AkzoNobel : Model update
>We are (slightly) more positive on volumes and pricing - Notwithstanding large FX-related headwinds, the combination of volume and pricing dynamics as well as declining raw material prices and cost reductions, resulted in a margin improvement for Akzo, with the group adj. EBITDA increasing to 13.0% (FY22 9.9%). FY24 adj. EBITDA is expected to be € 1.50-1.65bn and Akzo is aiming at >16% adj. EBITDA margin by the mid-term (2026-2027), targeting € 250m recurring benefit...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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