to operate thus optimizing labor and improving paint booth productivity. Axalta Irus Scan provides accurate color, sparkle, and effect readings which reduces the need to do sprayouts to check color and decreases rework from color match errors, resulting in product waste reduction as well as sustainability improvements. These attributes all contribute to making Axalta Irus Scan an industry-leading innovation in spectrophotometers for the refinish market. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: US$0.51 (vs US$0.28 in 2Q 2023) Second quarter 2024 results: EPS: US$0.51 (up from US$0.28 in 2Q 2023). Revenue: US$1.35b (up 4.4% from 2Q 2023). Net income: US$112.0m (up 84% from 2Q 2023). Profit margin: 8.3% (up from 4.7% in 2Q 2023). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 5.7% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Aug 01
Axalta Coating Systems Ltd. Provides Earnings Guidance for the Third Quarter and Full Year 2024 Axalta Coating Systems Ltd. provided earnings guidance for the third quarter and full year 2024. for the quarter, the company expects Net Sales YoY% of Flat to +low single digit%.
For the full year, the company expects Net Sales YoY% of +low single digit%. Announcement • Jul 06
Axalta Coating Systems Ltd. to Report Q2, 2024 Results on Aug 01, 2024 Axalta Coating Systems Ltd. announced that they will report Q2, 2024 results at 6:00 AM, US Eastern Standard Time on Aug 01, 2024 Announcement • Jul 04
Axalta Coating Systems Ltd. (NYSE:AXTA) completed the acquisition of CoverFlexx Group from Transtar Holding Company, LLC. Axalta Coating Systems Ltd. (NYSE:AXTA) has entered into a definitive agreement to acquire CoverFlexx Group from Transtar Holding Company, LLC for approximately $300 million on May 13, 2024. The consideration consists of an initial cash consideration of $285 million, plus an additional $10 million earnout based on the business’s 2024 performance. The CoverFlexx Group had revenue of $78 million in 2023. Closing of the transaction is subject to regulatory approval and other customary closing conditions and is expected to occur in the third quarter 2024. Jon Fitzsimmons, Drew Prekop, Adam Czaia, Jeff Seaman, Aaron Haney and Alex Ballantine of Robert W. Baird & Co. Incorporated served as the exclusive financial advisor to CoverFlexx Group on this transaction.
Axalta Coating Systems Ltd. (NYSE:AXTA) completed the acquisition of CoverFlexx Group from Transtar Holding Company, LLC on July 2, 2024. New Risk • May 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risk Large one-off items impacting financial results. Announcement • May 02
Axalta Coating Systems Ltd. (NYSE:AXTA) announces an Equity Buyback for $700 million worth of its shares. Axalta Coating Systems Ltd. (NYSE:AXTA) announces a share repurchase program. Under the program, the company will repurchase up to $700 million worth of its shares. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: US$0.19 (vs US$0.27 in 1Q 2023) First quarter 2024 results: EPS: US$0.19 (down from US$0.27 in 1Q 2023). Revenue: US$1.29b (flat on 1Q 2023). Net income: US$41.0m (down 32% from 1Q 2023). Profit margin: 3.2% (down from 4.7% in 1Q 2023). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 2.7% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Announcement • May 01
Axalta Coating Systems Ltd. Provides Earnings Guidance for the Second Quarter and Full Year 2024 Axalta Coating Systems Ltd. provided earnings guidance for the second quarter and full year 2024. For the quarter, net sales growth is expected to be 3% - 5%.For the full year 2024, the company expects sales growth to be in low single digit. Announcement • Apr 26
Axalta Coating Systems Ltd., Annual General Meeting, Jun 06, 2024 Axalta Coating Systems Ltd., Annual General Meeting, Jun 06, 2024, at 10:00 US Eastern Standard Time. Agenda: To consider Election of nine directors; to consider Appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm and auditor until the conclusion of the 2025 Annual General Meeting of Members and delegation of authority to the Board, acting through the Audit Committee, to set the terms and remuneration thereof. Announcement • Apr 03
Axalta Coating Systems Ltd. to Report Q1, 2024 Results on May 01, 2024 Axalta Coating Systems Ltd. announced that they will report Q1, 2024 results at 6:00 AM, US Eastern Standard Time on May 01, 2024 Announcement • Mar 22
Axalta Coating Systems Ltd. Announces Board Changes Axalta Coating Systems Ltd. announced that Robert M. McLaughlin has decided that he will retire from Axalta’s Board of Directors and will not stand for re-election at Axalta’s 2024 Annual General Meeting of Members (the AGM). Mr. McLaughlin has been a member of Axalta’s Board since 2014 and currently serves as the Chair of the Audit Committee and a member of the Compensation Committee. Mr. McLaughlin will continue to serve as a member of the Board until the AGM. In connection with the decision of Mr. McLaughlin not to stand for re-election at the AGM, the Board has appointed Jan Bertsch, a current Board member and member of the Audit Committee, to serve as Chair of the Audit Committee, effective in June 2024. Reported Earnings • Feb 09
