Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KONINKLIJKE DSM NV. We currently have 7 research reports from 1 professional analysts.
|09Dec16 08:00||PRN||DSM Finalizes Repurchase of Shares to Cover Existing Option Plans|
|02Dec16 08:00||PRN||DSM - Repurchase of Shares (25 November 2016 - 1 December 2016)|
|25Nov16 08:00||PRN||DSM - Repurchase of Shares (18 - 24 November 2016)|
|18Nov16 08:00||PRN||DSM - Repurchase of Shares (11 November 2016 - 17 November 2016)|
|04Nov16 07:00||PRN||DSM Announces Repurchase of Shares to Cover Existing Option Plans|
|03Nov16 06:00||PRN||DSM Q3 2016 Results|
|19Sep16 05:00||PRN||DSM Issues Long-term €750 Million Bond|
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KONINKLIJKE DSM NV
KONINKLIJKE DSM NV
IPO gain pushes earnings
03 Nov 16
DSM reported higher volumes (+3%), which were the main sales driver (+3% to €1,945m) for continuing operations in Q3. EBITDA rose +22% to €246m and net profit attributable to shareholders skyrocketed from €33m to €318m fuelled by the €232m inflow from the gain on the IPO of Patheon. 9M operating CF jumped +69% to €644m due to lower other (€-78m after €-314m). By contrast, investing CF jumped to €-880m (€-37m) suffering from higher investments in fixed-term deposits (€-766m after €-2m). Capex declined from €-392m to €-306m. Financing CF came in fairly unchanged at €291m (€296m) despite by lower net cross debt proceeds (€597m after €714m) as interest paid dropped from €-184m to €-77m due to the lack of payments for the settlement of interest rate pre-hedging of bonds in 2015. Management confirmed FY guidance, expecting to deliver EBITDA growth of low to mid teens and to increase ROCE by over 200bp.
Nice volume growth is not enough
02 Aug 16
Q2 sales were up +1% to €1,994m despite higher volumes (+6%), when compared to the previous year’s continued operations. By contrast, the group’s EBITDA strongly rose by +31% to €332m and net profit attributable to shareholders came in at €134m after €99m. H1 operating CF rose from €101m (continued operations: €187m) to €319m less burdened by other items (€-38m after €-253m). Despite lower capex (€-177m after €-275m) and lower net acquisition costs (€-16m after €-40m), investing CF moved from €-161m to €-200m, lacking some help from the other line (€-8m after €127m). Financing CF (€-308m after €-105m) was hit by the net repurchase of own shares (€-105m after €-36m), higher dividends and lower other cash from financing activities. Management lifted FY guidance, now expecting to deliver EBITDA growth of low to mid teens (high single-digit) and to increase ROCE by over 200bp (high double-digit).
On the mend?
26 Apr 16
DSM‘s continuing business’ sales were slightly higher (+1% to €1,913m) as a +5% volume increase was absorbed by a weaker price/mix (-3%) and adverse FX developments (-2%). EBITDA improved +20% to €271m, driven by all divisions. Net profit attributable to shareholders swung from €-70m to €84m. Despite slightly higher NWC outflow, operating CF ramped up from €22m to €137 helped by other items. Stripping out discontinued operations, operating CF was €84m in Q1 15. With lower capex and the lack of acquisition costs, investing CF moved from €-210m to €-81m. Due to a swing in the change in commercial paper (€-125m after €220m) and the ongoing share buy-back program (€-52m), financing CF swung from €227m to €176m. Management confirmed the outlook. DSM expects to deliver EBITDA and ROCE in line with the Strategy 2018 targets in FY 2016.
Just higher volumes make fun of the organic business
17 Feb 16
DSM reported +10% higher sales of continued operations to €7,722m driven by some higher volumes (+3%; mainly Nutrition) and favourable FX developments (+8%). EBITDA slightly weakened by 3% to €956m, suffering from Nutrition’s lower contribution and some higher one-offs (e.g. the efficiency improvement programmes). Net profit attributable to shareholders came in at €88m after €145m. Operating CF suffered from higher outflows for Other (€-387m after €-202m) declining by 14% to €696m. Investing CF nearly halved from €-515m to €-275m, clearly helped by the higher divestment gains (€297m after €78m). Financing CF was fairly unchanged (€440m after €419m) as lower expenditures for the share buy-back programme and higher other cash from financing activities could buffer the swing (€-250m after €250m) in commercial paper. Management proposes a stable dividend (€1.65 per share) at the AGM on 29 April 2016. DSM expects to deliver EBITDA and ROCE in line with the targets of Strategy 2018 in FY 2016. We assume the publication of the annual report within the next few weeks.
