|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||79.77 - 81.14|
|52 Week Range||73.14 - 93.96|
|Beta (3Y Monthly)||0.73|
|PE Ratio (TTM)||2.86|
|Forward Dividend & Yield||2.86 (3.54%)|
|1y Target Est||N/A|
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Axalta Coating Systems Ltd, the U.S. coatings company whose largest shareholder is Warren Buffett's Berkshire Hathaway Inc, said on Wednesday it had formed a board committee to explore a sale of the company. Axalta rebuffed acquisition approaches in 2017 from Akzo Nobel NV and Nippon Paint Holdings Co Ltd. Since then, the company has lost about a fifth of its market value, even though the S&P 500 Index has risen more than 9 percent during the same period, as demand in Axalta's key automotive market weakened. Axalta also got new management in December, after an investigation of previous Chief Executive Officer Terrence Hahn's conduct by external counsel that Axalta characterized as "inconsistent with the company's policies." Axalta never disclosed the investigation's findings.
The imbedded risk of US leveraged loan packages with reduced lender protections is not reflecting on the trading values, to the dismay of investors who want to see a greater premium for the heightened risk exposure. Some of the largest leverage buyouts completed last year, including financings for Refinitiv and Envision, pushed the boundaries on documentation, securing tight pricing and narrow discounts with little pushback from a market that had seen red-hot demand for loans paired with low supply. “There should be more of a gap in the price and yield of deals that are constructed conservatively versus those that have super loose documentation,” said Leland Hart, head of US loans and high yield at Alcentra, an asset manager.
Shares in Akzo Nobel fell 3 percent on Wednesday as the Dutch paints and coatings maker left analysts questioning whether its 2020 financial targets were overly ambitious, despite an increase in first-quarter profits. Adjusted operational income rose 9 percent to 163 million euros (£141.35 million) in the first three months of 2019, missing the 182 million euros average analysts polled by the company had predicted. "Results came in well below expectations", ING analyst Stijn Demeester said, adding Akzo had felt the continued raw materials inflation.
, Jim Cramer says. Akzo was trading up around 4% in Amsterdam on Wednesday after unveiling a stock-buyback plan and reporting that earnings report that showed fourth-quarter revenues rose 1% to about $2.6 billion (2.31 billion euros). Akzo also said that revenues would have jumped 4% except for unfavorable currency-exchanges rate.
European shares edged up on Wednesday as optimism towards Washington and Beijing trade talks lifted global markets and data showed earnings growth forecasts for Europe were no longer falling for the fourth ...
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Euro-denominated loans are trading better on recent cross-border deals from issuers such as Refinitiv, the former Financial & Risk unit of Thomson Reuters, and Akzo Nobel’s chemical unit, in the midst of turbulent market conditions in the US. Bankers and investors attribute the difference to greater demand in Europe compared to the US. The banker said the loan market in Europe tends to be dominated by CLOs as investors, whereas in the US demand is dominated by retail loan funds.