Akzo Is Delivering in Tough Market Conditions; Shares Fairly Valued
No-moat AkzoNobel reported adjusted operating income of EUR 243 million in the third quarter, up 8% over 2017 and in line with consensus but slightly ahead of our expectations. Raw material costs remain a headwind. However, Akzo indicated the drag will be less pronounced in the fourth quarter, in line with our prior thinking. Despite challenging market conditions, Akzo improved margins through a 6% increase in prices over the prior-year period. We don’t expect to make a material change to our EU...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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