The Valspar Corporation http://www.alacrastore.com/company-snapshot/The_Valspar_Corporation-1017581 Wednesday, October 08, 2008 6:56:19 AM 1017581 The Valspar Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/ccbn/T1944554ccbn/T1944554norm... - Credit Suisse - AnalystFor our next presenter we are very happy to have with us Valspar. As you all know, Valspar has got some difficult headwinds. It is a big coatings company with a lot of US exposure that right now is under pressure. They've also got some positive things going on, including what has been a pretty successful so far new branding initiative, which is definitely starting to gain some traction from what we have been hearing. To tell you a little bit more about the Valspar's story in terms of how things are going and where they go from here, we have Bill Mansfield. Now Bill Mansfield has been with Valspar since ####. He took over as a Chairman in ####, and took over the CEO role in ####. With him today we also have their relatively new, although not new to the firm, CFO, Lori Walker. With that, why don't I will turn it over to Bill and we can hear about Valspar. ... 9/16/2008 3:06:00 PMValspar54.0000FinalValspar at Credit Suisse Chemical Conference TranscriptVAL1:40pm ETTranscriptT1944554Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/665895spcred/665895normThe latest Full Report from S&Pglobal8/19/2008 2:52:00 AM400Full Report665895United StatesSpecialty ChemicalsUnited StatesGlobal IssuersFinancial InstitutionsCorporationsBuilding MaterialsChemicalsRetailFull ReportLeading positions in diverse coatings markets, including industrial, architectural, and packaging; Satisfactory operating margins benefit in part from cost-efficient operations; Increasing geographic diversity of sales, especially in China; and The modest capital expenditures aid good discretionary cash flow generation. Cyclical industrial markets affect a significant portion of profitability; The operating margins and operating income are vulnerable to raw materials cost inflation; and The mature, consolidating domestic coatings markets increase pressure for periodic acquisitions over the long term. The ratings on Valspar Corp. reflect solid business positions in its diversified coatings portfolio (generating annual sales of about $3.3 billion), relatively stable operating margins, and moderate industry cyclicality. Standard&Poor's Ratings Services expects that management will strengthen weakened cash flow protectionUSA92035592035K92035L15101050 151010 1510 15Valspar Corp.336049USAVALFULLUSA54866H54866154866G54866N25504030 255040 2550 25Lowe's Cos. Inc.105362EUROMIDAFRUSALATAMERICAEMERGINGLOWGLOBISSFICORPBuildingChemicalsRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665901spcred/665901normThe latest Summary from S&Pglobal8/19/2008 2:52:00 AM175Summary665901United StatesSpecialty ChemicalsUnited StatesGlobal IssuersFinancial InstitutionsCorporationsRetailChemicalsBuilding MaterialsSummaryThe ratings on Valspar Corp. reflect solid business positions in its diversified coatings portfolio (generating annual sales of about $3.3 billion), relatively stable operating margins, and moderate industry cyclicality. Standard&Poor's Ratings Services expects that management will strengthen weakened cash flow protection measures, which resulted primarily from an increase in debt to fund acquisitions. For example, in July 2006, Valspar acquired an 80% interest in Huarun Paints Holdings Co. Ltd. for $290 million and in December 2006, the company bought a powder coatings business for $105 million. Value-added technologies, low-cost production, and an expanding international presence -- especially wood in Asia and coil coatings and packaging coatings worldwide -- should help sustain Valspar's satisfactory business risk profile. International salesUSA92035592035K92035L15101050 151010 1510 15Valspar Corp.336049USAVALSUMMARYUSA54866N54866154866G54866H25504030 255040 2550 25Lowe's Cos. Inc.105362EUROMIDAFREMERGINGUSALATAMERICALOWGLOBISSFICORPRetailChemicalsBuildingCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1913685ccbn/T1913685norm...Welcome to the third quarter conference call. (OPERATOR INSTRUCTIONS) I would now like to turn the conference over to Lori Walker. Please go ahead. ... 8/11/2008 1:06:00 PMValspar54.0000FinalValspar Q3 2008 Earnings Conference Call TranscriptVAL10:00am CTTranscriptT1913685Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/B1913685ccbn/B1913685norm...Continues to see weak demand for architectural and wood coatings products due to softness in US housing market. ... 