AKZOY - PPG Industries Plowing Through Ongoing Headwinds But Valuation Is Getting Interesting
- PPG posted a wide miss with fourth quarter operating income on stiff cost headwinds and other operational disruptions, but was in line with its peers.
- FY'22 guidance is dependent upon raw material cost headwinds easing off; some costs seem to be leveling off, but high oil prices are a risk.
- PPG is still leveraged to recovery growth in its auto and aero markets, and new product initiatives offer additional upside.
- Sentiment isn't great around PPG, but the valuation is getting interesting and this is a name to watch as a later-cycle play.
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PPG Industries Plowing Through Ongoing Headwinds, But Valuation Is Getting Interesting