Akzo Nobel: UBS maintains buy rating after results

(CercleFinance.com) - The analyst confirms his buy rating on the share, along with a target price of 85 euros, after the group announced its Q2 results.


These included a 14% increase in sales, with 10% growth at constant exchange rates. Net income, group share was 106 million euros (well below the 261 million euros in 2021). Meanwhile, adjusted EBITDA came in at 337 million euros (vs.419 million euros in 2021).

"2Q22 adj EBIT broadly in line with consensus. New cost savings to achieved EUR2bn of EBITDA in 2023. Cost inflation expected to continue through most of 2H22," UBS says.

AkzoNobel aims to achieve an adjusted EBITDA target of 2 billion euros for 2023 and an average annual increase in return on sales of 50 basis points over 2021-2023.


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