Akzo Nobel FIRST LOOK 1Q23 operating profit better than expected, FY guidance kept
1Q23 results were better than expected with a 5% drop in adjusted operating profit, supported by slightly higher than expected pricing and a lower than expected volume decline. FY23 adjusted EBITDA guidance is kept unchanged though at 1.2-1.5bn with our and consensus forecast just above the midpoint of the range. Taking into account the fairly high leverage (4.2x) and poor recent earnings delivery, we maintain our Hold rating for now.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 a financial services provider for several types of professional clients, each with distinct needs.
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.