Home 170331 AkzoNobel | the 'devil' is not as black as he is painted
170331 AkzoNobel | the 'devil' is not as black as he is painted

170331 AkzoNobel | the 'devil' is not as black as he is painted

No. pages 84
Description This report provides a deep-dive into AkzoNobel's coatings and paints business, which serves as the basis for an assessment of the company's potential value on a stand-alone basis. The outcome of the various alternatives can then be compared with the proposal PPG has put on the table recently and which may not be its final offer. As the title of this report suggests: the 'devil' (i.e. PPG) is not as black as he is painted.
Contents

Summary and Conclusions    

1.    Introduction    

2.    Looking Back: the Big Disconnect    
2.1.    AkzoNobel's strategic progress..    
2.2.    Top line growth remains a challenge    
2.3.    ...although this partly reflects the lower raw materials costs    
2.4.    Not the only gap to worry about    
2.5.    Conclusion: the strategy has not really filled the gaps

3.    Coatings and Paints Markets    
3.1.    A more than USD 120bn market globally    
3.2.    A fragmented market place    
3.3.    ....in which AkzoNobel has lost its #1 global position    
3.4.    ...and more    
3.5.    Time to grow its top line again    

4.    Architectural Paints Globally    

5.    Architectural Paints Europe     
5.1.    Europe: a fragmented market place    
5.2.    The competitive landscape    
5.3.    A lot of overlap between PPG and AkzoNobel    
5.4.    But what could be the alternatives?    
5.5.    Conclusion: limited room for larger acquisitions in Europe    

6.    Architectural Paints Americas     
6.1.    USA & Canada    
6.2.    Central America    
6.3.    South America    
6.4.    Conclusion: large parts of the Americas not covered at all    

7.    Architectural Paints AsiaPacific     
7.1.    Largest geographic market with the highest growth potential    
7.2.    AkzoNobel's presence by region    
7.3.    China and North Asia    
7.4.    Southeast Asia and Pacific    
7.5.    India and South Asia    
7.6.    Conclusion: good growth, yet increased competition ahead    

8.    Performance Coatings     
8.1.    Introduction    
8.2.    Proceeds Specialty Chemicals fuel for expansion in coatings?    
8.3.    A takeover of Axalta?    
8.4.    What could a combination with PPG bring to the table?    
8.5.    Conclusion: consolidation; also in Performance Coatings

9.    Where does this leave us?     
9.1.    Something had to change    
9.2.    Scenario 1: Fair Value AkzoNobel stand-alone    
9.2.1.    Fair Value Decorative Paints    
9.2.2.    Fair Value Performance Coatings    
9.2.3.    Fair Value Specialty Chemicals and 'Other'    
9.3.    Scenario 2: Fair Value AkzoNobel buys Axalta    
9.4.    Scenario 3: Cash returns and small to mid-sized acquisitions    
9.5.    Scenario 4: Another major costs savings program    
9.6.    Other stand alone scenarios hard to find    
9.7.    What could AkzoNobel really be worth for PPG?    

10.    Summary and Conclusions    

Appendices
Most important other coatings players in Europe

1.    Tikkurila Oyj     
2.    Sniezka     
3.    Jotun     
4.    Other players   


 

 

 

 

 

Created Date: Friday March 31, 2017 16:09:27
Last Updated Date: Friday March 31, 2017 16:09:28
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