Akzo Nobel FIRST LOOK: 3Q adjusted EBITDA -5%, FY guidance slightly lowered
Akzo's 3Q adjusted EBITDA dropped by 5% which was close to our forecasts and 2% below consensus. Akzo adjusted its FY24 adjusted EBITDA guidance from ‘towards the lower end of a € 1.5-1.65bn range' to ‘around € 1.5bn' with consensus at € 1499m and KBCS at € 1513m. FY24 leverage guidance is adjusted from around 2.3x to around 2.7x. The mid term guidance of at least 16% adjusted EBITDA margin is maintained, which represents a 260bps increase from 2023A. Taking into account the volatile track record and low structural growth, we maintain our Hold rating and € 70 TP 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.