8/11/2008 1:06:00 PMValspar54.0000EditedValspar Q3 2008 Earnings Conference Call SummaryVAL10:00am CTBriefB1913685Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-27313912newstex/PRN-0005-27313912xml MINNEAPOLIS, Aug. ##, #### (PRNewswire-FirstCall delivered by Newstex) -- The Valspar Corporation (NYSE: VAL) today reported its results for the third-quarter ended July ##, ####.Third-quarter sales totaled $###.# million, a #.# percent...0400000004016000040160030401601804016048040160010401600504013000040130038/11/2008 9:25:50 AM18000000180040001800800018016000PR Newswire USPRN-0005-27313912VALSPAR CORPLORI A WALKERWILLIAM L MANSFIELDVALNewsNewstexhttp://www.alacrastore.com/storecontent/ccbn/T1845094ccbn/T1845094norm... - Goldman Sachs - AnalystThanks, everyone. We're going to now go for a couple paint companies here. We've got Valspar, and I'm very pleased to introduce Bill Mansfield, the Chairman and CEO. ... 5/22/2008 1:05:00 PMValspar54.0000FinalValspar at Goldman Sachs Basic Materials Conference TranscriptVAL10:35am ETTranscriptT1845094Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/B1841501ccbn/B1841501norm...Adjusted net income per share was $#.## in #Q## and $#.## in #Q##, excluding non cash adjustments of $#.## and $#.## per share respectively. ... 5/12/2008 12:05:00 PMValspar54.0000EditedQ2 2008 Valspar Earnings Conference Call SummaryVAL10:00am CTBriefB1841501Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1841501ccbn/T1841501norm...Ladies and gentlemen, thank you for standing by and welcome to the Valspar second quarter conference call. For the conference, all the participant lines will be in a listen-only mode; however, there will be an opportunity for your questions and instruction will be given at that time. (OPERATOR INSTRUCTIONS). As a reminder, today's call is being recorded, with that being said I'd like to turn the conference now to Ms. Lori Walker, Senior Vice President, Chief Financial Officer. Ms. Walker, please go ahead. ... 5/12/2008 12:05:00 PMValspar54.0000FinalQ2 2008 Valspar Earnings Conference Call TranscriptVAL10:00am CTTranscriptT1841501Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1748594ccbn/T1748594normValspar at Lehman Brothers ##th Annual Lehman Brothers Industrial Select Conference2/13/2008 8:06:00 PMValspar54.0000FinalValspar at Lehman Brothers 25th Annual Lehman Brothers Industrial Select Conference TranscriptVAL1:05pm ETTranscriptT1748594Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/B1753442ccbn/B1753442normQ# #### Valspar Earnings Conference Call2/11/2008 1:06:00 PMValspar54.0000EditedQ1 2008 Valspar Earnings Conference Call SummaryVAL10:00am CTBriefB1753442Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1753442ccbn/T1753442normQ# #### Valspar Earnings Conference Call2/11/2008 1:06:00 PMValspar54.0000FinalQ1 2008 Valspar Earnings Conference Call TranscriptVAL10:00am CTTranscriptT1753442Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/628391spcred/628391normThe latest Summary from S&P1/30/2008 6:32:00 PMSummary175global628391United StatesSpecialty ChemicalsUnited StatesGlobal IssuersCorporationsChemicalsSummaryThe credit quality of Valspar Corp. reflects solid business positions in its diversified coatings portfolio (generating annual sales of about $3.3 billion), relatively stable operating margins, and moderate industry cyclicality. Standard&Poor's Ratings Services expects that management will strengthen weakened cash flow protection measures, which resulted primarily from an increase in debt to fund acquisitions. For example, in July 2006, Valspar acquired an 80% interest in Huarun Paints Holdings Co. Ltd. for $290 million and in December 2006, the company bought a powder coatings business for $105 million. Value-added technologies, low-cost production, and an expanding international presence--especially wood in Asia and coil coatings and packaging coatings worldwide--should help sustain Valspar's satisfactory business risk profile. International sales provided 37% ofUSA92035592035L15101050 151010 1510 15Valspar Corp.336049USAVALSUMMARYGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/LRA_600016674moodys/LRA_600016674htmlLiquidity Risk Assessment1/3/2008 7:55:11 PMGlobal Credit Research Liquidity Risk Assessment ## APR #### Liquidity Risk Assessment: Valspar Corporation (The) Valspar Corporation (The) Minneapolis, Minnesota, United States Broad Industry: Industrial Specific Industry: Chemicals...Valspar Corporation (The)600016674300.0000AnalysishtmlValspar Corporation (The)LRA_600016674Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600016674moodys/COP_600016674htmlGlobal Credit Research Credit Opinion # MAY #### Credit Opinion: Valspar Corporation (The) Valspar Corporation (The) Minneapolis, Minnesota, United