Akzo's Big Promises Warrant Skepticism, but Some Improvement Is Realistic; Increasing FVE
After reviewing AkzoNobel’s first-quarter results and strategy update, we are increasing our fair value estimate to EUR 64 from EUR 58. To ward off PPG, Akzo has unveiled ambitious long-term performance targets plus a plan to separate the specialty chemicals business. Akzo’s new 2020 targets call for EBIT margins of 15% for paints and coatings and 16% for specialty chemicals, which are 3% higher than the top end of the previous guidance ranges for the 2016-18. These targets are significantly hig...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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