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Analyse aandeel Akzo Nobel

AkzoNobel reageerde op moeilijke marktomstandigheden door zijn reorganisatie en kostenbesparing te versnellen. Als dit proces is voltooid dan is Akzo klaar voor een verbeterde winstgevendheid. (Engelstalig rapport)

Jeffrey Stafford, CFA 21 oktober, 2014 | 21:09

INVESTMENT THESIS

Although Akzo Nobel has dipped into a variety of chemicals markets, the company is primarily a coatings producer. In fact, until the recent divestiture of its North American coatings business, Akzo was the world's largest paint and coatings company. Recently, Akzo has struggled because of less than ideal end-market and geographic exposure. As a paint-producer, the firm is heavily leveraged to the housing and construction market--roughly 45% of company revenue. Suffice it to say, this market has hit a rough patch over the past few years, limiting Akzo's ability to grow. Further, Akzo's heavy exposure to Europe has dented the firm's growth and will likely continue to do so for at least the medium term, as the European recovery has been slow.

Akzo's coatings business is split between house paint and performance coatings. The firm owns a solid portfolio of decorative paints, including the well-known Dulux brand, but competition and low switching costs contribute to a tough market. In 2013, it completed the sale of its North American decorative paints business to PPG at a reasonable price, but the transaction leaves Akzo more leveraged to Europe, where a recovery in construction markets will take some time. Akzo has responded by restructuring to reflect the difficult market realities. This program has been extensive and is beginning to bear fruit, in our opinion. Despite tough market conditions we think the firm's results in decorative paints are set to improve, as the firm rightsizes its business and capacity utilization improves.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Akzo Nobel NV84,32 EUR-1,38

Over de auteur

Jeffrey Stafford, CFA  Jeffrey Stafford, CFA, is an equity analyst for Morningstar, covering agriculture and chemical companies.

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