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BCBA Board Certification in industry Valuation(R) (BCBA)

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BCBA exam Dumps Source : Board Certification in industry Valuation(R) (BCBA)

Test Code : BCBA
Test appellation : Board Certification in industry Valuation(R) (BCBA)
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: 251 true Questions

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Real-Estate Board Certification in Business

Roberts Markel Weinberg Butler Hailey Has Most Attorneys in Texas who're Board licensed in property owners association law | true Questions and Pass4sure dumps

HOUSTON, Feb. 18, 2019 /PRNewswire/ -- Texas law enterprise Roberts Markel Weinberg Butler Hailey computer (RMWBH) is completely tickled to broadcast that seven shareholders with the company are board licensed by means of the Texas Board of legal Specialization in proper estate-homeowners association (POA) legislations, and the enterprise now has the highest number of attorneys licensed in that metier within the state.

In Texas, only 32 of over 103,000 licensed attorneys are board licensed in POA legislation. At RMWBH, Shareholders Rick Butler, Marc Markel, Clayton Hearn, Brady Ortego, Sipra Boyd, Clint Brown and Cliff Davis contain completed this certification.

Of the forty attorneys at RMWBH, 15 are now board licensed, 10 of whom are licensed in as a minimum two specialty areas and three who are licensed in three uniqueness areas.

In Texas, handiest eight p.c of licensed attorneys are board licensed, with just one % of full attorneys board certified in two locality of expertise areas.

To rate certification, attorneys ought to finished a rigorous program centered via the Texas Board of prison Specialization and the Supreme court of Texas. The procedure includes a stringent, uniqueness locality examination this is designed to set apart these attorneys as practitioners with the maximum dedication and edge of their areas.

"i am tickled with full their attorneys who executed board certification this 12 months, including several who earned certification in a 2nd or third enviornment of legislation," referred to founding Shareholder Rick Butler. "It in reality shows the stage of commitment their legal professionals ought to their craft and their purchasers."

earning board certification for the first time are company Shareholders Sipra Boyd, Clint Brown and Jane Janecek. Boyd, Brown and Janecek finished their certification in Residential actual estate legislation. along with their POA law certification, Boyd and Brown are now double board licensed. additionally, attaining board certification in Residential actual property legislations is Shareholder Clayton Hearn.  

Hearn provides POA and Residential precise property to his existing Labor and Employment law certification, making him the handiest legal professional within the state with this specific combination of board certifications.

"The exams were a true explore at various of my skills as an counselor in POA law and Residential precise estate legislation," stated Boyd. "but the system of becoming a board certified legal professional has been beneficial, and i am longing for taking the edge I contain gained to more desirable serve my customers."

Others already board licensed on the firm in various commemorate specialties are Jeff Roberts and Gregg Weinberg in Civil trial law and private injury trial law; Rahila Sultanali in Residential and commercial precise property legislation; Himesh Gandhi in industrial precise property law; Rick Anderson and Dustin Fessler in commercial and customer legislation; and Justin Markel in Labor and Employment legislations. Rick Butler and Marc Markel in the past received board certifications in Residential precise estate legislation and commercial proper property law and are now board certified in three areas.

About RMWBH – With workplaces in Houston, castle Bend, Austin, Dallas and San Antonio, Roberts Markel Weinberg Butler Hailey computing device, offers the event and functions clients require for their transactional and litigation wants statewide. Rated by means of U.S. information – superior lawyers as a suitable precise estate legislation enterprise, the Martindale-Hubbell AV-Preeminent RMWBH has apply areas protecting neighborhood associations, labor and employment for industry house owners and employers, expert liability, administrators and officers litigation, fiduciary litigation, industry litigation, appeals, construction legislations, company legislations and precise property transactions.

Media Contact:package Frieden

View long-established content to download multimedia: owners-affiliation-law-300796993.html

source Roberts Markel Weinberg Butler Hailey computer

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Williams Parker accomplice William M. Seider Attains Double Board Certification | true Questions and Pass4sure dumps

SARASOTA, Fla. – Williams Parker is completely satisfied to broadcast associate William M. Seider, a Florida Bar board certified proper estate legal professional, has finished an further Florida Bar board certification in house and deliberate edifice law. he is one among three attorneys in Sarasota to hold both designations.

