Akzo Nobel N.V.

Akzo Nobel NV is a paints and coatings company based in the Netherlands. The Company operates through two business segments: Decorative Paints and Performance Coatings. The Decorative Paints segment supplies a range of products, including paints, lacquers and varnishes. It also offers a range of mixing machines and color concepts for the building and renovation industry, as well as specialty coatings for metal, wood and other critical building materials. The Performance Coatings segment has a portfolio, which includes paints and coatings for ships, cars, aircraft, yachts and architectural components (structural steel, building products, flooring), consumer goods (mobile devices, appliances, beverage cans, furniture), and oil and gas facilities. The Company's brands include Coral, Dulux, Flexa, Hammerite, Sadolin, Sikkens, Awlgrip, International, Interpon, Dissolvine, Eka, Expancel, Jozo, Levasil and Kromasil, among others. It operates in the Netherlands, as well as internationally.
  • TickerAKZAT
  • ISINNL0013267909
  • ExchangeEuronext Amsterdam
  • SectorChemicals
  • CountryNetherlands

Analysts

Rob Hales

Morningstar | AKZA Updated Forecasts and Estimates from 29 Apr 2019

AkzoNobel shares are trading down 4% intraday after reporting first-quarter results. EBIT was up 9% over 2018 but consensus was calling for a 22% jump. We did not have such ambitious expectations for the first quarter given still-high raw material costs and a softer global economic environment. With prices up 6%, 40 basis points added to the EBIT margin, and EUR 38 million in cost savings delivered in the quarter, we are satisfied with progress. Consequently, we don’t expect to make a material change to our EUR 82 fair value estimate. At current levels, the shares look fairly valued. Volumes ...

AKZO NOBEL NV sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of AKZO NOBEL NV (NL), active in the Specialty Chemicals industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date April 26, 2019, the closing price was EUR 76.93 and its target price was estimated at EUR 71.75.

Rob Hales

Morningstar | Akzo Continues to Improve but Below Market Expectations in First Quarter; Shares Fairly Valued

AkzoNobel shares are trading down 4% intraday after reporting first-quarter results. EBIT was up 9% over 2018 but consensus was calling for a 22% jump. We did not have such ambitious expectations for the first quarter given still-high raw material costs and a softer global economic environment. With prices up 6%, 40 basis points added to the EBIT margin, and EUR 38 million in cost savings delivered in the quarter, we are satisfied with progress. Consequently, we don’t expect to make a material change to our EUR 82 fair value estimate. At current levels, the shares look fairly valued. Volumes ...

Rob Hales

Morningstar | Akzo Nobel Company Report

With the specialty chemicals division now sold, AkzoNobel is a pure-play paints and coatings company. The company endured challenging market conditions following the financial crisis as a result of its high exposure to construction- and housing-related markets in Europe. However, economic conditions are now improving and AkzoNobel has had success increasing margins through cost-cutting, although some of the credit goes to a raw material tailwind over 2015-16 with the collapse in the oil price. The company's margins remain well below those of leading U.S.-based peers PPG and Sherwin-Williams. A...

Rob Hales

Akzo Nobel Company Report

No-moat AkzoNobel reported EBIT of EUR 181 million, broadly in line with consensus but ahead of our expectations. Shares are up 4% intraday, good enough to lead the group, which is interesting given the modest headline numbers. At the segment level, decorative paints EBIT was well below consensus while performance coatings was in line. Indeed, group EBIT would not have met consensus estimates if not for fewer charges in the “other activities/eliminations” segment. We think the market is reacting...

Rob Hales

Morningstar | AKZA Updated Forecasts and Estimates from 29 Apr 2019

AkzoNobel shares are trading down 4% intraday after reporting first-quarter results. EBIT was up 9% over 2018 but consensus was calling for a 22% jump. We did not have such ambitious expectations for the first quarter given still-high raw material costs and a softer global economic environment. With prices up 6%, 40 basis points added to the EBIT margin, and EUR 38 million in cost savings delivered in the quarter, we are satisfied with progress. Consequently, we don’t expect to make a material change to our EUR 82 fair value estimate. At current levels, the shares look fairly valued. Volumes ...

Rob Hales

Morningstar | Akzo Continues to Improve but Below Market Expectations in First Quarter; Shares Fairly Valued

AkzoNobel shares are trading down 4% intraday after reporting first-quarter results. EBIT was up 9% over 2018 but consensus was calling for a 22% jump. We did not have such ambitious expectations for the first quarter given still-high raw material costs and a softer global economic environment. With prices up 6%, 40 basis points added to the EBIT margin, and EUR 38 million in cost savings delivered in the quarter, we are satisfied with progress. Consequently, we don’t expect to make a material change to our EUR 82 fair value estimate. At current levels, the shares look fairly valued. Volumes ...

Rob Hales

Morningstar | Akzo Nobel Company Report

With the specialty chemicals division now sold, AkzoNobel is a pure-play paints and coatings company. The company endured challenging market conditions following the financial crisis as a result of its high exposure to construction- and housing-related markets in Europe. However, economic conditions are now improving and AkzoNobel has had success increasing margins through cost-cutting, although some of the credit goes to a raw material tailwind over 2015-16 with the collapse in the oil price. The company's margins remain well below those of leading U.S.-based peers PPG and Sherwin-Williams. A...

Rob Hales

Akzo Nobel Company Report

No-moat AkzoNobel reported EBIT of EUR 181 million, broadly in line with consensus but ahead of our expectations. Shares are up 4% intraday, good enough to lead the group, which is interesting given the modest headline numbers. At the segment level, decorative paints EBIT was well below consensus while performance coatings was in line. Indeed, group EBIT would not have met consensus estimates if not for fewer charges in the “other activities/eliminations” segment. We think the market is reacting...

AKZO NOBEL NV sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of AKZO NOBEL NV (NL), active in the Specialty Chemicals industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date April 26, 2019, the closing price was EUR 76.93 and its target price was estimated at EUR 71.75.

Expert Corporate Governance Service (ECGS)

AkzoNobel - 25 April 2019 AGM

In general, AkzoNobel is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 5a, it is proposed to newly appoint Ms. Jolanda Poots-Bijl as Member of the supervisory board. Although she would qualify as independent board member, ECGS has concerns over her aggregate time commitments. Ms. Poots-Bijl is currently already serving as CFO of Royal van Oord (substantial non-listed company) and non-executive director of PON Holdings N.V, Gasunie N.V and Blokker Holding N.V (all substantial nonlisted companies). Taking into acco...

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