reports
- Stijn Demeester
- Guy Sips
- Sharad Kumar S.P
- Thibault Leneeuw
- Wim Hoste
- Wim Hoste
- Wim Hoste
Akzo Nobel
Below are the highlights from the conference call. We remind that 1Q adj. EBITDA jumped by 19% to 363m, which was about 4% better than our and consensus forecasts. Unsurprisingly, Akzo reiterated its FY24 guidance of €1.5-1.65bn adj. EBITDA, which represents c.10% growth at midpoint. Mid term guidance of at least 16% adjusted EBITDA margin was also reiterated and represents a 260bps increase from 2023A with our and consensus a bit below (at respectively 15.5% and 15.7%). We acknowledge the impro...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2024
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Some med...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2024
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être les pr...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Stefano Toffano
AkzoNobel : Good results, with no major surprises
>Solid volume progression - AkzoNobel posted a relatively good Q1 24 with a continuation of yoy improvements, driven by positive volumes (+2%), a neutral price/mix effect, and the feed through of normalising raw material prices. Overall Q1 group revenues and adj. EBITDA came in at € 2,640m and € 363m respectively; revenues were +2% above ccs estimates and adj. EBITDA +4%, attributable to both divisions. Q1 24 volumes were up +1% yoy for Decorative Paints and +2% yoy f...
- Wim Hoste
Akzo Nobel FIRST LOOK: 1Q adj EBITDA +19% or a 4% beat, FY guidance ma...
1Q adj. EBITDA jumped by 19% to 363m, which was about 4% better than our and consensus forecasts. Unsurprisingly, Akzo reiterated its FY24 guidance of € 1.5-1.65bn adj. EBITDA, which represents c.10% growth at midpoint. Mid term guidance of at least 16% adjusted EBITDA margin was also reiterated and represents a 260bps increase from 2023A with our and consensus a bit below (at respectively 15.5% and 15.7%). We acknowledge the improvement in earnings momentum and management optimism on further pr...
- Frank Claassen
- Michael B. Schäfer
ODDO : Glass half full – Volume recovery started after almost 2 years ...
As Spring approaches, we see industry-wide destocking coming to an end, emerging recovery trends in China gaining momentum and European spot energy cost relief rolling in, all helping to restore plant utilisation and earnings. We add more cyclicality to our preferred names, upgrading BASF to Outperform (Neutral). Momentum being regained in specialties chemicals distribution triggers our upgrade of IMCD to Outperform (Neutral). ‘From record to record’ remains our mantra at FUCHS. ...
1COV COVESTRO AG
AI AIR LIQUIDE SA
WCH WACKER CHEMIE AG
LXS LANXESS AG
SDF K+S AG
BAS BASF SE
SOLB SOLVAY SA
BAYN BAYER AG
SY1 SYMRISE AG
KWS KWS SAAT SE & CO KGAA
EVK EVONIK INDUSTRIES AG
BNR BRENNTAG SE
INX IMCD N.V.
2HRA H&R GMBH & CO KGAA
AKZA AKZO NOBEL N.V.
FPE3 FUCHS PETROLUB SE
AZE AZELIS GROUP NV
LIN LINDE PUBLIC LIMITED COMPANY
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Baptiste Salaville
- Benoit Valleaux
- Bruno Cavalier
- Emira Sagaama
- Steven Gould
EDEN EDENRED SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
- Baptiste Salaville
- Benoit Valleaux
- Bruno Cavalier
- Emira Sagaama
- Steven Gould
EDEN EDENRED SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
AKZA AKZO NOBEL N.V.
NEXI NEXI S.P.A.
PRX PROSUS N.V. CLASS N
- Stefano Toffano
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...
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
FP TOTAL SE
EQNR EQUINOR ASA
DBK DEUTSCHE BANK AG
FORTUM FORTUM OYJ
QIA QIAGEN NV
SCR SCOR SE
WHA WERELDHAVE N.V.
VOE VOESTALPINE AG
VASTN VASTNED RETAIL NV
BC8 BECHTLE AG
ASSA B ASSA ABLOY AB CLASS B
BP. BP P.L.C.
EVD CTS EVENTIM AG & CO. KGAA
AKZA AKZO NOBEL N.V.
ENR SIEMENS ENERGY AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
SHUR SHURGARD SELF STORAGE LIMITED
- Wim Hoste
Akzo Nobel Feedback conference call
Below are the highlights from the conference call. 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 a...
- Stefano Toffano
AkzoNobel : Margins continue to improve
>Solid volumes for the group. Slightly weaker Decorative Paints - AkzoNobel posted a relatively good Q4 23 with a continuation of yoy improvements (albeit from a relatively depressed base), driven by both a positive price/mix and volume effect, as well as the expected feed through of normalising raw material prices. Overall Q4 group revenues and adj. operating income came in at € 2,529m and € 221m respectively; revenues where in line with ccs estimates, while operatin...
- Guy Sips
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Wim Hoste
Akzo Nobel FIRST LOOK: Slight miss on 4Q, FY24 guidance in line with c...
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 agai...
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