DSM: Solid 1Q performance with adjusted EBITDA up 10%, FY guidance kept DSM NA
DSM demonstrated its solid pricing discipline in 1Q22 with 10% overall adjusted EBITDA growth while the company also reiterated FY guidance. We still appreciate DSM for its broad product portfolio, vertical integration, solid market positions and innovation/sustainability drive within the core Health, Nutrition & Bioscience businesses. Based on our Sum-of-the-parts model, we maintain our Accumulate rating and € 190 target price.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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