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Koninklijke DSM NV Stock Quote DSM

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Morningstar's Koninklijke DSM NV Stock Analysis

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Is it the right time to buy or sell?
Is it the right time to buy or sell?

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Economic Moat

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Capital Allocation

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DSM's Second Quarter Broadly in Line; Shares Fairly Valued

Rob Hales, CFA Equity Analyst

Analyst Note

| Rob Hales, CFA |

Narrow-moat DSM reported second-quarter EBITDA of EUR 379 million, up 5% versus 2021 and in line with Vara consensus. Continuing operations now exclude the materials segment, which is classified as assets held for sale after the recent divestment announcements. Guidance was maintained at high-single-digit adjusted EBITDA growth for 2022. Despite broadly in-line results, shares were down around 4% intraday, the worst of the group. We surmise the market was hoping for a guidance upgrade following recent positive outlook commentary by peers Symrise and Croda. We don’t expect to make a material change to our EUR 150 fair value estimate. At current levels, the shares look fairly valued.

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Key Statistics - DSM

Company Profile - DSM

Business Description

Based in the Netherlands, Koninklijke DSM is a global science-based company operating in the fields of nutrition, health, and sustainable living. The company provides solutions for animal nutrition and feed, food & beverages, pharmaceuticals, medical nutrition, early life nutrition, nutrition improvement, dietary supplements, and personal care. DSM is active in all stages of the value chain, producing pure active ingredients, incorporating them into sophisticated forms, and providing tailored premixes, forward solutions, and branded consumer products.

Contact
Het Overloon 1, P.O. Box 6500
Heerlen, LI, 6411 TE, Netherlands
T +31 455788111
Industry Specialty Chemicals
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2022
Stock Type
Employees 21,358

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