DSM - Rich vein of delivery continues

Davy Research
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Q4 results book-end another year of textbook execution for DSM. The 15% EBITDA growth was driven by its Nutrition division, which has grown by an impressive 28% in two years. In the broader nutrition space, DSM has few peers in terms of organic growth. Share price performance is justified in the context of ongoing delivery and guidance. We reiterate our ‘Outperform’ call.