reports
Akzo Nobel N.V.: 2 directors
Two Directors at Akzo Nobel N.V. bought 9,282 shares at 64.260EUR. The significance rating of the trade was 93/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Release of 1Q24 company-compiled consensus. AkzoNobel: Decent 1Q24 with 4% beat, FY guidance reiterated. Allfunds Group plc: On the verge. Barco: Weak 1Q24, more conservative wording on guidance. DWS: 1Q24 preview. Flow Traders: No respite in March. IMCD: Last hurdle before growth. Randstad: 1Q24 slight miss vs consensus, 2Q24 outlook below due to weak gross margin. TKH Group: Preview – a weak 1Q expected Vår Energi: Nice start to the year
- ING Helpdesk
- Stijn Demeester
AkzoNobel/Model update ahead of 4Q23/HOLD
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.
- MarketLine Department
IMPARAT Farbwerk Iversen & Mahl GmbH & Co KG - Company Profile and SWO...
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 ...
- Stijn Demeester
- ING Helpdesk
Benelux Morning Notes
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...
- Stijn Demeester
- MarketLine Department
MORRE-TEC Industries Inc - Strategy, SWOT and Corporate Finance Report
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...
- Stijn Demeester
AkzoNobel/Guidance uptick as 2H23 leans on deflation/HOLD
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.
- ING Helpdesk
Benelux Morning Notes
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
- Stijn Demeester
- ING Helpdesk
Benelux Morning Notes
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
- Stijn Demeester
AkzoNobel/A more neutral coat of paint/HOLD (previously Buy)
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.
- ING Helpdesk
Benelux Morning Notes
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
- Stijn Demeester
AkzoNobel/Model update ahead of 4Q22/BUY
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.
- Stijn Demeester
AkzoNobel/Model update post 3Q22/BUY
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.
- Krishnan Sambamoorthy
MOSL : ASIAN PAINTS: Weak mix impact realization and margin
ASIAN PAINTS: Weak mix impact realization and margin (APNT IN, Mkt Cap USD36.4b, CMP INR3142, TP INR3150, Neutral) Results were well below estimates as realizations and gross margins were severely impacted, primarily led by product mix deterioration caused by (a) slower growth in high margin urban sales unlike the preceding couple of quarters and (b) the adverse impact of downtrading. The management guided that recovery in margins is expected to be gradual with majority of raw material (c...
- ING Helpdesk
Benelux Morning Notes
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
- ING Helpdesk
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