Lackluster Performance Continues in 3Q for AkzoNobel; Shares Overvalued
We are maintaining AkzoNobel’s EUR 64 fair value estimate and no-moat rating after reviewing third-quarter results. AkzoNobel issued a second profit warning in as many months, as performance in the business remains lacklustre. To be fair, the magnitude of the profit warnings is modest; combined, they represent about a 6% decline in guided EBIT for the year. Furthermore, the latest warning can be largely attributed to supply disruptions from Hurricane Harvey. Akzo now expects EBIT to be flat over...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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