Akzo Nobel N.V. (AKZA.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+7.4%

€65.79

vs €61.24 price

Levered DCF

€68.33

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.33

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.96×	18.28×	28.89×	31.12×	21.54×	26.71×	37.3×	2.69×
P/B	2.17×	2.16×	2.95×	2.52×	3.29×	2.93×	3.04×	1.52×
P/S	1×	0.92×	1.2×	1.01×	1.86×	1.97×	2.08×	1.94×
EV / EBITDA	8.67×	9.98×	11.9×	14.51×	13.23×	13.67×	16.09×	20.55×
Gross margin	39.9%	40.5%	39.7%	36.2%	40.2%	44.4%	42.8%	42.4%
Operating margin	7.6%	8.6%	9.6%	6.5%	11.7%	11.3%	9.1%	6.5%
Net margin	6.3%	5.1%	4.1%	3.2%	8.6%	7.4%	5.8%	72.1%
Current ratio	1.44×	1.23×	1.06×	1.09×	1.1×	1.64×	1.58×	3.16×
Debt / equity	1.04×	1.17×	1.29×	1.36×	0.65×	0.5×	0.35×	0.2×
Interest coverage	3.89×	4.83×	5.36×	6.68×	15.11×	9.93×	7.38×	6.58×
Dividend yield	3.3%	3.9%	2.7%	3.2%	2.0%	2.2%	7.4%	3.5%
Payout ratio	53.4%	71.0%	77.6%	99.4%	43.9%	58.1%	264.0%	9.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.6%	11.8%	10.2%	8.1%	15.3%	11.0%	8.5%	56.4%
Return on invested capital	4.8%	5.8%	5.7%	4.0%	8.2%	7.0%	5.9%	3.1%
Return on assets	4.6%	3.8%	3.0%	2.4%	6.0%	4.8%	4.2%	35.5%
Free cash flow yield	6.0%	3.7%	6.5%	-0.3%	1.8%	5.7%	-0.9%	0.0%
Earnings yield	6.3%	5.5%	3.5%	3.2%	4.6%	3.7%	2.8%	37.2%
Enterprise value	€13.4B	€14B	€16.8B	€15.4B	€20.2B	€18.1B	€20.3B	€17.6B
Net debt / EBITDA	2.1×	2.91×	2.87×	4.18×	1.57×	0.97×	0.75×	-0.46×
Cash conversion cycle (days)	24	19	40	55	86	79	33	18