States Ratings Category Moody's Rating Outlook Stable Senior Unsecured Baa# Commercial...1/3/2008 7:54:00 PMhtmlValspar Corporation (The)Valspar Corporation (The)600016674150.0000NewsCredit OpinionCOP_600016674Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1676920ccbn/T1676920norm12/31/2007 5:21:12 PMValspar54.0000FinalValspar at Citigroup Basic Material Conference TranscriptVAL10:35am ET... - Valspar - Chairman, President & CEO Thank you, P.J., for the introduction and we appreciate the opportunity and I am pleased to tell you about Valspar this morning. Before I get started, I wanted to let you know that my remarks do contain forward-looking statements and invite you to learn more about Valspar by visiting our website or by speaking with our CFO, Paul Reyelts or with Lori Walker, our Treasurer and Controller and you can reach either of them at the number shown on the screen. My presentation today will start with a quick look at how we see the coatings industry and an overview of Valspar and our business segments. Then I will cover strategic issues facing the coatings industry and Valspar and go over our plan for meeting these challenges and achieving our financial objectives. Then I will finish with a look at the near-term outlook and how our international operation, acquisitions and productivity efforts are helping us improve our performance despite the impact of the... TranscriptT1676920Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/511209spcred/511209normThe latest Full Report from S&P12/23/2007 11:36:22 PMFull Report400global511209Global IssuersCorporationsChemicalsFull ReportLeading positions in diverse coatings markets, including industrial, architectural, and packaging; Satisfactory operating margins should benefit from a manufacturing rationalization program; Increasing geographic diversity of sales; and Modest capital expenditures aid good discretionary cash flow generation. Cyclical industrial markets affect a significant portion of profitability; Vulnerability of operating margins and operating income to raw materials cost inflation; and Mature, consolidating domestic coatings markets increase pressure for periodic acquisitions over the long run. The ratings reflect Valspar Corp.'s solid business positions in its diversified coatings portfolio, stability of operating margins, and moderate industry cyclicality. They also incorporate the expectation that management will continue to maintain cash flow protection measures at current, appropriate levels as it pursues acquisitions. Value-added technologies, low-cost production,Valspar Corp.336049FULLGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/511213spcred/511213normThe latest Summary from S&P12/23/2007 11:36:22 PMSummary175global511213Global IssuersCorporationsChemicalsSummaryThe ratings reflect Valspar Corp.'s solid business positions in its diversified coatings portfolio, stability of operating margins, and moderate industry cyclicality. They also incorporate the expectation that management will continue to maintain cash flow protection measures at current, appropriate levels as it pursues acquisitions. Value-added technologies, low-cost production, and an expanding international presence--especially wood and coil coatings in Asia and packaging coatings worldwide--should help sustain Valspar's satisfactory business risk profile. The company has the leading market share worldwide in packaging coatings (principally for food containers and food cans) and the No. 1 market share in nonautomotive industrial coatings in North America. Valspar also derives substantial revenues from its paints business (30%-35% of sales), which includes interior and exterior decorative paints,Valspar Corp.336049SUMMARYGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/B1649135ccbn/B1649135norm11/19/2007 2:06:00 PMValspar54.0000EditedQ4 2007 Valspar Earnings Conference Call SummaryVAL11:00am ET...Operating results were in line with what Co. discussed in its Oct. # press release and on an adjusted basis at consensus of $#.## per share. ... BriefB1649135Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1649135ccbn/T1649135norm11/19/2007 1:06:00 PMValspar54.0000FinalQ4 2007 Valspar Earnings Conference Call TranscriptVAL11:00am ET...Ladies and gentlemen, thank you for standing by. Welcome to the fourth quarter conference call. At this time, all participants are in a listen-only mode. Later we will conduct a question and answer session. Instructions will be given at that time. (OPERATOR INSTRUCTIONS) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Paul Reyelts. Please go ahead. ... TranscriptT1649135Credit & Investment ResearchThomson StreetEvents