Royal DSM

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.
  • TickerDSM
  • ISINNL0000009827
  • ExchangeEuronext Amsterdam
  • SectorChemicals
  • CountryNetherlands

Analysts

Cedric Duinslaeger ...
  • Guy Sips
  • Jan Opdecam
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman

Morning Note: ATEB BB, BEKB BB, DSM NA, GLPG NA, KIN BB, SBMO NA, SIOE BB, UCB BB

Atenor: 3Q19: development market remains satisfactory Bekaert: 3Q revenue flat, cautious outlook DSM: Avansya starts stevia production Galapagos: Feedback R&D day Jensen-Group: expect lower revenue and profitability for FY19 Kinepolis: Acquiring Dutch cinema Arcaplex SBM Offshore: 3Q19 Conf Calls takeaways Sioen: Continued 3Q growth slowdown, similar 4Q trends UCB: First positive bime ph3 data in psoriasis

Nurhayati Wan

Koninklijke DSM N.V.

Nurhayati Wan

Koninklijke DSM N.V.

Nurhayati Wan

Koninklijke DSM N.V.

ING
ING Helpdesk

Benelux Morning Notes

ArcelorMittal: Ciao, ILVA?. DSM: Drama-free. IMCD: Another step into pharma M&A. NIBC: Ebury transaction has estimated positive value impact of 2-3%. Coverage change – delisting of Kas Bank

Cedric Duinslaeger ...
  • Guy Sips
  • Jan Opdecam
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman

Morning Note: ATEB BB, BEKB BB, DSM NA, GLPG NA, KIN BB, SBMO NA, SIOE BB, UCB BB

Atenor: 3Q19: development market remains satisfactory Bekaert: 3Q revenue flat, cautious outlook DSM: Avansya starts stevia production Galapagos: Feedback R&D day Jensen-Group: expect lower revenue and profitability for FY19 Kinepolis: Acquiring Dutch cinema Arcaplex SBM Offshore: 3Q19 Conf Calls takeaways Sioen: Continued 3Q growth slowdown, similar 4Q trends UCB: First positive bime ph3 data in psoriasis

Nurhayati Wan

Koninklijke DSM N.V.

Nurhayati Wan

Koninklijke DSM N.V.

Nurhayati Wan

Koninklijke DSM N.V.

ING
ING Helpdesk

Benelux Morning Notes

ArcelorMittal: Ciao, ILVA?. DSM: Drama-free. IMCD: Another step into pharma M&A. NIBC: Ebury transaction has estimated positive value impact of 2-3%. Coverage change – delisting of Kas Bank

1 director bought

A director at Koninklijke Dsm Nv bought 186 shares at 107.000EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of b...

An unfavourable environment weighs on KONINKLIJKE DSM, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of KONINKLIJKE DSM (NL), active in the Specialty Chemicals industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date October 4, 2019, the closing price was EUR 107.65 and its target price was estimated at EUR 96.49.

Nurhayati Wan

Royal DSM NV

Nurhayati Wan

Royal DSM NV

Nurhayati Wan

Royal DSM NV

Nurhayati Wan

Royal DSM NV

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Swedbank, DSM and RWE

Financials: Swedbank gives an update on the AML issue process, the preferred curve looks too flat

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Société Générale, Barclays, Standard Chartered, DSM, ArcelorMittal, Acea, Veolia and TenneT

Société Générale reported lower earnings and higher capital metrics, 75% of the funding programme completed

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/AB InBev, Coca-Cola HBC, UniCredit, TI and DSM

AB InBev (ABIBB) reported first quarter results that were strong, albeit somewhat short of consensus estimates. Revenue came in at US$12,589m, set against consensus of US$12,644m. Revenue fell 3.8% against the 1Q18 reference base, which includes the effects of lease accounting under IFRS16 and hyperinflation accounting for Argentina. Guidance for 2019 was left unchanged as the company continues to expect strong revenue and EBITDA growth. AB InBev further confirmed that it is actively pursuing the listing of a minority stake in the Asia Pacific business on the Hong Kong Stock Exchange.

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent

BNLX + /European and BeNeLux credit value mapping

Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2

Expert Corporate Governance Service (ECGS)

Koninklijke DSM - AGM 08 May 2019

In general, Koninklijke DSM ("DSM") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 9b, the supervisory board seeks authorisation to increase the Company's share capital in connection with mergers, acquisitions and/or strategic alliances. In aggregate, the authorities requested to issue shares are limited to 20% of the Company's share capital, which exceeds' ECGS' guidelines. Consequently, ECGS recommends to vote OPPOSE. There are no further peculiarities.

KONINKLIJKE – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 03/0/2017

Under agenda item 5a, it is proposed to amend the Articles of Association in relation to the Cumulative Preference Shares A. The changes are such that the dividend percentage of the Preference Shares will every year be based upon the dividend yield of the ordinary shares in the preceding year. We have no concerns over the proposed amendment, we consider the proposed return on the Cumprefs A to be fair. We recommend approval.Under agenda item 10b, it is proposed to authorize the Management Board for a period of 18 months to restrict or exclude the pre-emptive rights allowed to shareholders in r...

Valérie GASTALDY

Short term view - DSM : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €75.61. The background trend would be questioned should prices rise above €93.04.

Valérie GASTALDY

Analyse court terme - DSM : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 75,61 €. La tendance de fond serait remise en cause en cas de franchissement de 93,04 €.

Valérie GASTALDY

Short term view - DSM : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €75.61. The bearish trend would be challenged above €93.04.

Valérie GASTALDY

Analyse court terme - DSM : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 75,61 €. La tendance baissière serait remise en cause au-dessus de 93,04 €.

Valérie GASTALDY

Medium term view - DSM : The trend is bullish.

The trend is bullish. The recent fall is getting more vigorous. The next support is at €75.29. A break below €75.29 would challenge the trend.

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