Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AKZO NOBEL. We currently have 8 research reports from 1 professional analysts.
|22Mar17 14:00||GNW||Dutch government recognizes AkzoNobel's contribution to national energy saving goals|
|22Mar17 07:43||GNW||AkzoNobel rejects second unsolicited proposal from PPG|
|20Mar17 09:00||GNW||AkzoNobel share repurchase (March 13, 2017 - March 17, 2017)|
|17Mar17 09:00||GNW||AkzoNobel's Imagine Chemistry challenge generates more than 200 ideas|
|13Mar17 09:00||GNW||AkzoNobel share repurchase (March 6, 2017 - March 10, 2017)|
|09Mar17 06:11||GNW||AkzoNobel reviewing strategic options to separate Specialty Chemicals|
|06Mar17 09:00||GNW||AkzoNobel share repurchase (February 27, 2017 - March 3, 2017)|
Frequency of research reports
Research reports on
PPG knows its own mind
09 Mar 17
AkzoNobel’s management rejected an unsolicited, non-binding and conditional proposal from PPG Industries, a US-based manufacturer and distributor of coatings and speciality materials offering a value of €83 per share as on 28 February 2017. As a first measure, management announced the review of strategic options to separate Speciality Chemicals and is considering various ownership structures, including the establishment of an independent listed company.
Not too bad on a realistic level
15 Feb 17
Akzo saw sales 4% lower, down to €14,197m, due to a lower price/mix effect (-2%) and adverse FX effects (-3%). The gross profit improved from 40.9% to 42.3% and EBITDA came in +2% higher at €2,108m. Net profit attributable to shareholders was fairly unchanged at €970m (€979m). Operating CF increased +14% to €1,297m, benefiting from lower NWC outflows (€-504m after €-658m). Primarily due to the acquisition of former BASF’s Industrial Coatings business (€-425m), acquisition-related costs swung from €151m to €-363m bringing investing CF down from €-508m to €-979m. Net gross debt repayments (€140m after €-689m) gave financing CF some relief despite some higher dividend payments (€-336m after €-281m). Management will propose a +7% higher total dividend of €1.65 (€1.55) per share at the AGM on 25 April 2017, of which €0.37 has already been paid. For 2017, management anticipates positive developments for EMEA, North America and Asia, improving during the year, while Latin America is expected to stabilise. Guidance for 2016-18 is confirmed (return on sales: 9-11%; return on investment: 13-16.5%). The annual report will be available on 1 March 2017.
Weak pricing power (cont’d)
19 Oct 16
Akzo reported 4% lower sales, down to €3,600m, facing a lower price/mix (-2%), whereas the gross profit margin improved 1pp to 42.7% in Q3. EBITDA came in pretty much unchanged at €594m (€590m) and net income attributable to shareholders stood unchanged at €285m. Operating CF moved slightly up to €600m (€583m), helped by a stronger NWC inflow and more positive other changes, but partly eaten up more negative changes in provisions. Investing CF (€-114m after €-143m) benefited from lower capex (-21% to €-128m). Despite higher dividend payments (€-22m after €-10m), financing CF moved from €-277m to €-106m lifted by lower net gross debt repayments (€-78m after €-267m). Management continued to give no detailed guidance but sees itself in a position to confirm the group’s financial guidance 2016-18 (ROS: 9-11%; ROI: 13-16.5%).
Covering Paints and Coatings
19 Jul 16
Akzo’s sales weakened by 6% (v: +1%; p: -2%; FX: -5%) to €3,711m in Q2, but the gross profit margin strongly improved from 41.4% to 43.6%. EBITDA was up +5% to €642m, whereas net profit attributable to shareholders declined 6% to €312m. Operating CF was up (+11% to €453m) primarily helped by lower changes in provisions. Investing CF strongly rose from €-37m to €-110m, suffering from higher capex and lower divestment results. Despite higher dividend payments (€-226m after €-184m), financing CF came in at €-192m after €-361m fuelled by a swing in borrowings from net repayments to net proceeds. Management continued to give guidance, but it expects some uncertainties in the company’s markets triggered by challenging conditions in several countries and segments.
Not a good start to 2016, but profitability is resilient
19 Apr 16
Continued operations’ sales declined by 4% (organic: 0%) to €3,430m, but gross profit margin improved from 40.2% to 41.5% in Q1. EBITDA increased +5% to €487m and net profit attributable to shareholders jumped +50% to €240m. Operating CF moved from €-622m to €-336m, strongly benefiting from a lower NWC outflow and lower provisions. Capex stood unchanged at €-124m and investing CF came in at €-120m (€-131m). Financing CF swung from €-35m to €256m, driven by a net gross debt inflow after an outflow. Management failed to give guidance, but expects some uncertainties in the company’s markets triggered by challenging conditions in several countries and segments.
Non-business measures propelled profitability
10 Feb 16
Akzo Nobel lifted FY sales by +4% to €14,859m, primarily driven by favourable FX tailwinds (+6%) and the gross profit margin improved from 39.3% to 40.9%. EBITDA strongly climbed 24% to €2,088m with respective margin seen at 14.1% (11.8%). Net income attributable to shareholders jumped +79% to €979m. Operating CF strongly rose +40% to €1,136m, reflecting the higher operating performance and the swing in other changes despite the higher outflow for provisions. Investing CF saw a small change (€-508m after €-529m) primarily due to lower capex. Financing CF (€-972m after €-635m) was hit by higher net gross debt repayments (€-689m after €-367m). 2015 targets (ROS: 9%; ROI: of 14%; net debt/EBITDA ratio: <2.0x) have been reached (ROS: 10.6%; ROI: 15.0%; net debt/EBITDA: 0.6x) based on the company’s calculation. Management proposes a 2015 final dividend of €1.20 bringing the total 2015 dividend up to €1.55 (€1.45). For 2016, management failed to give clear guidance, but expects a challenging year with difficult market conditions in Brazil, China and Russia. Europe is expected to stay at current levels. The anuual report will be published within the next few weeks.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
Small Cap Breakfast
03 Feb 17
Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Eco (Atlantic) Oil & Gas—Schedule One Update. Now expects admission ‘early February’. Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.
Small Cap Breakfast
03 Mar 17
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