Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AKZO NOBEL. We currently have 6 research reports from 1 professional analysts.
|13Dec16 06:30||GNW||AkzoNobel announces repurchase of shares to neutralize stock dividends paid in 2016|
|19Oct16 06:00||GNW||AkzoNobel Q3 2016 Results: Profitability increased in an environment of mixed volume growth|
|08Sep16 12:30||GNW||AkzoNobel names Thierry Vanlancker as future head of Specialty Chemicals|
Frequency of research reports
Research reports on
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.
Performance Coatings' strong profitability push
22 Oct 15
Sales were up +2% to €3,760m and the gross profit margin improved from 40.0% to 41.9% in Q3. EBITDA strongly rose +21% to €590m and net profit attributable to shareholders jumped +39% to €285m. Q3’s operating CF was up +19% to €583m, benefiting from the better operating performance and additionally helped by a higher NWC inflow. Due to higher capex (€163m after €-137m), investing CF came in at €-143m (€-129m). Helped by lower net gross debt repayments (-€267m after €-277m) and lower dividends, financing CF moved from €-296m to €-277m. Management again confirmed delivery of 2015 targets. As a reminder, AkzoNobel aims for a ROS of 9%, a ROI of 14% and a net debt/EBITDA ratio below 2.0x.
Humble organic performance, but increasing profitability
21 Jul 15
Q2 sales were clearly fuelled by favourable FX developments (+9%), bringing sales up +6% to €3,949m. The gross profit margin jumped from 40.0% to 46.5% and EBITDA strongly rose by +32% to €610m. Net profit attributable to shareholders soared up from €205m to €331m. Q2 operating CF moved up just tiny blip (+€14m to €407m,) dampened by higher NWC outflow, higher provisions (ICI pension funds) and lower other changes. Investing CF came in at €-37m (€-147m) clearly helped by €114m in net proceeds from the Paper Chemicals divestment. Financing CF saw higher net gross debt repayments (€-175m after €-22m) bringing outflow from €-197m to €-361m. Management confirmed delivering its 2015 targets. As a reminder, AkzoNobel aims for a ROS of 9%, ROI of 14% and a net debt/EBITDA ratio below 2.0x.
N+1 Singer - Northern lights - Shining prospects for 2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
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N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
What a Treatt
18 Jan 17
Treatt is steadily transforming itself from a seller of flavour and fragrance-based commodities to a value-added ingredients supplier. The strategy of deep customer knowledge is paying off, leading to stronger relationships, a real competitive advantage and greater profitability, with EBIT margins increasing from 9.6% in 2014 to 10.8% in 2016. Management has delivered four consecutive years of earnings above expectations and the momentum remains strong. Our DCF analysis calculates a fair value of 293p, supported by benchmark analysis that places the stock at a c 30% discount to its peer group.
Innovate, specialise, integrate, globalise
01 Dec 16
Carclo has refocused investment in its established businesses (Technical Plastics and LED Technologies), where a differentiated offer and long-term relationships with customers provide good earnings visibility and more certainty of a return. This strategy delivered strong revenue and profits growth during H117. This growth appears set to continue, underpinned by long-term relationships with blue-chip customers. We leave our estimates and indicative valuation broadly unchanged and introduce our estimates for FY19.