Full year 2023 earnings released: EPS: US$1.21 (vs US$0.86 in FY 2022) Full year 2023 results: EPS: US$1.21 (up from US$0.86 in FY 2022). Revenue: US$5.18b (up 6.1% from FY 2022). Net income: US$267.4m (up 40% from FY 2022). Profit margin: 5.2% (up from 3.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.2% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Feb 08
Axalta Coating Systems Ltd. Provides Earnings Guidance for the First Quarter and Full Year of 2024 Axalta Coating Systems Ltd. provided earnings guidance for the First Quarter and full year of 2024. For the quarter, company expects Net Sales of Flat Year-Over-Year. For the year, company expects Net Sales of +LSD (low-single-digit). Announcement • Jan 10
Axalta Coating Systems Ltd. to Report Q4, 2023 Results on Feb 08, 2024 Axalta Coating Systems Ltd. announced that they will report Q4, 2023 results at 6:00 AM, US Eastern Standard Time on Feb 08, 2024 New Risk • Dec 06
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$821k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risk Significant insider selling over the past 3 months (US$821k sold). Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: US$0.33 (vs US$0.28 in 3Q 2022) Third quarter 2023 results: EPS: US$0.33 (up from US$0.28 in 3Q 2022). Revenue: US$1.31b (up 5.7% from 3Q 2022). Net income: US$72.9m (up 17% from 3Q 2022). Profit margin: 5.6% (up from 5.0% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.8% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Nov 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Mary Zappone was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 27
Axalta Coating Systems Ltd. Announces Board Changes Axalta Coating Systems Ltd. announced that Mary S. Zappone, current Chief Executive Officer of Sundyne LLC, a leader in the design and manufacture of mission critical pumps and compressors, has been appointed to Axalta’s Board of Directors as an independent director, effective as of October 25, 2023. She will serve on the Audit and Environment, Health, Safety and Sustainability Committees. Axalta also announced that Steven M. Chapman has decided that he will not stand for re-election at Axalta’s 2024 Annual General Meeting of Members. With the appointment of Zappone, Axalta’s Board of Directors will be composed of 11 directors, seven of whom have been appointed to the Board since the beginning of 2020. Axalta’s directors bring unique backgrounds and experiences in areas important to the company’s business, including executive leadership, finance, audit, information technology and global operations, and in relevant industries, including specialty chemicals, and Axalta’s end markets. About Mary S. Zappone: Zappone has served as CEO of Sundyne – a global leader in the design and manufacture of mission critical pumps and compressors for the chemicals, industrials, and energy markets, including renewables and decarbonization – since July 2021. She has more than 20 years of leadership experience in growing industrial companies across a variety of sectors including chemical, energy infrastructure, manufacturing, and distribution and equipment rental. Prior to joining Sundyne she was the CEO and a board member of Brace Industrial Group, a nationwide provider of scaffolding, insulation, painting, coating and fire-proofing services to industrial clients. Before that, Zappone was the president and CEO of Service Champ, a large independent distributor of automotive parts and accessories. She has also served as President and CEO of RecoverCare, as president of Alcoa’s Oil & Gas products business, and has held several leadership positions at Tyco, GE, McKinsey & Company and ExxonMobil. Zappone earned a bachelor’s degree in chemical engineering from Johns Hopkins Whiting School of Engineering and an M.B.A. in finance and marketing from Columbia Business School. Recent Insider Transactions • Sep 07
Independent Director recently bought US$1.0m worth of stock On the 6th of September, Kevin Stein bought around 37k shares on-market at roughly US$27.38 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$2.6m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 09
CEO, President & Director recently bought US$1.0m worth of stock On the 4th of August, Chrishan Anthon Villavarayan bought around 34k shares on-market at roughly US$29.67 per share. This transaction amounted to 98% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Chrishan Anthon has been a buyer over the last 12 months, purchasing a net total of US$2.0m worth in shares. Announcement • Aug 03
