Competitor Outages Boost 4Q Results in Animal Nutrition for DSM; Shares Overvalued
No-moat DSM reported a strong finish to the year, with fourth-quarter EBITDA up 14% over 2016 and around 5% higher than our estimate. Strong performance was broad-based, but animal nutrition led the charge with 18% organic growth over 2016. This is the second year of double-digit EBITDA growth for DSM, beating the company’s medium-term target of high-single-digit growth. We see some temporary factors that will likely recede over the course of 2018. Nevertheless, with temporary factors amplifying...
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