Mr. Seider handles various precise estate matters and focuses on representing developers to structure, finance, assemble, and ameliorate condominiums and subdivisions. He too handles high-end residential income and has helped figure greater than one hundred condominiums and subdivisions within the area, including Fairway Bay III, Marina Bay, sundown beach, imposing Bay I – VI, The Plantation Golf and country club, Phillippi Landings, and Marina Tower.

Williams Parker’s proper property ensue includes 15 attorneys, nine of whom are board licensed, and 14 proper estate paralegals and felony assistants. From simple residential precise estate closings to advanced industry transactions, the community offers tips on a full latitude of true property-linked considerations, together with financing, taxation, land use, deliberate traits, condominiums, and contracting, for precise estate professionals, builders, and traders. The firm too assists original residents in establishing residency and transitioning estates to select expertise of Florida’s favorable tax local weather and asset coverage laws.

About Williams Parker

based in 1925, Williams Parker includes over 50 attorneys and presents one of Florida’s greatest trusts and estates practices; tax and employment organizations with gigantic depth; and achieved proper property, litigation, corporate, and healthcare practices. The firm too serves purchasers’ needs globally through its membership in Ally legislations, an international alliance of law enterprises, whose 60 member organisations include greater than 2,300 legal professionals in one hundred enterprise centers throughout forty countries. Williams Parker takes awesome delight in its contributions to the community and ongoing investment in its vicinity. The company is discovered at 200 South Orange Avenue, Sarasota, Florida. For greater tips, delight talk over with


four Attorneys from Roberts Markel Weinberg Butler Hailey workstation rate Board Certification | true Questions and Pass4sure dumps

HOUSTON, Jan. 12, 2017 /PRNewswire/ -- The Texas law enterprise Roberts Markel Weinberg Butler Hailey computing device is tickled to broadcast that shareholders Rick V. Anderson and Brady Ortego and colleagues Justin Markel and Rahila N. Sultanali contain earned Board Certification from the Texas Board of legal Specialization.

To rate Board Certification, attorneys exigency to complete a rigorous application based with the aid of the Texas Board of felony Specialization and the Supreme court of Texas. The certification procedure is designed to set lawyers apart as practitioners with the optimum dedication to excellence in their areas of follow. 

"The process is primarily complicated, but to rate Board Certification is facts of the commitment an attorney has for his or her ensue and the legal occupation. we're very tickled with their accomplishment," eminent Marc Markel, shareholder and founding member of the company.

Mr. Anderson earned certification in consumer and industry law. A shareholder in the Houston workplace, his commemorate focuses on high-stakes litigation involving complicated industry litigation, enterprise litigation and professional liability. he is a 2007 graduate of the Baylor university school of law.

Mr. Ortego bought his certification in Residential precise estate legislation. A shareholder in the company's Houston workplace, he works with residential and industry community associations and builders and lenders on company and transactional concerns. he's a 2003 graduate of the South Texas college of legislation.

Mr. Markel earned certification in Labor and Employment legislations. An associate within the Houston workplace, he's a 2010 graduate of the South Texas college of legislations.

Ms. Sultanali earned certification in each commercial and Residential precise estate law. An associate within the company's Sugar Land workplace, she is a 2010 graduate of the institution of Houston legislation middle.

together with the 4 most simultaneous to rate the difference, 13 of the 35 attorneys at Roberts Markel now cling Board Certification in at least one enviornment of legislations.

in regards to the FirmRoberts Markel Weinberg Butler Hailey computing device is dedicated to presenting an improved degree of provider to shoppers in search of assistance in skilled liability, directors and officers litigation, fiduciary litigation, industry disputes, labor and employment, power arbitration, appeals, neighborhood association legislation, and corporate and precise property transactions. The enterprise has offices in Houston, Austin, Dallas, San Antonio and fortress round County. To breathe trained more, delight talk over with

For extra suggestions, delight contact Mary Flood at 800-559-4534 or

source Roberts Markel Weinberg Butler Hailey notebook

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Board Certification in industry Valuation(R) (BCBA)

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DSM: There Is soundless Upside Left After The 40% YTD hasten | true questions and Pass4sure dumps

Executive Summary

Sustainability, global warming, and pollution are full very vigorous themes that are only set to grow in consequence in the coming years. DSM (OTCQX:RDSMY) (primary listing in Amsterdam AMS:DSM) is one of the leading players in various fields of sustainability. While the company offers exposure to favourable global trends, excellent corporate governance, top class management, solid capital allocation, a antiseptic balance sheet and inquisitive growth prospects, the market does not appear to fully value these qualities.

