DSM - KBC Securities Company Note 29.06.2018 - On a solid track
Following last week’s Capital Markets Day, we have upped our forecasts for the coming three years from mid-single digit annual underlying EBITDA growth to 8% growth, in line with the company guidance of high single digit growth.Most of the value within DSM is attributable to the Nutrition business, where DSM is well positioned, combining solid market positions, an extended vertical integration, a broad product offering and increasing customer intimacy. The Materials business is benefiting from an upgraded product mix, while in both segments a number of potentially large innovation projects are nearing market introduction.
We continue to believe DSM is undervalued from a Sum-of-the-Parts perspective, and stick to our Accumulate rating while upping our target price from € 95 to € 100.
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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