Akzo Nobel FIRST LOOK: Slight miss on 4Q, FY24 guidance in line with consensus
4Q adjusted EBITDA jumped by 42% which was however c. 2% below consensus (4% below KBCS), as the impact of higher gross margins and higher volumes was partly offset by hyperinflation accounting effects. FY24 guidance of € 1.5-1.65bn adjusted EBITDA represents a 10% growth at midpoint with consensus close to the midpoint (and KBCS at lower end of the range). Mid term guidance of at least 16% adjusted EBITDA margin represents a 260bps from 2023A and is included in the 2026 consensus with KBCS again below (by 70bps). We acknowledge the improvement in earnings momentum and management optimism on further progress, but taken into account the volatile track record, 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.
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.