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BASIC INDUSTRIES: Akzo Nobel (AKZANA Baa2/BBB/NR): 3Q24 Results

BASIC INDUSTRIES
BulletCredit Bullets

Slightly credit negative, with some disappointment on leverage.

  • Akzo reported revenues 3% below consensus. Volume grew 1% organically with price/mix effect flat. China Deco remains very weak, Automotive weakness confirmed with LSD declines there, while expecting Industrial Coatings down MSD in 4Q. Overall, flat volumes expected for 4Q.
  • Adj. EBITDA missed by 2% with some hyperinflation accounting effects there.
  • FCF looks light at €217mn vs €337mn expected. WC release in expected for 4Q, however. Leverage is at 2.8x.
  • FY24 adj. EBITDA guidance adjusted to the low end of the range; a 5% downgrade at midpoint. Leverage is now expected around 2.7x, up from 2.4x previously. 2x medium-term target remains.
  • Webcast 08.00 BST https://www.investis-live.com/akzonobel/66f16dbf265980000e2372eb/jutwp.
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Slightly credit negative, with some disappointment on leverage.

  • Akzo reported revenues 3% below consensus. Volume grew 1% organically with price/mix effect flat. China Deco remains very weak, Automotive weakness confirmed with LSD declines there, while expecting Industrial Coatings down MSD in 4Q. Overall, flat volumes expected for 4Q.
  • Adj. EBITDA missed by 2% with some hyperinflation accounting effects there.
  • FCF looks light at €217mn vs €337mn expected. WC release in expected for 4Q, however. Leverage is at 2.8x.
  • FY24 adj. EBITDA guidance adjusted to the low end of the range; a 5% downgrade at midpoint. Leverage is now expected around 2.7x, up from 2.4x previously. 2x medium-term target remains.
  • Webcast 08.00 BST https://www.investis-live.com/akzonobel/66f16dbf265980000e2372eb/jutwp.