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BASIC INDUSTRIES: Akzo Nobel (AKZANA Baa2/BBB/NR): 2Q24 Results

BASIC INDUSTRIES

Neutral for spreads. FY leverage target implies reversal of FCF miss here.

  • Revenue came in 2% ahead of consensus. Performance Coatings saw strong growth in China, driving outperformance over Decorative Paints, which saw lower volumes in China and drag in Europe due to weather.
  • Adj. EBITDA missed by 4%, however. Labour costs continue to be a drag although raw material costs are easing. 
  • Consensus for FCF is lacking but appears low at -€134mn (23: +€137mn)) on higher WC changes on top of the EBITDA miss plus slightly elevated capex. ND/EBITDA is left at 2.9x, up from 2.7x at FY23.
  • Sees FY24 adj. EBITDA at the lower end of its €1.5-1.65bn range. That lines up with consensus of €1.52bn. Targeting 2.3x ND/EBITDA, 2x in the mid-term.
  • Webcast 08.00 BST https://www.investis-live.com/akzonobel/66686abeda62330f003384eb/beox
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