Vitamin Prices Normalise in 2Q as Expected for DSM; Underlying Trends Remain Strong
No-moat DSM reported second-quarter EBITDA of EUR 508 million, up 35% over the prior-year period. This was slightly lower than our expectations, as customers in animal nutrition held back on purchasing while the abnormally high prices in vitamin A and E normalised in the quarter. In any case, underlying business trends remained strong. Second-quarter underlying organic sales growth was 8% over 2017 with an uptick in the EBITDA margin. We may adjust our EUR 66 fair value estimate upwards slightly...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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