Akzo Nobel NV, the world's largest paint company, operates in India through its subsidiary Akzo Nobel India (Akzo) operating primarily in the decorative paint segment through its well-known brand Dulux and in the area of performance coating and specialty chemicals. Akzo in India enjoys ~ 9% market share in decorative paints in India serviced through its network of 9,000 plus dealers and 90 depots and six manufacturing facilities. We expect the company to report ~ 14.5% earnings CAGR over FY18-20E driven by ~ 9% revenue CAGR and improving margins. Strong growth in volumes should...