Akzo Nobel N.V.

Akzo Nobel N.V. is a holding company. Through its subsidiaries, Co. is engaged in the production and marketing of paints, coatings and specialty chemicals. Co. has three segments: Decorative Paints, which supplies products for the professional and do-it-yourself markets, including paints, lacquers and varnishes, as well as products for surface preparation; Performance Coatings, which is divided into the following businesses: Automotive and Aerospace Coatings, Industrial Coatings, Marine and Protective Coatings, and Powder Coatings; and Specialty Chemicals, which are used in products such as ice cream, soups, disinfectants, plastics, soaps, detergents, cosmetics, paper and asphalt.
  • TickerA2PB32
  • ISINNL0000009132
  • ExchangeFrankfurt Stock Exchange
  • SectorChemicals
  • CountryNetherlands

Analysts

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Swedbank, DSM and RWE

Financials: Swedbank gives an update on the AML issue process, the preferred curve looks too flat

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Telia, Shell, AkzoNobel, Philips and EDF

TMT: Telia names CFO Luiga acting CEO; TELIA3.875 10/25 and TELIA3 9/27 favoured

ING
Research Department

Benelux Morning Notes

AkzoNobel: 6% EBIT beat driven by one-off, in-line if excluding asset sale gain. ASM International: They did it again, another record. Covivio: pipeline still grows, wait-and-see for Berlin. DWS: Cost control well on track, NNM ex-cash light. Flow Traders: 2Q19 slightly softer than expected. KPN: 4% EBITDA beat on faster indirect cost savings, lower COGS. Orange Belgium: Strong EBITDA beat on lower costs.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Marina Le Blanc
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/AkzoNobel narrows shortlist for Specialty Chemicals unit

AkzoNobel (AKZANA) has narrowed the shortlist of bidders for its Specialty Chemicals division to 4. The list now includes the team of Apollo together with Lanxess, Carlyle, the combination of Advent and Bain Capital and another private equity firm. KKR, together with CVC, left the bidding process. AkzoNobel has not made a final decision to spin-off or to sell the division, according to Bloomberg citing persons with knowledge of the situation. Spread neutral for AkzoNobel.

Akzo Nobel N.V. - March 2017 (LTM): Peer Snapshot

Peer Snapshot:  Akzo Nobel N.V. - March 2017 (LTM) 18 May 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Dec-14 FYE Dec-15 LTM Dec-16

Akzo Nobel N.V.: PPG's third offer heightens credit risk relative to break-up plan

CORPORATES ISSUER COMMENT 26 April 2017 Contacts Francois Lauras 44-20-7772-5397 VP-Sr Credit Officer [email protected] Anke N. Richter, CFA 44-20-7772-1433 Associate Managing Director [email protected] Akzo Nobel N.V. PPG's third offer heightens credit risk relative to break-up plan Akzo Nobel (Baa1 stable) has yet to respond to PPG Industries, Inc.’s (A3 negative) revised off

Akzo Nobel N.V. - December 2016 (LTM): Peer Snapshot

Peer Snapshot: Akzo Nobel N.V. - December 2016 (LTM) 22 March 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Sep-16

Akzo Nobel N.V.: Akzo Nobel announces strategic review of Specialty Chemicals business

CORPORATES ISSUER COMMENT 13 March 2017 Contacts Francois Lauras 44-20-7772-5397 VP-Sr Credit Officer [email protected] Anke N. Richter, CFA 44-20-7772-1433 Associate Managing Director [email protected] Akzo Nobel N.V. Akzo Nobel announces strategic review of Specialty Chemicals business Akzo Nobel N.V. (Baa1 stable) announced that it has rejected an unsolicited indicative €20.9 bil

ING
Research Department

Benelux Morning Notes

AkzoNobel: 6% EBIT beat driven by one-off, in-line if excluding asset sale gain. ASM International: They did it again, another record. Covivio: pipeline still grows, wait-and-see for Berlin. DWS: Cost control well on track, NNM ex-cash light. Flow Traders: 2Q19 slightly softer than expected. KPN: 4% EBITDA beat on faster indirect cost savings, lower COGS. Orange Belgium: Strong EBITDA beat on lower costs.

Alan Vandenberghe ...
  • Alexander Makar
  • Jan Opdecam
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

Morning Note: ABI BB, ADYEN NA, AKZA NA, ATEB BB, BEFB BB, BEKB BB, BBED NA, COFB BB, GLPG NA, REC BB, SLIGR NA, WES NA

AB InBev: Sale of Carlton & United Breweries for $ 11.3bn Adyen: Postmates chooses Adyen as payment mate Akzo Nobel: Preview 2Q: earnings acceleration expected Atenor: 4th office development project in Budapest Befimmo: HY19 trading update Bekaert: Preview 1H : turning the corner ? Beter Bed Holding: Not that bed after all Cofinimmo: Sale of Souverain (former AXA building) for € 50m Galapagos: Post-Gilead deal take-aways on the 10y alliance Recticel: Quo vadis, Recticel ? Sligro: Prudent analyst meeting, confident about the LT Wessanen: Strong sequential development Various: Removing Recticel ...

