Animal Nutrition Leads Strong 3Q for DSM; Shares Overvalued
We are increasing no-moat DSM’s fair value estimate to EUR 62 from EUR 58 to account for the time value of money and a slight upgrade to our near-term estimates. At current levels, the shares look overvalued. Third-quarter EBITDA rose 13% over the prior-year period with 10% organic growth. Animal nutrition was the key driver of strong performance, but positive results were broad-based. DSM maintained its previously upgraded 2017 guidance for double-digit EBITDA growth; our forecast for 13% EBITD...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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