Morningstar: Aandeel in de kijker is Koninklijke DSM NV (23/4/2014)

No-Moat DSM's Lack of Pricing Power Illustrated in 201Results; No Change to Fair Value Estimate

DSM's three-year EUR 2.8 billion spending spree is winding down, and the company will need to turn its focus toward driving organic growth and improving efficiency. DSM's nutrition segment should continue to produce steady and relatively high margins over the medium term. We expect headwinds in the materials business to persist over the next year with the combination of still-high benzene/ammonia prices and weak demand for synthetic fibers contributing to weak caprolactam margins.

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