We update our model ahead of AkzoNobel's 4Q23 results, with our c.6% lower Adj. EBITDA estimates for 2024F-25F mainly explained by somewhat more moderate pricing assumptions and adverse FX trends. We increase our target price to €75 per share on the back of higher peer valuation multiples and reiterate our HOLD recommendation.
Summary IMPARAT Farbwerk Iversen & Mahl GmbH & Co KG - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights IMPARAT Farbwerk Iversen & Mahl GmbH & Co KG (Imparat Farbwerk) is a manufacturer of paints and polymer emulsions. Its products include architectural paints, industrial and ...
AkzoNobel: 3Q23 and FY guidance in-line, €250m self-help by 2027F. ASM International: 3Q23 results, solid order intake to support 2024. BAM: Preview - eyes on outlook and Danish projects. Belgian telecoms: Orange/MasMovil reported to consider Digi as remedy taker. DWS: Resilient AuM despite challenging markets. Flow Traders: 3Q23 Preview. Heijmans: Preview - home sales the key number. Heineken: Promising a Miracle? KPN: Slightly better EBITDAal, commercial momentum, guidance reit...
Summary MORRE-TEC Industries Inc - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights MORRE-TEC Industries Inc (MORRE-TEC) is a manufacturer and distributor of bromine compounds, specialty chemicals and other unique products for the nutritional, food, personal care, an...
We revise upward our 2023F-2025F Adj. EBITDA estimates by c.4% and increase our target price to €82 per share, to reflect AkzoNobel's modest guidance raise as easing comps and raw materials deflation are seen supporting 2H23. We reiterate our HOLD recommendation as we believe valuation adequately reflects risk-reward and a fair share of the margin recovery seems already priced in.
AkzoNobel: ING model update ahead of 2Q23 results. Kinepolis: Peer Cineplex box office revenue for June at 98% of 2019 level, 104% together with food sales. Randstad: Preview 2Q23F results due 25 July; consensus released. Staffing sector: French staffing data - May data weaker; outlook for June in line with May but with risk to the downside. Results Calendar
AkzoNobel: 1Q22 beats on EU Deco and China. bpost: Withdraws 2023F guidance on preliminary compliance review results. Coca-Cola Europacific Partners: Fizzing. Heijmans: Concise trading update confirms our views. Ordina: 1Q23 result beats due to strong margins, revenue growth a touch below. Randstad: 1Q23 beats but revenue trends weaken, April stable but risk on downside. Signify: 1Q23 Preview
We change our recommendation on AkzoNobel to HOLD as we believe the investment case now predominantly leans on raw materials trends and the ability to retain pricing in a deflationary cycle, with risks in the form of subdued consumer confidence, destocking and capricious commodity markets. Our reduced target price of €73.5 values AkzoNobel at 10.5x 2024F EV/EBITDA, a discount of 15% to peer PPG, and in-line with AkzoNobel's historical valuation multiple.
ABN AMRO: 4Q a good beat, SBB lower, outlook light. AkzoNobel: 4Q22 beat, in-line 2023F guidance, delivery likely tilted to 2H23. ALD: Blow-out (results, not tyres!). KBC: Preview - focus on targets review, capital distribution. Kendrion: Takes a c.€58m impairment, solvency remains strong at c.36%. Kinepolis: Peer Cineplex reports January 2023 box office at 88% of pre-Covid level. Wereldhave: Strong FY22 results for the Belgian portfolio
We lower our forecasts for Adj. EBITDA for 2022F-24F by 3%/7.5%/6% ahead of AkzoNobel's 4Q22 results. We maintain our target price at €75 and reiterate our BUY recommendation on valuation grounds. We continue to see a credible path for margin recovery over the course of 2023F, albeit largely dependent on the evolution of the raw materials basket and tilted towards 2H23.
We lower our estimates for Adj. EBITDA for 2022-24F by 18%, 21% and 5% as we take into account stronger-than-anticipated cost inflation and lower volume growth expectations for 2023F. We reduce our target price to €75, while we reiterate our BUY recommendation, supported by: (1) attractive valuation versus peers; (2) the likely end of the earnings downgrade cycle; and (3) strong and credible potential for margin expansion when raw material prices normalise.
AkzoNobel: 3Q22 in line, weak 4Q22 outlook Allfunds Group Plc: Migrations picking up BE Semiconductor Industries: Performing well, but clearly in a downcycle. Flow Traders: 3Q ends on a positive note. Sif Group: Preview; 3Q side issue, FID main issue. Sligro: Gradually recovering. WDP: ABB of c.€300m. Wereldhave: Refinancing of RCFs
We lower 2022-24F Adj. EBIT estimates by 8%, 4% and 3% following AkzoNobel's 2Q22 profit warning and reduce our target price to €92. We reiterate our BUY recommendation on valuation grounds given AkzoNobel trades at 8.5x 2023F EV/EBITDA on reset ING forecasts, well below the historical average of 12x and at a 20% discount to closest peer PPG.
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