AkzoNobel : Ongoing risks leave little room for optimism (Downgrade to Neutral)
>Various risks mounting - We see elevated risks for AkzoNobel’s FY22 and FY23 results due to: 1) rising interest rates and the implications on the housing market (AAOBe: ~55% of FY21 sales); 2) the inflationary pressure likely to hit European consumers’ budgets in 2H22 rather than 1H22; and 3) the high likelihood of Chinese lockdowns being more persistent than initially assumed (with AkzoNobel’s 2Q22 profit warning quantifying this effect). We take a more conservative...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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