Akzo reported +28% adjusted EBITDA growth, which looks brilliant at a first glance. But reality takes off the shine! The top-line saw no organic growth and EBITDA was just up due to higher D/A and impairments. The good point was that raw material price inflation was minimal and higher sales prices protected margins. The Q3 figures were above our more cautious expectations, but broadly in line with consensus.
23 Oct 2019
Strong profitability growth - in a parallel world
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Strong profitability growth - in a parallel world
Akzo reported +28% adjusted EBITDA growth, which looks brilliant at a first glance. But reality takes off the shine! The top-line saw no organic growth and EBITDA was just up due to higher D/A and impairments. The good point was that raw material price inflation was minimal and higher sales prices protected margins. The Q3 figures were above our more cautious expectations, but broadly in line with consensus.