Axalta Coating Systems Ltd. Provides Earnings Guidance for Third Quarter and Full Year 2023 Axalta Coating Systems Ltd. provided earnings guidance for third quarter and full year 2023. For the quarter, company expects Net Sales growth versus 2022 (FX benefit) of 3%-5% (~3%).For Full Year 2023, Net Sales growth versus 2022 (FX benefit) to be 6%-8% (~1%). Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: US$0.27 (vs US$0.20 in 2Q 2022) Second quarter 2023 results: EPS: US$0.27 (up from US$0.20 in 2Q 2022). Revenue: US$1.29b (up 4.8% from 2Q 2022). Net income: US$60.9m (up 38% from 2Q 2022). Profit margin: 4.7% (up from 3.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.9% decline forecast for the Chemicals industry in the United Kingdom. Announcement • Aug 01
Axalta Coating Systems Ltd. Appoints Dr. Kevin Stein to the Board of Directors Axalta Coating Systems Ltd. announced that Dr. Kevin Stein, President and Chief Executive Officer of TransDigm Group Incorporated, has been appointed to Axalta's Board of Directors as an independent director, effective September 1, 2023. Stein will serve on Axalta's Environment, Health, Safety, and Sustainability and Nominating and Corporate Governance Committees. He is a seasoned public company CEO who has driven significant shareholder value creation. His global perspective and deep manufacturing experience with top-tier companies will better enable to execute on strategic growth plan. With the appointment of Stein, Axalta's Board will be composed of 10 directors, six of whom have been appointed to the Board since the beginning of 2020. Axalta's directors bring unique backgrounds and experience in areas important to the company's business, including executive leadership, finance, audit, information technology and global operations, and in relevant industries, including specialty chemicals and Axalta's end markets. Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO, President & Director Chris Villavarayan was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • May 12
Axalta Coating Systems Ltd. Announces the Launch of Axalta Irus Mix Axalta Coating Systems announced the launch of Axalta Irus Mix, a fast and efficient fully automated and completely hands-free mixing machine for the automotive refinish industry. Axalta Irus Mix delivers highly accurate color and works with Axalta's innovative packaging, maximizing profitability and providing sustainable benefits to help Refinish customers meet or exceed key business and sustainability goals. The company introduced the new technology on May 11, 2023 in Amsterdam, Netherlands. Axalta Irus mix completes the simple three-step Axalta Irus digital color management process of: Scan - Find - Mix. The new technology enables customers to work more efficiently, profitably, and sustainably. As part of an exclusive partnership with SANTINT, a leading global equipment manufacturer, Axalta drove the concept, development, design, and construction of Axalta Irus mix. Axalta Irusmix provides four key benefits: Time advantage: It is a fast and efficient fully automated mixing machine. Based on Axalta's trials, refinish customers can eliminate mixing time labor with Axalta Irus Mix. Labor optimization: Very simple to use and does not have to be operated by a technician. The process allows refinishers to do other key tasks while the paint is being mixed. Waste reduction benefits: Designed to work with Axalta's proven bottle system, there is no need to refill or decant product into special bottles. Additionally, bottles are fitted with precise dosing lids, delivering accurate color without waste. Sustainability: Axalta's bottle system is made from 50% recycled plastic, underscoring the company's ongoing commitment to sustainability. Axalta's premium basecoat qualities -- Spies Hecker Permahyd Hi-TEC, Cromax Pro, and Standox Standoblue - are available in these bottles exclusively with Axalta Irus mix; Axalta Irus Mix is being rolled out across Europe beginning in June 2023 and globally thereafter. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: US$0.27 (vs US$0.18 in 1Q 2022) First quarter 2023 results: EPS: US$0.27 (up from US$0.18 in 1Q 2022). Revenue: US$1.28b (up 9.4% from 1Q 2022). Net income: US$60.5m (up 46% from 1Q 2022). Profit margin: 4.7% (up from 3.5% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 20% per year. Recent Insider Transactions • Mar 16
CEO, President & Director recently bought US$1.0m worth of stock On the 13th of March, Chrishan Anthon Villavarayan bought around 34k shares on-market at roughly US$29.20 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Chrishan Anthon's only on-market trade for the last 12 months. Buying Opportunity • Mar 15
Now 23% undervalued Over the last 90 days, the stock is up 7.3%. The fair value is estimated to be US$36.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings is also forecast to grow by 25% per annum over the same time period. Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO, President & Director Chris Villavarayan was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 28
