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Sherwin Williams

After the Valspar deal, the enlarged SHW generated FY17 revenues of c. $15 billion (9 month VALS contribution) and sells products through over 5,100 owned stores & facilities. It has a prominent market position in Architectural Paint in North America, South America, China, Australia and the UK. In Industrial Coatings, the combined company is a global market leader in packaging coatings, coil coatings, general industrial coatings and industrial wood coatings. The new group is the largest player in the still fragmented global paints and coatings landscape with FY16 pro-forma revenues of $15.8 bn, ahead of PPG ($14.3 bn). VALS made both paints & coatings but was stronger in coatings. SHW introduced a new segment reporting structure in 2017. The Americas Group (61% of FY17 sales) includes the legacy SHW Paint Stores unit and the SHW LatAm Coatings Group; The Consumer Brands Group (14%) includes the legacy SHW consumer group as well as Valspar's Paint Segment; The Performance Coatings Group (25%) incorporates the legacy SHW Global Finishes unit & Valspar's Coatings and Auto Refinish businesses. (16 Apr 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

Big Homebuilders: Going to the Source

Sector Analysis: 27 Jul 2018, 4:49 AM ET - With crosscurrents in the headlines around prices, mortgage rates, changing regional demand, and shifting product growth expectations, it still comes down to builder strategies on price and costs, profit margins, and inventory management. 
Focused

SHW 2Q18: Cost Inflation vs Deleveraging

Earnings Note: 25 Jul 2018, 8:18 PM ET - We remain Underperform on SHW despite a solid 2Q18. 

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 
Focused

Sherwin Williams: FY17; Meh!

Earnings Note: 28 Jan 2018, 9:46 PM ET - We were unimpressed with SHW's FY17 earnings and remain Underperform. 

US IG Strategy: Picks and Pans (January 2018)

Strategy Analysis: 23 Jan 2018, 9:57 PM ET - In this short document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

US Constructn Outlook: Kingdom for an (Infra) Bill

Sector Outlook: 23 Jan 2018, 9:56 PM ET - In the second of our Global Building Materials and Construction Outlook series, we examine the prospects for the US Construction Market in 2018 after a year that promised much but delivered somewhat less.
Focused

Sherwin Williams: 3Q17 As Expected, Lighten Up

Earnings Note: 30 Oct 2017, 7:39 PM ET - We retain our existing Underperform Recommendation on SHW paper on the back of 3Q17 results. 
Focused

Sherwin Williams: 1st Investor Day Post Valspar

Company Spotlight: 17 Oct 2017, 2:32 PM ET - Sherwin Williams' 1st Investor Day post Valspar was supportive of the credit story, but the bonds continue to trade too tight. 
Focused

Sherwin Williams: 3Q17 Warning Post Hurricanes

Worth Watching: 28 Sep 2017, 12:40 PM ET - Sherwin Williams (SHW, Baa3/BBB/BBB) published a Profit Warning this am in the wake of the recent spate of Hurricanes in the South Eastern US and Caribbean. SHW estimates that Hurricanes Harvey, Irma and Maria will cost The Americas Group some ..

US IG Strategy: Picks and Pans (August 2017)

Strategy Analysis: 15 Aug 2017, 4:28 PM ET - We update our US IG Picks and Pans. In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). We also explain why names have been added or removed from the list. 
Focused

Sherwin Williams: Disappointing 2Q17 Post-Valspar

Earnings Note: 25 Jul 2017, 3:43 PM ET - This was an underwhelming 1st quarter post-Valspar, with a headline profit miss, margin dilution, sharply downgraded FY17 guidance and the expected rise in leverage. 

May 2017 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2017, 10:21 PM ET - Our monthly report provides executive summaries for the thirty-six company recommendation changes made on US companies during the month of May.

US IG Strategy: Picks and Pans (May 2017)

Strategy Analysis: 16 May 2017, 4:22 AM ET - We update our US IG Picks and Pans. In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). We also explain why names have been added or removed from the list. 

US IG Sector Recs: A Very "In Line" April

Sector Weightings: 09 May 2017, 5:22 AM ET - After a weak March the IG index returned to positive territory, but most sectors reported excess return within +/- 5bp of the overall index. We discuss performance and update our sector recommendations. 

US IG Sector Slide Pack: April 2017

Sector Weightings: 08 May 2017, 11:18 PM ET - Our US IG Sector Slide Pack: April 2017 includes spread, return and attribution data for many of the Level 3 and Level 4 sectors of the BAML Index.  We look at both monthly and year-to-date performance. 

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