We think Axalta (AXTA) shares are worth a look at current prices - the stock trades at the cheapest valuation (~10x forward EV/EBITDA) in its peer group (average ~7x forward EBITDA multiple). Consolidation in the industry is another major trigger that could see a significant rerating - Axalta is currently trading far below Nippon's (NPCPF) $37/share offer (~15x implied EV/EBITDA). With Axalta having been approached by both Nippon Paint and Akzo Nobel (AKZOY) in 2017 alone, there is clearly strong interest in among the bigger players. Its valuations notwithstanding, Axalta also has strong