{"id":10336,"date":"2018-05-29T15:57:41","date_gmt":"2018-05-29T13:57:41","guid":{"rendered":"https:\/\/faces-online.nl\/?p=10336\/"},"modified":"2018-05-29T15:57:41","modified_gmt":"2018-05-29T13:57:41","slug":"akzonobel-struggling-against-headwinds-3","status":"publish","type":"post","link":"https:\/\/faces-online.nl\/en\/akzonobel-struggling-against-headwinds-3\/","title":{"rendered":"AkzoNobel Struggling Against Headwinds"},"content":{"rendered":"

After merger plans came off the\u00a0table<\/a>\u00a0at the end of last year, AkzoNobel (Akzo) has not been in the news much. It seems the company is quite happy to maintain the status quo, after massive upheaval during 2017.<\/em><\/p>\n

Most developments last year were of\u00a0a negative nature. Shifts in the company\u2019s management, the pressure from Akzo\u2019s shareholders, a takeover threat from PPG, and the failure to takeover Axalta\u00a0itself\u00a0saw Akzo not improve its position, a view shared both by the media and investors.<\/em><\/p>\n

Questions would have been raised in the minds of investors.<\/em><\/p>\n

AkzoNobel Circling the Drain<\/strong><\/h2>\n

Based on recent news, it would seem that Akzo is in a downward spiral. Last year, Elliott Capital, a major investor in the chemicals giant, reacted negatively when Akzo refused to seriously talk about a potential takeover bid from PPG. Elliott Capital even forced Akzo to appear at the Dutch Enterprise Chamber. The hedge fund raised even its stake to about 9% to have more influence on Akzo. Nevertheless, this increase in Elliot\u2019s investment position did not help, as the hedge fund lost the court case against Akzo, and the takeover attempt was dismissed out of hand.<\/p>\n

Elliott has since reversed direction by decreasing its investment position in Akzo by 4%, now holding only a 5% share of the company. Other major and loyal\u00a0investment firms like Tweedy Brown, Columbia Threadneedle and Causeway also decreased their portfolio position. Was this as a consequence of Akzo\u2019s decisions over the past\u00a0year or was it just a coincidence<\/a>?<\/p>\n

It has not been all bad news for Akzo\u2019s shareholders, though, as the company has also taken decisions that have benefited its investors. The firm has distributed a so-called super dividend, worth around \u20ac1bn. Furthermore, the company\u00a0also\u00a0sold its specialist chemical subsidiary to the Carlyle Group, a US private equity firm, and\u00a0GIC, a Singapore-based\u00a0investment\u00a0firm. The potential gain from selling the chemical division is expected to be around \u20ac7.5bn. The majority of this will flow to shareholders by the end of the year as a combination of increased dividends and share buybacks.\u00a0Regulatory approval is expected\u00a0by the end of 2018<\/a>.<\/p>\n

Akzo has outlined some ambitious targets for 2018. The company wants to reach a profit margin of 15% by the year 2020, with a target of 10%-12% in 2018. Targeting small and middle-sized companies in takeovers will have a positive effect on reaching its profit margin\u00a0targets. Still, a lot of investors ask the question of how the company is going to realise this growth? Thierry Vanlancke, CEO of Akzo,\u00a0in March 2018 said<\/a>:<\/p>\n

\u201cWe want one integrated chain of suppliers, one business planning and one integrated manufacturing process.\u201d<\/strong><\/span><\/p><\/blockquote>\n

He believes that M&A practices, leading to an integrated company, will allow Akzo to reach their lofty targets. Akzo has approached Oliver Wight, a British advisory company, to support the company with its integration plans. Though this is a positive step, Mr\u00a0Vanlancker, appointed at the end of 2017, still has a lot to do to win the\u00a0trust of institutional investors<\/a>. Many still question the feasibility of growing profit margin to of 10% for 2018 and\u00a015% for 2020. Whether or not Akzo reaches its profit margins goals depends on the success of its M&A practices. In\u00a02017, Akzo\u00a0acquired Disa Technology, Flexcrete and Powdertech to\u00a0further diversify its\u00a0business portfolio<\/a>.\u00a0However, the company has so far failed to realise the necessary returns on these acquisitions. At the moment, it seems that investors are not confident in Akzo\u2019s ability to fulfil its promises.<\/p>\n

