PPG Aero Deep Dive Quick Take - Plenty of Momentum

研报英文原文证据摘录

PPG Aero Deep Dive Quick Take - Plenty of Momentum

Chemicals

Coatings - Market Weight

PPG INDUSTRIES, INC. (PPG) June 9, 2026

PPG Aero Deep Dive Quick Take - Plenty of Momentum Rating:

Peer Perform

The Wolfe Byte Price: $116.36

We had the opportunity to attend PPG's aero deep dive at an Embraer facility Price Target:

in Melbourne, FL - and the degree of innovation, breadth of product/services and NA

customer intimacy warrants favorable attention as the platform further grows as View PPG Model

a % of forward EBITDA. View Comp Table

Company Information

Our Take: PPG's aerospace sub-segment continues to grow in terms of materiality 52-Week Range $94 - $132

Market Cap. (MM) $25,937

(~12% of revs / WRe >18% of EBITDA) and investor focus - which we believe will Enterprise Value (MM) $32,367

bode well for the narrative. We retain the view that aero will increasingly contribute Shares Out. (MM) 222.9

financially and to the LT multiple. Avg. Value Traded (MM) $158.26 SI% of Float 3.6%

Aero Increasingly Critical to Bull Thesis: The aero platform is crossing most buy- Price Performance

side materiality thresholds (~$2bln platform) and we depart the event with further YTD LTM

appreciation for PPG's competitive moat, product breadth / diversification (~40% PPG 14% 3%

adhesives / sealants, ~30% transparencies, ~20% coatings and ~10% services), and S&P 500 8% 23%

multi-yr growth sustainability (military strength, $315mm backlog insulating from 140

potential fears of after-mkt slowing). 135130

Most PPG bull theses begin w/ continuing +MSD-HSD% momentum in Aero - with no 120115

110signs of slowdown (accretive mix, Px power, multiple). PPG's strong mkt positioning

enables potential to adjust Px multiple times per yr if needed - which we believe is 100