DSM: 4Q EBITDA represents a 5% beat, mid-single digit guidance on FY22 in line DSM NA
DSM posted a solid 4Q21 performance, with adj. EBITDA up 13% andc. 5% better than our forecasts (4% above consensus). FY22 guidance is in line with our and consensus forecasts. We still appreciate DSM for its broad product portfolio, vertical integration, solid market positions and innovation/sustainability drive. Taking into account the ongoing strategic review of the Materials business, we expect DSM is on its way to become a focussed Health, Nutrition & Bioscience group. Based on our SOTP & DCF models, we have an € 190 TP and Accumulate rating.
Royal DSM is engaged in the creation of products and services in Life Sciences and Materials Sciences. Co.'s products and services are used globally in range of markets and applications in healthcare, pharmaceutical automotive and chemicals sectors. End markets include human and animal nutrition and health, personal care, pharmaceuticals, automotive, coatings and paint, electrics and electronics, life protection and housing. The activities of Co. are grouped into four clusters: Nutrition, Pharma, Performance Materials and Polymer Intermediates.
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