2018 Q1 Results<\/strong><\/h2>\n

The first quarter of 2018 further confirms that Akzo is in a bad position. Revenues decreased by approximately 8% and the bottom-line results showed a decrease of 28%. This drop was partly due to falling sales in the marine and oil industries, as well as rising raw materials cost. In response to these high costs,\u00a0the CEO stated<\/a>:<\/p>\n

\u201cWe are ramping up our pricing initiatives and have implemented various cost discipline measures to deal with higher raw-material prices.\u201d<\/strong><\/span><\/p><\/blockquote>\n

The company also experienced negative foreign currency effects, as\u00a0foreign currencies decreased against the euro.\u00a0This all added up to a decreased profit margin, from 8.8% to 6.8%. This is quite some from distance from the 2018 targets.<\/p>\n

Impact on Share Price<\/strong><\/h2>\n

One would expect to see the bad results reflected in Akzo\u2019s share price. The graph below shows\u00a0Akzo\u2019s share price development over the past months<\/a>:<\/p>\n

\"\"<\/a><\/p>\n

Source: MarketWatch<\/em><\/p>\n

Before the Q1 results were announced on the 23rd of April, the price per share was \u20ac77.23. It decreased slightly in the immediate aftermath of the announcement to\u00a0 \u20ac74.25.\u00a0 However, Akzo\u2019s share price experienced somewhat of a recovery and, at time of publication, has a\u00a0 value of \u20ac75.60. This is already an increase of over 1.50% from its post Q1 2018 announcement low. In short, it seems the doubts some have is already taken into account when valuing the company. Akzo\u2019s share price has fluctuated between \u20ac70-\u20ac80 over the past year.<\/p>\n

Conclusion<\/strong><\/h2>\n

Akzo has been in a tough situation over the past years, with some investors raising concerns about its direction. After the underwhelming Q1 2018 results, the main question is whether or not Akzo is able to deliver on its targets? Although Mr Vanlancker mentioned that he expected headwinds during the first period of 2018, it will be interesting to see if these disappear as 2018 continues. These headwinds will have to reverse direction quickly, and support a rise of at least 3.2% in the profit margin in the company is to reach its goal. It has not been plain sailing for the chemicals company so far, but it may look to benefit from a change in the prevailing winds.<\/p>\n","protected":false},"excerpt":{"rendered":"

