Nutrition Powers Ahead for DSM in 3Q but Materials Outlook Uncertain
No-moat Koninklijke DSM reported third-quarter EBITDA of EUR 406 million, up 11% over 2017 or 7% excluding the temporary vitamin effect. Results were broadly in line with our view and consensus. Trends remain positive in nutrition, while the materials segment appears to be softening with volumes declining 2% in the quarter. We don’t expect to make a material change to our EUR 66 fair value estimate. At current levels, the shares remain overvalued.In the nutrition business, around EUR 15 milli...
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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