Axalta Coating Systems Ltd. Provides Earnings Guidance for the First Quarter of 2023 Axalta Coating Systems Ltd. provided earnings guidance for the first quarter of 2023. For the quarter, the company expects Net Sales growth versus First Quarter 2022 to be 5% to 9%. Reported Earnings • Jan 26
Full year 2022 earnings released: EPS: US$0.86 (vs US$1.14 in FY 2021) Full year 2022 results: EPS: US$0.86 (down from US$1.14 in FY 2021). Revenue: US$4.88b (up 11% from FY 2021). Net income: US$191.6m (down 27% from FY 2021). Profit margin: 3.9% (down from 6.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Chemicals industry in the United Kingdom. Announcement • Jan 11
Axalta Coating Systems Ltd. to Report Q4, 2022 Results on Jan 25, 2023 Axalta Coating Systems Ltd. announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Jan 25, 2023 Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: US$0.28 (vs US$0.30 in 3Q 2021) Third quarter 2022 results: EPS: US$0.28 (down from US$0.30 in 3Q 2021). Revenue: US$1.24b (up 14% from 3Q 2021). Net income: US$62.4m (down 9.7% from 3Q 2021). Profit margin: 5.0% (down from 6.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 8.6% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 27
Second quarter 2022 earnings released: EPS: US$0.20 (vs US$0.54 in 2Q 2021) Second quarter 2022 results: EPS: US$0.20 (down from US$0.54 in 2Q 2021). Revenue: US$1.23b (up 9.6% from 2Q 2021). Net income: US$44.1m (down 65% from 2Q 2021). Profit margin: 3.6% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.7% compared to a 15% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$24.09, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the Chemicals industry in the United Kingdom. Total loss to shareholders of 7.3% over the past three years. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: US$0.18 (vs US$0.065 in 1Q 2021) First quarter 2022 results: EPS: US$0.18 (up from US$0.065 in 1Q 2021). Revenue: US$1.17b (up 10% from 1Q 2021). Net income: US$41.5m (up 173% from 1Q 2021). Profit margin: 3.5% (up from 1.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 8.4% compared to a 14% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 19% share price decline to US$21.77, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Chemicals industry in the United Kingdom. Total loss to shareholders of 26% over the past year. Reported Earnings • Feb 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.14 (up from US$0.52 in FY 2020). Revenue: US$4.42b (up 18% from FY 2020). Net income: US$263.9m (up 117% from FY 2020). Profit margin: 6.0% (up from 3.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 9.0% compared to a 3.4% decline forecast for the industry in the United Kingdom. Board Change • Dec 20
High number of new directors Director TJ Jordan was the last director to join the board, commencing their role in 2021. Board Change • Sep 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Chairman Bill Cook was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Aug 31
Independent Non-Executive Chairman & Presiding Director Mark Garrett has left the company On the 26th of August, Mark Garrett's tenure as Independent Non-Executive Chairman & Presiding Director ended after 5.2 years in the role. As of June 2021, Mark still personally held 34.48k shares (US$1.0m worth at the time). A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 2.17 years. Reported Earnings • Jul 27
Second quarter 2021 earnings released: EPS US$0.54 (vs US$0.35 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$1.13b (up 73% from 2Q 2020). Net income: US$126.4m (up US$209.2m from 2Q 2020). Profit margin: 11% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Reported Earnings • Apr 28
First quarter 2021 earnings released: EPS US$0.065 (vs US$0.22 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: US$1.06b (up 8.1% from 1Q 2020). Net income: US$15.2m (down 71% from 1Q 2020). Profit margin: 1.4% (down from 5.3% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS US$0.52 (vs US$1.07 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$3.74b (down 17% from FY 2019). Net income: US$121.6m (down 51% from FY 2019). Profit margin: 3.3% (down from 5.6% in FY 2019). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 20
Revenue beats expectations Revenue exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 15% compared to a 11% decline forecast for the Chemicals industry in the United Kingdom. Analyst Estimate Surprise Post Earnings • Oct 29
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 7.0% at US$1.03b. Revenue is forecast to grow 8.7% over the next year, compared to a 14% decline forecast for the Chemicals industry in the United Kingdom. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of US$93.6m, down 67% from the prior year. Total revenue was US$3.76b over the last 12 months, down 17% from the prior year. 
