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AkzoNobel: stock down after quarterly results

( - AkzoNobel shares are down over 4% in Amsterdam, even after the chemicals group announced adjusted EBITDA that was up 19% at E363m, representing a 2.
3-point improvement in its adjusted EBITDA margin to 13.8% on revenues that slipped 1% to E2.64bn.

However, in organic terms the Dutch group's sales rose 2%, driven by volume growth in its paints and coatings segment, despite what it sees as persistently mixed markets.

Based on current market conditions and constant exchange rates, AkzoNobel targets adjusted EBITDA of E1.5bn to E1.65bn this year, while reducing its debt, with a net debt/EBITDA multiple of of around 2.3x by the year-end.

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