Raising FVE for DSM After Exceptionally Strong Volume Growth in 1Q
After reviewing DSM’s first-quarter results, we are maintaining our no-moat rating but increasing our fair value estimate to EUR 58 per share from EUR 54. Exceptionally strong first-quarter volume growth causes us to raise our 2017 estimates, while an improved credit risk profile and the time value of money also generate minor positive effects on valuation. At current levels, the shares look moderately overvalued.EBITDA grew 17% in the first quarter over the prior-year period on the back of ro...
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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