Akzo Nobel NV

AKZA: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€87.00	Yrdxgx	Mbgdrgm

AkzoNobel Delivers Sharp Growth in Q2 but Earnings Miss Expectations; Shares Fairly Valued

Rob Hales

Jul 22, 2021

Narrow-moat AkzoNobel reported second-quarter EBIT of EUR 335 million, up 41% over 2020 but missing the Visible Alpha consensus. Profits were negatively impacted by sharply rising raw material inflation, leading to margins below consensus. For the full year, we were already below consensus and don’t expect to make any material changes to our forecast or EUR 99 fair value estimate based on second-quarter results. At current levels, the shares look fairly valued.

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