PPG Industries: Aerospace Deep Dive: Up, Up and Away

Research evidence excerpt

PPG Industries: Aerospace Deep Dive: Up, Up and Away

Deutsche Bank

Research

Rating Company Date

Buy PPG Industries 10 June 2026

North America Reuters Bloomberg Rating Buy

United States PPG.N PPG US Price target (USD) 130.00 Price at 9 Jun 26 116.36

52-week range 131.56 – 94.34

Industrials

Chemicals / Commodity Valuation & Risks

Aerospace Deep Dive: Up, Up and Away

David Begleiter

Aero well positioned for mid-to-high single organic sales growth. Reiterate Buy Research Analyst

+1-212-250-5473 PPG’s “Deep Dive” investor meeting focused on how innovation is fueling growth

in its $2B Aerospace business. Overall, the meeting reinforced our confidence Emily Fusco

that PPG Aerospace, the world’s leading coatings, sealants and transparencies Research Associate

business serving the aviation industry, is well positioned for mid-to-high-single +1-212-250-5162

digit sales growth underpinned by differentiated technology and a multi-year

backlog.

With faster-than-prior cycle price / cost recovery, strong growth momentum in

aerospace and architectural coatings Latin America, green shoots in Refinish, the

best balance sheet in coatings (1.7x net debt / EBITDA) and valuation an

attractive 12.8x '27E EPS versus 3-year and 5-year NTM averages of 15.2x and

16.7x, respectively, we reiterate our Buy rating.

“Deep Dive” meeting focuses on the Aerospace business

PPG hosted a “Deep Dive” investor meeting focused on its Aerospace business

in Melbourne, FL on June 9. The meeting included a customer visit to Embraer’s

Melbourne campus where they manufacture executive jets utilizing the full suite

of PPG Aerospace products. The meeting included presentations from Chancey

Hagerty, SVP, Global Automotive Refinish Coatings and Sam Millikin, SVP, Global

Aerospace.