Akzo Nobel - A decent start
• Q1-24 was slightly better on adjusted EBIT(DA). • As expected, Akzo reiterates its FY24 guidance range and we do not expect to see any material changes in our or consensus estimates. • We stick to Hold and TP of EUR 76 based on a target EV/REBIT of 13x 2025E.Akzo Nobel N.V. is a holding company. Through its subsidiaries, Co. is engaged in the production and marketing of paints, coatings and specialty chemicals. Co. has three segments: Decorative Paints, which supplies products for the professional and do-it-yourself markets, including paints, lacquers and varnishes, as well as products for surface preparation; Performance Coatings, which is divided into the following businesses: Automotive and Aerospace Coatings, Industrial Coatings, Marine and Protective Coatings, and Powder Coatings; and Specialty Chemicals, which are used in products such as ice cream, soups, disinfectants, plastics, soaps, detergents, cosmetics, paper and asphalt.
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