Report
Rob Hales, CFA
EUR 147.86 For Business Accounts Only

DSM Delivers Strong Q2 Results; Guidance Lifted; Raising FVE to EUR 54

DSM reported another strong quarter, with 5% organic growth in sales and an 18% increase in EBITDA versus the prior-year period. The cost-reduction plan is on track to meet targets, in line with our view that the program will be successful and a major performance driver over the next few years. Given the impressive first half, DSM revised 2016 guidance upwards to “low-teen to midteen” EBITDA growth, from previous guidance of “high-single-digit” growth. We think this is a touch conservative and a...
Underlying
Koninklijke DSM N.V.

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Rob Hales, CFA

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