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

Guy Sips ...
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: AGFB BB, DSM NA, FAGR BB

Agfa: New divisional structure as from 1Q19 DSM: Acquisition of SRF’s Specialty Materials for € 38m Fagron: Start of Mexican conquista with Cedrosa acquisition

Rob Hales

Morningstar | DSM Raises Guidance After Strong Start in Nutrition; Shares Overvalued

No-moat DSM reported first-quarter EBITDA of EUR 424 million, a 14% increase over 2018 and ahead of expectations because of a strong performance in nutrition. Given the strong start, DSM ratcheted up 2019 guidance to high-single-digit EBITDA growth from mid- to high-single-digit EBITDA growth. Shares are up 5% intraday. We may tweak our near-term forecast upwards but don’t expect to make a material change to our EUR 69 fair value estimate. At current levels, the shares look overvalued. An improvement in the margin drove outperformance in nutrition. The first-quarter EBITDA margin was 20.8%, a...

Rob Hales

DSM Raises Guidance After Strong Start in Nutrition; Shares Overvalued

No-moat DSM reported first-quarter EBITDA of EUR 424 million, a 14% increase over 2018 and ahead of expectations because of a strong performance in nutrition. Given the strong start, DSM ratcheted up 2019 guidance to high-single-digit EBITDA growth from mid- to high-single-digit EBITDA growth. Shares are up 5% intraday. We may tweak our near-term forecast upwards but don’t expect to make a material change to our EUR 69 fair value estimate. At current levels, the shares look overvalued. An improv...

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
Research Department

Benelux Morning Notes

AB InBev: Slow boat to China. Adecco: 1Q19 results beat; quality beat and improved pricing. DSM: Pearls before swine. Kendrion: Automotive continues to be weak. PostNL: 1Q19 in line, 2019 outlook reiterated, mid term Parcels guidance encouraging. SBM Offshore: Liza Unity decided, more to follow. Sligro: Increasing its market position in the Dutch foodservice market. Solvay: Solid results on tough comps and headwinds, outlook slightly lowered. Vonovia: Boosts guidance and explains itself

Guy Sips ...
  • Lenny Van Steenhuyse
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: AGFB BB, DSM NA, FAGR BB

Agfa: New divisional structure as from 1Q19 DSM: Acquisition of SRF’s Specialty Materials for € 38m Fagron: Start of Mexican conquista with Cedrosa acquisition

Rob Hales

Morningstar | DSM Raises Guidance After Strong Start in Nutrition; Shares Overvalued

No-moat DSM reported first-quarter EBITDA of EUR 424 million, a 14% increase over 2018 and ahead of expectations because of a strong performance in nutrition. Given the strong start, DSM ratcheted up 2019 guidance to high-single-digit EBITDA growth from mid- to high-single-digit EBITDA growth. Shares are up 5% intraday. We may tweak our near-term forecast upwards but don’t expect to make a material change to our EUR 69 fair value estimate. At current levels, the shares look overvalued. An improvement in the margin drove outperformance in nutrition. The first-quarter EBITDA margin was 20.8%, a...

Rob Hales

DSM Raises Guidance After Strong Start in Nutrition; Shares Overvalued

No-moat DSM reported first-quarter EBITDA of EUR 424 million, a 14% increase over 2018 and ahead of expectations because of a strong performance in nutrition. Given the strong start, DSM ratcheted up 2019 guidance to high-single-digit EBITDA growth from mid- to high-single-digit EBITDA growth. Shares are up 5% intraday. We may tweak our near-term forecast upwards but don’t expect to make a material change to our EUR 69 fair value estimate. At current levels, the shares look overvalued. An improv...

ING
Research Department

Benelux Morning Notes

AB InBev: Slow boat to China. Adecco: 1Q19 results beat; quality beat and improved pricing. DSM: Pearls before swine. Kendrion: Automotive continues to be weak. PostNL: 1Q19 in line, 2019 outlook reiterated, mid term Parcels guidance encouraging. SBM Offshore: Liza Unity decided, more to follow. Sligro: Increasing its market position in the Dutch foodservice market. Solvay: Solid results on tough comps and headwinds, outlook slightly lowered. Vonovia: Boosts guidance and explains itself

Alan Vandenberghe ...
  • Joachim Vansanten
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: ABI BB, BOTHE BB, DSM NA, PNL NA, SLIGR NA, SOLV BB, SOLB BB

AB InBev: 1Q volumes +1.3%, REBITDA +8.2% Bone Therapeutics: 1Q19 – cash at € 7.1m, phIIa ALLOB mid-June DSM: 1Q REBITDA +10% underlying, FY guidance upped PostNL: In line Q1 results / update of parcel business Sligro: Acquired parent company of De Kweker Solvac: TP to € 133 following Solvay’s 1Q19 update Solvay: 1Q REBITDA +2%, FY guidance lowered

1 director bought

A director at Koninklijke Dsm Nv bought 8,300 shares at 90.260EUR and the significance rating of the trade was 100/100. 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...

KONINKLIJKE DSM sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of KONINKLIJKE DSM (NL), a company active in the Specialty Chemicals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date February 26, 2019, the closing price was EUR 94.18 and its potential was estimated at EUR 98.89.

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
  • 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

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

Coffee, Croissants & Credit/Nestlé, Credit Agricole, Rabobank, KBC, Credit Suisse, DSM, Statkraft and Enagas

Nestlé (NESNVX) reported organic sales growth of 3%, in line with management guidance. This compares to 2.4% in FY17. Nestlé saw stronger momentum in its two largest markets, the US and China, and also reported higher organic growth in infant nutrition and confectionery. For the year ahead Nestlé expects a further improvement in organic sales growth and underlying TOP margin in line with the 2020 targets. We view today's results as solid and in line with expectations, balanced out by increased shareholder returns. As such we believe the effect on spreads to be neutral. (For full story, downloa...

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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