Akzo Nobel - Guidance range for 2024 meets expectations
• Q4-23 slightly missed on EBIT, but primarily due to the impact of hyperinflation accounting. The new FY24 EBITDA guidance range meets our and consensus expectations. • The new mid-term targets for 2027E (e.g. EBITDA margin >16%) are a bit more ambitious than what we currently have penciled in. • We do not expect to materially change our estimates. We stick to Hold and raise our TP from EUR 70 to EUR 76 by rolling forward to our 2025E estimates (was 2024E) with the same target EV/REBIT of 13x.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.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.