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 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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