Switching from compulsory to free programme: Strategy 2018
06 Nov 15
DSM held an investors day to give more insights about the company’s future strategy and how it will deal with its challenges. Management sees 2010-15 as the period of transformation and the upcoming years until 2018 for a stronger focus on financial results.
Nutrition’s back for good?
03 Nov 15
Q3 sales of continuing business rose +8% to €1,945m (total: -10% to €2,102m) and EBITDA was slightly up +2% to €287m (total: -21% to €243m). Net profit attributable to shareholders melted from €93m to €36m. 9M operating CF was pretty much unchanged (€382m after €390m), but continuing business generated a higher contribution (€487m after €387m). Overall, the slightly higher operating performance was supported by clearly lower NWC outflows (€-149m after €-366m), which was completely eaten up by higher outflows from others (€-314m after €-67m). Investing CF was primarily driven by higher divestment results and higher inflows from others coming in at €-37m (€-360m). Financing CF swung from €-263m to €296m despite the swing in the change in commercial paper (€-280m after €250m) clearly fuelled from other cash from financing activities (€1,017m after €-31m). Management confirmed FY guidance, still seeing many factors impacting DSM’s performance. Based on them, management expects EBITDA 2015 ahead of 2014's mainly due to positive FX effects.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
19 Dec 16
600 GROUP | ACCSYS TECHNOLOGIES | AGGREGATED MICRO POWER HLDGS PLC | ALUMASC GROUP | ANGLO-EASTERN PLANTATIONS | AVINGTRANS PLC | CAPITAL DRILLING LTD | CARCLO | FENNER PLC | FLOWTECH FLUIDPOWER PLC | GLOBAL INVACOM GROUP LTD | GOOCH & HOUSEGO PLC | HARDIDE PLC | HAYWARD TYLER GROUP PLC | IOFINA PLC | M.P.EVANS GROUP | R.E.A. HLDGS PLC | REDT ENERGY PLC | RENOLD | ROBINSON | SOMERO ENTERPRISE INC | SURFACE TRANSFORMS PLC | TRANSENSE TECHNOLOGIES PLC | TRIFAST | ZAMBEEF PRODUCTS
A Quarterly look at UK Healthcare
02 Nov 16
Today we publish PG:GP (Panmure Gordon: Growth Prospects), our first quarterly take on the healthcare sector. We see current macro volatility providing a strong backdrop for the more naturally defensive healthcare stocks which are underpinned by solid fundamental drivers. The run-up to the US Presidential election has repeatedly reminded us that pharmaceutical pricing is one of Hilary Clinton’s main targets, and whatever the result, we see a see greater emphasis on outcomes-based pricing and reimbursement as a major influence for the future. In the UK, concerns voiced by the pharma majors over use of new drugs in the UK post Brexit may encourage adoption of some of the recommendations published last week in the UK Government’s final report on the Accelerated Access Review.
Small Cap Breakfast
21 Dec 16
Ultimate Products—The Telegraph reports Jim McCarthy, former chief of Poundland has been appointed Chairman of Ultimate Products ahead of a £100m listing in H1 2017. Ultimate Products owns the Beldray cleaning brand and the licence to sell Russell Hobbs and Salter electrical products in the UK.
N+1 Singer - Strategy - Best Ideas 2017
04 Jan 17
Today we publish our Best Ideas for 2017. We have chosen 12 stocks that we believe have excellent prospects in the current year, together with an in depth discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec, Severfield. Please see the separate note for further details.
Small Cap Breakfast
12 Dec 16
ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.9m. Target date 14 Dec. Expected market cap £15m, with issue price of 167p. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m