We believe DSM is misunderstood by the market, which soundless views the company as a Materials industry rather than a Nutrition group. This observation is based on both valuation multiples as well as the volatility of the partake price:


Q418 drawdown

Materials peer group



Nutrition peer group






Source: Bloomberg

The fact is that DSM today generates 70% of profits in Nutrition and 30% in Materials, so any kind of sum-of-the-parts valuation arrives at a much higher valuation than today’s partake price, even after the +42% recent partake price run.

While this is appealing in itself, the bigger memoir is that the symmetry of Nutrition will increase from the current 70% to 85-90% based on (1) the fact that DSM has a very promising pipeline of original product launches which are full to breathe institute in the Nutrition segment and (2) they contain the balance sheet and covet to acquire in Nutrition rather than in Materials. So, they believe the company will naturally evolve towards an 85-90% profit partake from Nutrition which will at that point lead to the question whether it is not more bright to simply dispose of the Materials business.

It is difficult to account for why the market so vastly misunderstands the company, but they believe the following factors might breathe at play:

  • Most sell-side analysts covering the stock are chemicals rather than nutrition analysts, and they focus disproportionally on the Materials segment, even though it represents only 30% of profits.
  • The transformation of DSM is soundless relatively fresh, and the market is typically gradual at adapting to companies that fundamentally transform their portfolios (the very gradual re-rating of Unilever as a case in point). In the minds of many investors, DSM is soundless a bulk chemical producer.
  • The biggest risk to their investment case is that they overestimate the trait of the business, which does not contain a long track record in its current form.

    Afbeeldingsresultaat voor DSM

    Source: Company Website

    1. Introduction to the company

    DSM is a company that has undergone a complete transformation since its inception in 1902. The abbreviation stands for “Dutch state Mines”, referring to its original activity as a state-owned coal mining enterprise. The Dutch state decided to wind down this activity over the age 1950-1980 as (1) they started discovering natural gas reserves and (2) imported coal became cheaper. The eventual mine was closed in 1973, and DSM gradually shifted to petrochemicals, producing typical bulk chemicals such as polyethylene and polypropylene (plastics commodities). The second and final major shift for the company was away from petrochemicals and into nutritional ingredients. The following milestones are essential to maintain in mind:

  • 1998: DSM acquires Gist-Brocades, a biotechnology company that was established in 1869. At the time, Gist-Brocades was a major producer of yeasts and antibiotics to the pharmaceutical industry.
  • 2002: DSM sells its petrochemicals industry to SABIC for 2.25bn EUR, putting a determined conclude to the production of commodity/bulk chemicals at DSM.
  • 2003: DSM furthers its switch with the acquisition of Roche’s vitamins & fine chemicals business.
  • The following figures further visualize DSM’s transformation process:

    Source: DSM Investor presentations

    Source: DSM Investor presentations

    2. The various industry segments

    In 2018, DSM generated an adjusted EBITDA of 1.5bn EUR, which is for 70% generated by the Nutrition segment, with the remaining 30% accounted for by Materials.

    Source: Author's own graphical display based on company financials

    2.1 Nutrition – 70% of group EBITDA

    DSM is the global #1 in vitamin production, yet the company too has dominant positions in PUFAs, enzymes, eubiotics, dietary supplements, etc. In addition to animal and human nutrition, DSM’s ingredients are too used in the cosmetics industry (mostly sun custody and fragrances). In terms of value chain, DSM is forward integrated, producing the vigorous ingredients, but too further adding value through the production of forms and premixes. The slides below provide an excellent overview of DSM’s well-diversified Nutrition business:

    Source: DSM Investor presentations

    Source: DSM Investor presentations

    Source: DSM Investor presentations

    Source: DSM Investor presentations

    Nutrition represents no less than 70% of group profits and can breathe further broken down into the following activities:

    Source: Author's own graphical display based on company financials

    2.1.1. Animal Nutrition – 48% of Nutrition sales

    DSM has been a pioneer in feed additives and today features as one of the world’s leading suppliers of vitamins, carotenoids, eubiotics and enzymes to farmers, feedmills and integrators. As such, DSM addresses the world’s increasing exigency for animal protein, catering to an industry that is professionalizing at a rapid pace, in exigency of additives that ensure to raise animals in a more efficient and safer way. An specimen is the industry’s shift away from antibiotics, something DSM foresaw a long time ago and anticipated with its industry-leading purview of eubiotics. A yoke of product examples in Animal Nutrition:

  • CRINA Poultry Plus: a patented formulation of benzoic acid and essential oils for broiler chickens that improves the gastrointestinal functionality of poultry by stimulating the production of digestive enzymes and improving the balance of gut microflora.
  • Hy-D: a vitamin D3 metabolite that supports bone development, muscle formation and immune response in poultry and swine.
  • Rovimax: a nutritional solution for fish farmers to supply adequate levels of free nucleotides in aquaculture feeds in order to ameliorate the salmon’s immune system.
  • Source: DSM Investor presentations

    Source: DSM Investor presentations

    2.1.2 Human Nutrition – 35% of Nutrition sales

    Unsurprisingly, the main product categories DSM produces for Human Nutrition are the selfsame as Animal Nutrition: vitamins, carotenoids, minerals, amino acids, nutraceuticals, nutritional lipids, preservatives, colorants, etc.

    Source: DSM Investor presentations

    Source: DSM Investor presentations

    2.1.3 Personal custody & Aroma Ingredients – 6% of Nutrition sales

    This activity offers solutions to personal care, home custody and fine fragrance markets. The portfolio includes aroma ingredients, vitamins and natural bio-actives, as well as UV filters, peptides and polymers. DSM operates the largest portfolio of UV filters in the world, capitalizing on the increased exhaust of sunscreen and increasing awareness around skin cancer.

    Source: DSM Investor presentations

    Source: DSM Investor presentations

    2.1.4 DSM Food Specialties – 10% of Nutrition sales

    DSM Food Specialties produces hydrocolloids, specialty food enzymes, cultures, bio-preservation solutions, savory ingredients, etc. These solutions focus on five trends: sugar/fat/salt reduction, enhanced relish experience, improved health and wellness, bio-preservation and food chain efficiency; i.e. these are specialty ingredients that find their course to lactose-free milk, sugar-reduced beverages, meat substitutes, gluten-free bread or beer, etc. This segment is entirely geared towards the phenomenal trend in so-called “free-from” food and beverages: consumers increasingly want specialized diets containing zero or a reduced amount of confident ingredients. DSM’s operations are tracking so well with customers that require has outstripped their capacity for confident products (especially enzymes). Examples of products include:

  • Maxilact lactase breaks down lactose in dairy, making the products suitable for lactose-intolerant consumers. In addition, Maxilact’s natural sweetness allows dairy producers to reduce sugar by 20-50%. “Lactose-free” and “no added sugar” are two of the fastest growing categories in dairy. DSM was the first company to commercialize lactase.
  • Hydrocolloids are a further product category experiencing significant growth. Hydrocolloids are thickeners and stabilizers that dissolve, disperse or swell in water to modify the viscosity of products. DSM produces natural hydrocolloids which gain significant partake from traditional, synthetic and animal-derived hydrocolloids.
  • Delvo Guard: a purview of antiseptic label, protective cultures that obviate yeast and mold growth in dairy products, extending shelf life without sacrificing relish or texture.
  • ModuMax enhances the relish for products that contain lost their relish appeal due to lower fat, salt or sugar content. It is too used in high-protein diets with undesirable relish notes. ModuMax is allergen-free, suitable for vegetarian foods and certified non-GMO.
  • Source: DSM Investor presentations

    Source: DSM Investor presentations

    2.2 Materials – 30% of group EBITDA

    Materials is the other segment DSM reports and represents roughly 30% of group profitability. The segment in whirl consists of three industry lines:

    Source: Author's own graphical display based on company financials

    As was the case for the Nutrition segment, Materials is too a truly global business, with activities nicely split between Europe, Asia and the U.S. Note that DSM is virtually not present in Latam in Materials. In terms of end-markets, it is essential to confess that Materials is a strictly more cyclical industry than Nutrition, with edifice & construction, auto and electronics as significant end-markets. Their assessment is that 2/3rd of the Materials segment is cyclical, i.e. for DSM as a group, they deem 80% of profits to breathe generated in defensive end-markets and 20% in cyclical end-markets.

