AkzoNobel : New savings plan unconvincing as a way of bridging gap to FY23 targets
>2Q22 recap: disappointing operating profit - AkzoNobel reported weak 2Q22 results, most notably on operating profit and FCF (adj. EBITDA 5% below Vara consensus, with group sales 5% ahead). The negative FCF of -€ 119m, during what is typically a highly profitable and cash-generative quarter (cons: € 338m), was caused by various factors, including continued WC outflows. Net debt came in at € 3,865m, and at 3.2x was somewhat uncomfortably above the company’s 1-2x targe...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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