Akzo Nobel FIRST LOOK: 4Q EBITDA +3%, guiding for >5% growth on self-help
Akzo's 4Q adjusted EBITDA increased by 3% and came in c. 2% below our forecast and c. 1% below consensus, with a better than expected result of Performance Coatings offset by a weaker result of Deco Paints. FY25 adj EBITDA guidance calls for at least 5% growth which is in line with our forecast with consensus at +7%, whilst most of the predicted growth comes from self-help measures. Taking into account the volatile track record and low structural growth, we maintain our Hold rating and € 70 TP.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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