Deutsche Bank's research report on DSM highlights the company's focus on Nutrition as a key growth driver, with a forecasted 9% EBITDA CAGR from 2018-2020. The report suggests a potential 30% upside to 2018 EBITDA if vitamin prices remain high, supported by China's environmental policies. DSM is expected to exit Materials, shifting towards higher-value ingredients, and may use its strong balance sheet for M&A to broaden its portfolio. The report sets a target price of €100, implying a 20x 2019 P/E, and discusses catalysts for growth through high-value ingredients and portfolio shifts.
doj/DataSet10/EFTA01385523.pdf
{"title":"Deutsche Bank Research on DSM","key_people":["Virginie Boucher-Ferte"],"document_date":"January 2018","document_type":"tabular","document_subtype":"financial analysis","key_organizations":["Deutsche Bank","DSM"],"reference_numbers":["EFTA01385523"]}