DSM Raises Guidance After Strong Start in Nutrition; Shares Overvalued
No-moat DSM reported first-quarter EBITDA of EUR 424 million, a 14% increase over 2018 and ahead of expectations because of a strong performance in nutrition. Given the strong start, DSM ratcheted up 2019 guidance to high-single-digit EBITDA growth from mid- to high-single-digit EBITDA growth. Shares are up 5% intraday. We may tweak our near-term forecast upwards but don’t expect to make a material change to our EUR 69 fair value estimate. At current levels, the shares look overvalued.An improv...
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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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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