This document contains forward-looking statements about Sherwin-Williams' sales, earnings, and other matters that are based on management's current expectations and are subject to risks. It discusses Sherwin-Williams' financial highlights for 2007 including net sales, EBITDA, income, earnings per share, and return on assets. It also provides an overview of the global and U.S. coatings industry, Sherwin-Williams' operating segments, and its strategies for future growth.
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• B-Toto is worth a bet now as i) its core gaming operations remained resilient even
during the post-CNY off-peak period and appear likely to surpass our 6-7% gaming
revenue growth target for FY4/09, ii) 2009’s special draw allocations for all three
NFOs could take place over the next few weeks and iii) there is upside potential to its
6-8% gross dividend yield based on its policy of a minimum payout of 75% if B-Toto
dishes out higher dividends to lend its parent a helping hand.
• Adjusting earnings but implied yields still decent. We raise our FY09-11’s
revenue per draw growth assumptions by 2-4% pts following the stronger-thanexpected
YTD showing. But FY10-11’s bottomline is lowered by 4-5% as we also
raise our blended prize payout assumption from 62-64% to 63-64% to better reflect
the payout trends seen so far. FY09’s numbers are largely intact despite these
adjustments. Even after a 3-5% cut in our FY10-11 DPS projections (unchanged
80% payout ratio), our forecasts still imply a decent yield.
• Reiterate OUTPERFORM. Our DPS downgrades trim our end-CY09 target price
from RM5.95 to RM5.65, based on an unchanged 5% discount to its DDM value. We
continue to like B-Toto for its steady, low-risk topline growth, superior ROEs and
sustainable dividend yields. Being a low-beta stock, B-Toto may fall out of favour in a
rising market. However, we flag the likelihood of bumper dividends over the short
term. This is a potential share price catalyst that underpins our OUTPERFORM
recommendation, along with the normalisation of luck factor and market share gains.
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. Sean P. Hennessy Robert J. Wells
Senior Vice President, Vice President,
Finance & CFO Corporate Communications
& Public Affairs
2. Forward-Looking Statements
This presentation today will contain certain “forward-looking statements”, as defined
under U.S. federal securities laws, with respect to sales, earnings and other matters.
These forward-looking statements are based upon management’s current expectations,
estimates, assumptions and beliefs concerning future events and conditions. Forward-
looking statements are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of the Company, that could cause actual results
to differ materially from such statements and from the Company’s historical results and
experience. These risks, uncertainties and other factors include such things as:
general business conditions, strengths of retail and manufacturing economies and the
growth in the coatings industry; changes in the Company’s relationships with customers
and suppliers; changes in raw material availability and pricing; unusual weather
conditions; and other risks, uncertainties and other factors described from time to time
in the Company’s reports filed with the Securities and Exchange Commission. Since it
is not possible to predict or identify all of the risks, uncertainties and other factors that
may affect future results, the above list should not be considered a complete list. Any
forward-looking statement speaks only as of the date on which such statement is
made, and the Company undertakes no obligation to update or revise any forward-
looking statement, whether as a result of new information, future events or otherwise.
The Sherwin-Williams Company – Full Year 2007
3. Coatings Industry
Global Demand
Africa/ 2006 Est.
Mideast North America
7.3 Billion Gallons
4% 28%
Western 88 Billion Dollars
Europe
26%
Latin America
4%
Eastern
Europe
Other Asia/
China
7%
Japan Pacific
9%
8% 15%
Source: Euromonitor 2006
The Sherwin-Williams Company – Full Year 2007
4. Top 10 Manufacturers
By Rank, 2007 Est.
