AkzoNobel's 2020 targets are too ambitious.
No-moat AkzoNobel was guiding for a weak first quarter, and it delivered. Adjusted operating income of EUR 149 million was down 28% over the prior-year period. This was worse than our expectations and consensus, causing the stock to trade down by low single digits at the time of writing. The root causes remain well understood: raw material inflation, adverse currency effects, and a tough comparable. These factors will continue to drive soft results in the second quarter before price increases an...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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