After merger plans came off the\u00a0table\u00a0at the end of last year, AkzoNobel (Akzo) has not been in the news much. It seems the company is quite happy to maintain the status quo, after massive upheaval during 2017. Most developments last year were of\u00a0a negative nature. Shifts in the company\u2019s management, the pressure from Akzo\u2019s shareholders, a takeover threat from PPG, and the failure to takeover Axalta\u00a0itself\u00a0saw Akzo not improve its position, a view shared both by the media and investors. Questions would have been raised in the minds of investors. AkzoNobel Circling the Drain Based on recent news, it would seem that Akzo is in a downward spiral. Last year, Elliott Capital, a major investor in the chemicals giant, reacted negatively when Akzo refused to seriously talk about a potential takeover bid from PPG. Elliott Capital even forced Akzo to appear at the Dutch Enterprise Chamber. The hedge fund raised even its stake to about 9% to have more influence on Akzo. Nevertheless, this increase in Elliot\u2019s investment position did not help, as the hedge fund lost the court case against Akzo, and the takeover attempt was dismissed out of hand. Elliott has since reversed direction by decreasing its investment position in Akzo by 4%, now holding only a 5% share of the company. Other major and loyal\u00a0investment firms like Tweedy Brown, Columbia Threadneedle and Causeway also decreased their portfolio position. Was this as a consequence of Akzo\u2019s decisions over the past\u00a0year or was it just a coincidence? It has not been all bad news for Akzo\u2019s shareholders, though, as the company has also taken decisions that have benefited its investors. The firm has distributed a so-called super dividend, worth around \u20ac1bn. Furthermore, the company\u00a0also\u00a0sold its specialist chemical subsidiary to the Carlyle Group, a US private equity firm, and\u00a0GIC, a Singapore-based\u00a0investment\u00a0firm. The potential gain from selling the chemical division is expected to be around \u20ac7.5bn. The majority of this will flow to shareholders by the end of the year as a combination of increased dividends and share buybacks.\u00a0Regulatory approval is expected\u00a0by the end of 2018. Akzo has outlined some ambitious targets for 2018. The company wants to reach a profit margin of 15% by the year 2020, with a target of 10%-12% in 2018. Targeting small and middle-sized companies in takeovers will have a positive effect on reaching its profit margin\u00a0targets. Still, a lot of investors ask the question of how the company is going to realise this growth? Thierry Vanlancke, CEO of Akzo,\u00a0in March 2018 said: \u201cWe want one integrated chain of suppliers, one business planning and one integrated manufacturing process.\u201d He believes that M&A practices, leading to an integrated company, will allow Akzo to reach their lofty targets. Akzo has approached Oliver Wight, a British advisory company, to support the company with its integration plans. Though this is a positive step, Mr\u00a0Vanlancker, appointed at the end of 2017, still has a lot to do to win the\u00a0trust of institutional investors. Many still question the feasibility of growing profit margin to of 10% for 2018 and\u00a015% for 2020. Whether or not Akzo reaches its profit margins goals depends on the success of its M&A practices. In\u00a02017, Akzo\u00a0acquired Disa Technology, Flexcrete and Powdertech to\u00a0further diversify its\u00a0business portfolio.\u00a0However, the company has so far failed to realise the necessary returns on these acquisitions. At the moment, it seems that investors are not confident in Akzo\u2019s ability to fulfil its promises. 2018 Q1 Results The first quarter of 2018 further confirms that Akzo is in a bad position. Revenues decreased by approximately 8% and the bottom-line results showed a decrease of 28%. This drop was partly due to falling sales in the marine and oil industries, as well as rising raw materials cost. In response to these high costs,\u00a0the CEO stated: \u201cWe are ramping up our pricing initiatives and have implemented various cost discipline measures to deal with higher raw-material prices.\u201d The company also experienced negative foreign currency effects, as\u00a0foreign currencies decreased against the euro.\u00a0This all added up to a decreased profit margin, from 8.8% to 6.8%. This is quite some from distance from the 2018 targets. Impact on Share Price One would expect to see the bad results reflected in Akzo\u2019s share price. The graph below shows\u00a0Akzo\u2019s share price development over the past months: Source: MarketWatch Before the Q1 results were announced on the 23rd of April, the price per share was \u20ac77.23. It decreased slightly in the immediate aftermath of the announcement to\u00a0 \u20ac74.25.\u00a0 However, Akzo\u2019s share price experienced somewhat of a recovery and, at time of publication, has a\u00a0 value of \u20ac75.60. This is already an increase of over 1.50% from its post Q1 2018 announcement low. In short, it seems the doubts some have is already taken into account when valuing the company. Akzo\u2019s share price has fluctuated between \u20ac70-\u20ac80 over the past year. Conclusion Akzo has been in a tough situation over the past years, with some investors raising concerns about its direction. After the underwhelming Q1 2018 results, the main question is whether or not Akzo is able to deliver on its targets? Although Mr Vanlancker mentioned that he expected headwinds during the first period of 2018, it will be interesting to see if these disappear as 2018 continues. These headwinds will have to reverse direction quickly, and support a rise of at least 3.2% in the profit margin in the company is to reach its goal. It has not been plain sailing for the chemicals company so far, but it may look to benefit from a change in the prevailing winds.<\/p>\n","protected":false},"author":89,"featured_media":10324,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,1],"tags":[1020,1096,1042,638,636],"class_list":["post-10336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-uncategorized","tag-akzonobel","tag-axalta","tag-bloemenkamp","tag-column","tag-finance"],"acf":[],"yoast_head":"\nAkzoNobel Struggling Against Headwinds - Faces Online<\/title>\n<meta name=\"description\" content=\"The Axalta-deal failed and AkzoNobel did not see improvement in its position, a view shared both by the media and investors. 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