Good Broad-Based Performance in 2Q for DSM; Guidance Upgraded
We are maintaining our EUR 58 fair value estimate for no-moat DSM after reviewing the firm's second-quarter results. Performance was good across the board in the second quarter, with EBITDA up 15% over 2016 and organic sales growth of 6%. Given strong results in the year to date, DSM has upgraded 2017 guidance to double-digit EBITDA growth from high-single-digit. Our forecast is broadly in line with guidance, and we don’t expect to make any material changes. At current levels, the shares look sl...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.
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.
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