Akzo’s Q3 figures were above our quite cautious expectations, but could not match with the street. The top line was +2.6% (consensus: -1.1%) and profitability +3.2% (consensus: -1.8%) above our estimates. The implemented higher sales pushed the top line, but raw material prices were higher than guided. Decorative Paints showed some price sensitivity. Management flagged higher raw material prices as well as higher sales prices. We believe this will also have a negative volume impact, when it com ....