reports
- Ahmed Ben Salem
- Jean Danjou
- Stefano Toffano
AkzoNobel : Q3 24 preview (October 23)
>Towards the lower end of the guidance - Akzo is set to report results for the third quarter on October 23. For the group, we forecast Q3 24 revenues of € 2,770m (+1% yoy, slightly higher than ccs) and € 407m adj. EBITDA, the latter in line with management guidance (‘similar to Q2 24’). The company maintained FY24 guidance at H1 24 results (adj. EBITDA € 1.50-1.65bn) though is now projecting to hit the lower end of the range. If end-markets remain weak (e.g. no EMEA, ...
- ING Helpdesk
- Wim Hoste
Akzo Nobel FIRST LOOK: Launch of portfolio review with initial focus D...
The launch of a portfolio review highlights the focus on the core Coatings businesses, whilst Akzo will take a more opportunistic approach with regards to its Decorative Paints business. Leverage is still reasonably high at 2.9x at the moment, although the company expects to end the year at c. 2.3x. We remind that Akzo lowered FY24 adjusted EBITDA guidance at the time of the 2Q results release towards the lower end of its initial € 1.5-1.65bn guidance range (FY23: €1.43bn). Taking into account t...
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- Stijn Demeester
AkzoNobel/Cost savings yet to kick in/HOLD
We update our model to reflect the slight miss in 2Q24 results due to higher OPEX inflation and AkzoNobel guiding towards the low end of its 2024F Adj. EBITDA guidance. We stick to our HOLD rating and we reduce our target price to €61 per share from €64, as we believe that mid-term growth targets are well captured by consensus expectations.
- Hilde Van Boxstael
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Akzo Nobel Model update post 2Q results – target price reduced
Akzo's 2Q adjusted EBITDA was up only 1% y/y and fell short to our and consensus forecasts by respectively 8% and 3% on fairly weak volumes (+1% y/y) and higher opex. Akzo lowered FY24 adjusted EBITDA guidance, now expected to land at the lower end of its initial € 1.5-1.65bn guidance range. We have lowered our FY24 forecasts by c. 4% and our FY25 forecast by c 2%. The mid term guidance of at least 16% adjusted EBITDA margin is maintained, which represents a 260bps increase from 2023A. Despite t...
- Baptiste Salaville
- Chaima Ferrandon
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
- Sven Edelfelt
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FGR EIFFAGE SA
RAND RANDSTAD NV
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
VACN VAT GROUP AG
SAP SAP SE
AKZA AKZO NOBEL N.V.
JDEP JDE PEET'S NV
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Baptiste Salaville
- Chaima Ferrandon
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oddo Sustainability Team
- Sven Edelfelt
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
FGR EIFFAGE SA
RAND RANDSTAD NV
ENI ENI S.P.A.
RY4C RYANAIR HOLDINGS PLC
VACN VAT GROUP AG
SAP SAP SE
AKZA AKZO NOBEL N.V.
JDEP JDE PEET'S NV
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
- Wim Hoste
Akzo Nobel 2Q conference call feedback
Below are the highlights from the conference call. Akzo's 2Q adjusted EBITDA was up only 1% y/y and fell short to our and consensus forecasts by respectively 8% and 3% on fairly weak volumes (+1% y/y) and higher opex. Akzo now expects a FY24 adjusted EBITDA towards the lower end of its initial € 1.5-1.65bn guidance range with consensus roughly in line (1541m) and KBCS estimates a bit too high (1582m). The mid term guidance of at least 16% adjusted EBITDA margin is maintained, which represents a ...
- Stefano Toffano
AkzoNobel : Higher opex impact EBITDA generation
>Weak adj. EBITDA progression mainly due to Deco - AkzoNobel posted a relatively weak Q2 24 driven by an overall positive price/mix and volume progression, the latter though c. 100bps lower vs company expectations. Adj. EBITDA was furthermore pressured by wage inflation and inefficiencies which had a roughly € 30m higher negative impact on results than anticipated. Results at Deco where impacted by weak end-markets (China and Latam) and poor weather conditions (EMEA)....
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Wim Hoste
Akzo Nobel FIRST LOOK: 2Q24 adj EBITDA +1%, FY guidance range narrowed...
Akzo's 2Q adjusted EBITDA was up only 1% y/y and fell short to our and consensus forecasts by respectively 8% and 3% on fairly weak volumes (+1% y/y) and higher opex. Akzo now expects a FY24 adjusted EBITDA towards the lower end of its initial € 1.5-1.65bn guidance range with consensus roughly in line (1541m) and KBCS estimates a bit too high (1582m). The mid term guidance of at least 16% adjusted EBITDA margin is maintained, which represents a 260bps increase from 2023A. We acknowledge the impr...
- ING Helpdesk
Benelux Morning Notes
Acomo: Bitter cocoa. Air France-KLM: Happily, Olympic Games only once in 100 years. AkzoNobel: 2Q24 Adj. EBITDA miss, FY guidance lowered in line with consensus. CM.com: 1H24 results; doing more with less. Euronext: 2Q24 preview. Lotus Bakeries: Lindt & Sprüngli 1H24 results. Philips: Preview 2Q24, back to normality. Randstad: 2Q24 misses 3% due to weak gross margin; outlook 3Q24 c.6-10% below but FY24 perhaps c.4%. UCB: 1H24 preview; confirming its return to growth. Universal ...
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Stijn Demeester
- Guy Sips
Floridienne Increase in sales and EBITDA in 1Q24 as BioFirst posted st...
Without giving exact numbers, Floridienne indicated they recorded in 1Q24 an increase in sales and EBITDA. Important for the future is that Biotrop, the leading Brazilian company in the field of biological solutions for agriculture and one of the biggest in the world, is currently being integrated in BioFirst (ex Biobest). Our TP of € 835 is the average of our updated DCF (€ 850 per share) and SOTP (€ 819 per share). We maintain our Accumulate rating.
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Wim Lewi
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