Akzo Nobel FIRST LOOK: Launch of portfolio review with initial focus Deco South Asia
The launch of a portfolio review highlights the focus on the core Coatings businesses, whilst Akzo will take a more opportunistic approach with regards to its Decorative Paints business. Leverage is still reasonably high at 2.9x at the moment, although the company expects to end the year at c. 2.3x. We remind that Akzo lowered FY24 adjusted EBITDA guidance at the time of the 2Q results release towards the lower end of its initial € 1.5-1.65bn guidance range (FY23: €1.43bn). Taking into account the rather volatile track record and low structural growth, we maintain our Hold rating and € 70 target price.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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