Bart Cuypers ...
  • Cedric Duinslaeger
  • Jason Kalamboussis
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ABN NA, AKZA NA, DIE BB, ELI BB, UCB BB

ABN Amro: Cost plans for 2Q? Annual CI&TO pilgrimage Akzo Nobel: Sells former paint factory D'Ieteren: Intends to carve-out distribution and retail activities Elia Group: Report on nuclear exit and resuming coverage UCB: Negative CHMP opinion on Evenity

ING
Stijn Demeester

AkzoNobel/1Q19 postview: Stretched ambitions/HOLD

We reduce our TP to €80, reflecting recent cash returns and results, and reiterate our HOLD recommendation. We acknowledge AkzoNobel's appeal as a self-help story, evidenced by a 19% EBIT CAGR 2018-21F, but see this as largely priced in at current valuation multiples. Our revised estimates imply c.5% downside risk to 2019F EBIT consensus, while we are roughly in line on 2020F. We model a 12% EBIT margin (cons: 12.2%) below AkzoNobel's target of ~13.4% (15% ex corporate costs), which we still consider a stretched ambition.

ING
Research Department

Benelux Morning Notes

AkzoNobel: Big miss in a small quarter. GBL: Sale of remaining shareholding in Total. GrandVision: 1Q19 preview - able to meet expectations. Heineken: If anyone can, Heineken can. Orange Belgium: Small EBITDA miss on higher MVNO impact, B2B mobile client loss. Randstad: strong quality beat on 1Q19; upside to consensus. Van Lanschot Kempen: AUM levels helped by markets but modest net outflow recorded. WDP: Keeps new projects at attractive yields.

1 director bought

A director at Akzo Nobel Nv bought 1,567 shares at 73.750EUR and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

By reducing its risk exposure, AKZO NOBEL NV improves to Slightly Positive

AKZO NOBEL NV (NL), a company active in Specialty Chemicals, reduces its risk exposure and improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) of the title, which now shows 1 out of 4 stars; conversely, its market risk is now considered lower and can be described as defensive. Despite the loss of a star, theScreener upgrades the general evaluation of the title to Slightly Positive. As of the analysis date October 26, 2018, the closing price was EUR 73.42 and its potential was estimated at EUR...

Nurhayati Wan

Akzo Nobel

Nurhayati Wan

Akzo Nobel

Nurhayati Wan

Akzo Nobel

Nurhayati Wan

Akzo Nobel

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ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Swedbank, DSM and RWE

Financials: Swedbank gives an update on the AML issue process, the preferred curve looks too flat

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Telia, Shell, AkzoNobel, Philips and EDF

TMT: Telia names CFO Luiga acting CEO; TELIA3.875 10/25 and TELIA3 9/27 favoured

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Heatmaps, AkzoNobel, Vodafone, Fortum and Vattenfall

Investors looking for Yield. Short dated bonds are becoming cheap as spreads widen

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Heineken, Coca-Cola, Deutsche Bank, CS, Van Lanschot Kempen, Verizon, Akzo and Enagas

Heineken (HEIANA) grew its beer volumes by +4.3% on an organic basis in 1Q19, set against Bloomberg consensus of +3.3% and the 1Q18 comp of +4.3%. Heineken kept its outlook for FY19 and continues to expect mid-single digit organic growth in operating profit (beia). The company sees a higher positive impact from currencies on operating profit to the tune of €80m, up from €50m. We view today's update as broadly neutral for spreads. (For full stories, download report)

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.

MarketLine Department

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Clariant Ltd. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

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Royal DSM N.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Royal DSM N.V. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Royal DSM N.V. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highl...

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Arkema SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Arkema SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Arkema SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights Thi...

Akzo Nobel – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Akzo Nobel - 2018, november 13th

On last November, Akzo Nobel proposed the separation of the Specialty Chemicals business from Akzo Nobel through a private sale or a legal demerger. This resolution was 99.87% approved. On October 1, 2018, the Company successfully completed the separation of the Specialty Chemicals business from the Company to Carlyle and GIC. The Board of Management and the Supervisory Board determined to return an aggregate amount of EUR 6.5 billion to the Company's shareholders. This EGM aims to approve one of the mean implemented for this return, i.e. the €2 billion Capital repayment and share consolidati...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 30/11/2017

Akzo Nobel previously rejected a USD 29 billion take-over bid made by market leader PPG Industries earlier this year, thereby frustrating some of its shareholders. Activist investor Elliott led an aggressive campaign to force AkzoNobel to accept the take-over bid but was thwarted by a combination of resistance from managers, local institutional investors and even politicians who feared that a merger would result in thousands of Dutch jobs being lost.Since rejecting the last take-over bid by PPG Industries, AkzoNobel more recently announced it was in “constructive talks” to buy Philadelphia-bas...

Valérie GASTALDY

Analyse court terme - AKZO NOBEL : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 72,25 €. La tendance baissière serait remise en cause au-dessus de 80,71 €.

Valérie GASTALDY

Short term view - AKZO NOBEL : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €72.25. The bearish trend would be challenged above €80.71.

Valérie GASTALDY

Short term view - AKZO NOBEL : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €72.25, then €69.17. Passing €80.71 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - AKZO NOBEL : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 72,25 €, puis 69,17 €. Le franchissement de 80,71 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse moyen terme - AKZO NOBEL : La baisse récente gagne en vigueur.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 71,85 €. La tendance serait remise en cause par la rupture de 71,85 €.

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