United States
Worldwide
1 Akzo Nobel/ICI 1 Sherwin-Williams
2 PPG/SigmaKalon 2 PPG
3 Sherwin-Williams 3 Valspar
4 Dupont 4 Masco
5 BASF 5 ICI
6 Valspar 6 DuPont
7 RPM 7 RPM
8 Nippon 8 Comex
9 Akzo Nobel
10 Benjamin Moore
Source: Coatings World Source: Paint & Coatings Industry
The Sherwin-Williams Company – Full Year 2007
5. U.S. Coatings Industry
Sales Mix by Category
2007 Special
1.28 Billion Gallons Purpose
20.07 Billion Dollars 29%
Architectural
48%
Product
Finishes
23%
Source: U.S. Department of Commerce; Segment Percents Based on Dollars
The Sherwin-Williams Company – Full Year 2007
6. U.S. Coatings Industry
Architectural Coatings - 2007
2007 = $9.6 Billion
New Construction
- Residential 20%
- Commercial/
Institutional
80%
Maintenance/Repaint
- Residential
- Commercial/
Institutional
Source: Proprietary Paint Industry Data, S-W Marketing
The Sherwin-Williams Company – Full Year 2007
7. U.S. New Construction
Mix of Construction Put In Place – 2007
Commercial &
Institutional
54%
Residential
46%
Total Value of Construction: $1,161.3 Billion
Source: U.S. Census Bureau - February, 2008
The Sherwin-Williams Company – Full Year 2007
8. New Construction
Sherwin-Williams Sales vs Housing Starts
40%
30%
% Increase/Decrease
20%
10%
0%
-10%
-20%
-30%
-40%
1Q-05 2Q-05 3Q-05 4Q-05 1Q-06 2Q-06 3Q-06 4Q-06 1Q-07 2Q-07 3Q-07 4Q-07p
S-W Revenues Residential Starts
Source: U.S. Census Bureau - April, 2006
The Sherwin-Williams Company – Full Year 2007
9. Architectural Coatings
Gallons in Millions
DIY
DIY
PC 39%
PC
51% DIY
49%
42% 61%
PC
58%
1987 2007
527 Million Gallons 696 Million Gallons
1997
647 Million Gallons
Source: U.S. Dept of Commerce MA28F Report/Internal Estimates
The Sherwin-Williams Company – Full Year 2007
10. DIY Channel Share, U.S.
Most Recent Purchase by Store Type
2007
Home Center / Mass
Lumber / Merchants
Building 16%
Materials
60%
Paint
Stores
Hardware Stores
19%
5%
Source: Proprietary Paint Industry Data, S-W Marketing
The Sherwin-Williams Company – Full Year 2007
11. Contractor Channel Share, U.S.
Primary Outlet by Store Type
2007
Paint Hardware
Stores Stores
92.3% 0.6%
Home
Centers
2.4%
Discount /
Other
4.7%
Source: National Marketing Measures: 2007
The Sherwin-Williams Company – Full Year 2007
12. Financial Highlights
The Sherwin-Williams Company
2007 2006
Net Sales $8.01M $7,810M
EBITDA $1,148M $1,050M
Income $616M $576M
% Sales 7.7% 7.4%
Earnings Per Share $4.70 $4.19
Return on Assets 12.7% 11.5%
Return on Beginning Equity 30.9% 33.3%
The Sherwin-Williams Company – Full Year 2007
13. Revenue by Segment
The Sherwin-Williams Company - 2007
Consumer
16%
Paint Stores
62% $1.31 Billion
$4.96 Billion $1.73 Billion
Global
22%
The Sherwin-Williams Company – Full Year 2007
14. Distribution Mix
The Sherwin-Williams Company - 2007
Sales Through
Controlled
Distribution
75%
Sales
Through
External
Channels
25%
The Sherwin-Williams Company – Full Year 2007
15. Operating Segment Profit
Dollars & Percent of Sales - 2007
Consumer
17.1%
Paint Stores $224.2 Million
15.5%
Global
$766.5 Million $160.7 Million 9.3%
The Sherwin-Williams Company – Full Year 2007
16. Paint Stores Group
2007 Sales $4.96 Billion
The Sherwin-Williams Company – Full Year 2007
17. Paint Stores
Company Operated Distribution
North America 2007 Est. 2002 Est.
Sherwin-Williams 3,325 2,643
ICI/Glidden 662 718
PPG 450 250
Pro Paint, Inc. 372 308
Benjamin Moore* 154 68
Kelly-Moore 164 160
Cloverdale/Rodda 109 101
Dunn Edwards 83 71
Diamond Vogel 77 85
Vista 46 46
* “Majority Owned”
Source: Company Websites, Rauch Guide & Chain Store Guide
The Sherwin-Williams Company – Full Year 2007
18. Diversified Customer Base
Residential New
DIY Commercial
Repaint Residential
Property Industrial & OEM Architects &
Management Marine Finishes Designers
The Sherwin-Williams Company – Full Year 2007
19. Consumer
2007 Sales $1.31 Billion
• Manufacturing & Distribution Arm
of Company
• Centralized Research & Development
• Focus on Productivity
• Operational Excellence – Six Sigma
The Sherwin-Williams Company – Full Year 2007
20. Distribution
Total Coatings Outlets, U.S.
56,000
Total U.S. Paint &
Coatings Outlets
Consumer Segment
38,000
Customers
Sherwin-Williams Stores
3,200
The Sherwin-Williams Company – Full Year 2007
21. Consumer
Leading Brands for Each Category
Paint
Aerosols
Wood Care
Applicators
The Sherwin-Williams Company – Full Year 2007
22. Global
2007 Sales $1.73 Billion
OEM Product Finishes International Coatings
Automotive Finishes
The Sherwin-Williams Company – Full Year 2007
30. Summary
• Positioned for Growth
– Controlled Distribution
– Technological & Marketing Innovation
– Strong Brands
– Sales & Marketing Organization
– Balance Sheet Liquidity
– Strong Cash Flow
– Growth Initiatives
• Improved Earnings
• Consistent Dividend Increases
The Sherwin-Williams Company – Full Year 2007
31. Questions & Answers
Save the Date: 6.24.08
Financial Community Presentation
Cleveland
Robert Wells
Vice President Corporate Communications and Public Affairs
Direct: 216.566.2244
rjwells@sherwin.com
Mike Conway
Director Corporate Communications and Investor Relations
Direct: 216.515.4393
Pager: 216.422.3751
mike.conway@sherwin.com
The Sherwin-Williams Company – Full Year 2007