Akzo reported the expected strong volume-driven recovery yoy with some positive contributions from one-offs to profitability. Our conservative estimate was beaten primarily due to a less pronounced impact from higher raw material prices and the positive one-off. Consensus was not fully matched (top line: +3.3%; adjusted EBITDA: -3.5%).
The company guides for ‘significant higher’ raw material prices, which leaves us on the cautious side.
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A weakish outlook
Akzo reported the expected strong volume-driven recovery yoy with some positive contributions from one-offs to profitability. Our conservative estimate was beaten primarily due to a less pronounced impact from higher raw material prices and the positive one-off. Consensus was not fully matched (top line: +3.3%; adjusted EBITDA: -3.5%).
The company guides for ‘significant higher’ raw material prices, which leaves us on the cautious side.