OC – Market expectations are for record-high Uniform ROA, but management has concerns about growth and pricing

• Owens Corning (OC:USA) currently trades at historical highs relative to UAFRS-based (Uniform) Assets, with a 2.4x Uniform P/B, implying fairly high market expectations. However, management has concerns about pricing and growth
• Specifically, management appears concerned about the sustainability of revenue growth, and the potential for growth to continue to decelerate going forward. Additionally, they may be downplaying concerns about their ability to successfully implement price increases, and may lack confidence in their ability to improve pricing going forward