RPM International: Foundation Set for a Solid FY27

研报英文原文证据摘录

RPM International: Foundation Set for a Solid FY27

Deutsche Bank

Research

Rating Company Date

Buy RPM International 23 July 2026

North America Reuters Bloomberg Rating Buy

United States RPM.N RPM US Price target (USD) 126.00 Price at 22 Jul 26 107.43

52-week range 128.23 – 12.55

Industrials

Chemicals / Specialty Valuation & Risks

Foundation Set for a Solid FY27

David Begleiter

5-10% EBITDA growth forecasted for FY27. Valuation fair. Reiterate Buy Research Analyst

+1-212-250-5473 RPM's shares rose 5.8% (S&P: -0.1%) following a solid FQ4 release as i) EBIT was

in line, ii) FY26 EBITDA guidance was 1.5% above consensus (midpoint) and iii) Emily Fusco

FQ1 EBITDA guidance was 1% above consensus (midpoint). Research Associate

+1-212-250-5162

In the quarter, Construction Products volumes increased roughly 3% marking the

2nd straight quarter of solid volume growth (FQ3 volumes increased roughly 6% Karl van-den-Berg

aided by an easy comparison) as the business is benefitting from strong demand Research Associate

+1-212-250-5462 for concrete admixtures and roofing solutions and wall systems for high-

performance buildings (data centers, fabs). And with a healthy backlog from

favorable secular trends in high-performance buildings, Construction Products

should continue to generate solid low- to mid-single-digit volume growth in FY27.

Perhaps the most encouraging takeaway from the quarter was the emerging

stabilization in the Consumer Group. While volumes were down 2-3% on

continued softness in DIY markets, this was the smallest volume decline of the

year. And with the business having lapped 3 years of weak DIY demand and

inventory destocking, RPM guided Consumer volumes to be flat-to-down in FQ1.

Also encouraging was the update on price / cost. Notwithstanding an expected