Akzo Nobel Model updated after cautious statement on 3Q
We have lowered our adjusted operating profit forecasts for 2022 and 2023 by respectively 15% and 4% after yesterday's profit warning. We still appreciate Akzo for its leadership positions in the global paints & coatings industry, which is characterized by a fairly low capital intensity and consolidation potential. We still consider valuation to be attractive and maintain our Accumulate rating, while reminding that we have already lowered our target price yesterday from € 110 to € 90 to reflect the tougher than previously expected short term momentum.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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