I think using traditional analysis of ROE and PE is not relevent...

I think using traditional analysis of ROE and PE is not relevent for the phase that PPG is at. I am attracted by quality of management with a lot of skin in the game and the financial backing of a major player with specific industry knowledge.

I think dilution will only occur at a SP higher than current when they are ready for a transformational acquisition. The register is so tight that will be easy to achieve at will.

The other major for me is downside, very limited as can be seen in the chart any look below 45c is snapped up.

M & A kills a lot of companies which is why management quality is essential. The final reason is institutional holdings; an asset manager I regard highly thinks it's the goods medium term.