Soft 2Q Results for Akzo on Weak Marine Demand and Increasing Raw Material Costs
We are maintaining AkzoNobel’s EUR 64 fair value estimate and no-moat rating after reviewing the firm's second-quarter results. Second-quarter performance was uninspiring, with EBIT down 6% over 2016 due to continued weak demand in the marine and oil and gas industries, which largely affect the performance coatings segment. The company is also struggling with rising raw material costs, where mitigating price increases can take several quarters to filter through to financial results in decorative...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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