Analyse aandeel DSM

DSM zal zich nu moeten richten op het opstuwen van zijn organische groei en het verbeteren van de efficiëntie. (Engelstalig rapport)

Todd Wenning 04 november, 2014 | 20:40
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DSM's three-year EUR 2.8 billion spending spree is winding down, and the company will need to turn its focus toward driving organic growth and improving efficiency. DSM's nutrition segment should continue to produce steady and relatively high margins over the medium term. We expect headwinds in the materials business to persist over the next year with the combination of still-high benzene/ammonia prices and weak demand for synthetic fibers contributing to weak caprolactam margins.

The nutrition business produces ingredients, formulations, and premixes used in both human and animal nutrition and health products. Major customers include consumer goods companies like Nestle, Coca-Cola, and Unilever. Over the last decade, DSM has strategically shifted its nutrition portfolio from commodified active ingredients like vitamins, enzymes, and yeasts toward higher-margin formulations and premixes like concentrates and supplements (for example, DHA Omega-3). The result has been improved segment EBITDA margins that have ranged between 20% and 23% since 2008. DSM aims to maintain that range through 2015, the low end of which we consider achievable given the limited competition and steady demand for nutrition ingredients at present.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Koninklijke DSM NV189,30 EUR-0,79Rating

Over de auteur

Todd Wenning

Todd Wenning  is an equities analyst with Morningstar.

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