DSM’s figures were characterised by the expected pattern: Nutrition fairly resilient and Materials suffering. The group’s profitability was nevertheless a bit subdued in our view, despite the consensus (based on adjusted figures) beat. Removing Materials’ guidance from the table was fairly logical for us in that most, if not all, chemicals companies have also done this. We don’t like the (partly) debt-financed share buyback programme in these challenging times.
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Good in Nutrition
- Published:
07 May 2020 -
Author:
Martin Schnee -
Pages:
3
DSM’s figures were characterised by the expected pattern: Nutrition fairly resilient and Materials suffering. The group’s profitability was nevertheless a bit subdued in our view, despite the consensus (based on adjusted figures) beat. Removing Materials’ guidance from the table was fairly logical for us in that most, if not all, chemicals companies have also done this. We don’t like the (partly) debt-financed share buyback programme in these challenging times.