Akzo Nobel FIRST LOOK: 2Q24 adj EBITDA +1%, FY guidance range narrowed down
Akzo's 2Q adjusted EBITDA was up only 1% y/y and fell short to our and consensus forecasts by respectively 8% and 3% on fairly weak volumes (+1% y/y) and higher opex. Akzo now expects a FY24 adjusted EBITDA towards the lower end of its initial € 1.5-1.65bn guidance range with consensus roughly in line (1541m) and KBCS estimates a bit too high (1582m). The mid term guidance of at least 16% adjusted EBITDA margin is maintained, which represents a 260bps increase from 2023A. We acknowledge the improvement in earnings momentum in recent quarters, but taken into account the volatile track record (as evidenced again in 2Q), we maintain our Hold rating and € 75 target price 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.
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