AKZO NOBEL: Demonstrating impressive pricing discipline AKZA NA
Akzo demonstrated impressive pricing discipline in 1Q22 (+17%) which more than compensated for input inflation, while it expects inflationary pressures to ease during 2H22. We still appreciate Akzo for its leadership positions in the attractive global paints & coatings industry, which is characterized by a fairly low capital intensity and consolidation potential. In the absence of further M&A, we see scope for returning c. € 3.4bn to shareholders in the form of dividends and buybacks over the 2022-2024 period alone, which is over 20% of the current market capitalization. We maintain our Accumulate rating and €110 TP.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.
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