    Source: Author's own graphical display based on company financials

    Source: Author's own graphical display based on company financials

    DSM characterizes its materials portfolio in the following way:

    Source: DSM Investor presentations

    We should breathe watchful that in chemicals “maximize returns” is a euphemism for mature, more commoditized activities. As the size of the dots depict the size of the activities, it is lucid that at least a significant section of the Materials portfolio represents activities where DSM intends to maximize margins and revert on capital. The growth in these industry lines is more muted, but the company does hold nice nichy monopoly positions: its products are institute in 100% of mobile devices and 90% of cars around the world, whereas 55% of full internet traffic occurs through DSM protected fiber optic cables.

    2.2.1 Engineering Plastics – 51% of Materials sales

    DSM Engineering Plastics is a global supplier of high-performance thermoplastic solutions that are mostly used in automotive and electronics applications. DSM invented high-temperature polyamides, a product purview that has witnessed stellar growth as traditional production materials are steadily replaced by high-performance plastics, especially in automotive, as these polyamides display similar energy but much lower weight than metals.

    Source: DSM Investor presentations

    While plastics will always sound enjoy a commodity business, it is facile to underestimate the technological nature of this activity. High-performance plastics contain undergone a significant evolution over the past few years. The products that are currently used contain full been developed over the eventual 5 years and, as with phones e.g., it would breathe unthinkable to exhaust plastics devised by technology from 5 years ago. Main application areas are automotive and electronics, where Apple (NASDAQ:AAPL) is a customer example. While Apple is usually a difficult client (they are super demanding), they are a noteworthy reference to contain and a symptom you are able to bear high-spec products. Automotive applications are mostly institute where there is towering friction and great temperature ranges. A original growth locality is cloud computing, as the data centres contain ever more tiny connectors and switches.

    2.2.2. Dyneema – 12% of Materials sales

    Dyneema was invented in DSM’s laboratory and patented in 1979. It is the world’s strongest fiber, being 15 times as tough as steel on a weight-for-weight basis, or 40% stronger than aramid. Dyneema floats on water and demonstrates an extreme combination of lightness and strength. Today, Dyneema is used in a wide variety of applications:

  • Anchoring of offshore platforms in oil & gas industry
  • Cables used in mooring great ships
  • Bulletproof vests for intelligence agencies, police, military
  • Formula one cars
  • Medical technology (orthopaedic, prosthetics)
  • Sports equipment (kites, fencing, ice hockey, mountaineering, etc.)
  • Cables and lines to attach blades to windmills
  • The goal for Dyneema is to constantly find original applications and further select partake from other high-performance fibers such as aramid. Dyneema is a nice specimen of DSM’s competence to launch original products that near out of the firm’s own R&D. After being on the market for 40 years, Dyneema soundless generates double-digit organic growth.

    2.2.3. Resins & Functional Materials – 37% of Materials sales

    The easiest course to account for this industry is to first understand the different kinds of resins that exist. There are solvent-based resins, water-based resins, powder resins and UV-curing resins. Coatings or paints then select the appellation from their resins, i.e. water-based paint, solvent-based paint, etc.

  • Traditionally, solvent-based coatings contain dominated the market. They are made up of liquefying agents that are meant to evaporate via a chemical reaction with oxygen, i.e. affecting air around the coating will accelerate up the process and reduce drying time. The edge they contain over water-based coatings is that they traditionally contain been less susceptible to environmental conditions such as temperature and humidity during the curing phase, enabling them to breathe used in any kind of environment. The gigantic downside to solvent-based coatings is that the chemical curing releases odors, and more importantly, so-called volatile organic compounds ("VOCS") that can breathe toxic.
  • Increased regulation on the emission of "VOCs" has sharply increased the popularity of water-based coatings, in addition to technological advances that contain made water-based paints more robust to varying levels of temperature and humidity.
  • Powder coatings are completely different in that they are mostly used as finishes. They are based on polymer resins, which are in figure similar to a uniform powder such as baking flour. They are applied through spray guns rather than rolls or brushes. Powder coating is typically used for coating of metals and MDF, which require a stronger finish.
  • UV curing is the most advanced method, used for inks, adhesives and coatings. It is high-speed, precise and very strong. Therefore, it is mostly used in end-markets such as medical, electronics, 3D printing and automotive.
  • To sum up, powder coatings and UV curing are used in specific circumstances, whereas water-based and solvent-based coatings are direct competitors where water-based is taking significant partake from solvent-based coatings due to increased regulation on VOC emissions.

    Source: Author's own graphical display based on company financials

    Now, let’s explore at how DSM is positioned:

  • As usual, DSM is on the right side of the regulation trade, having pushed for solvent-free coatings since the early days. It has an extensive portfolio of water-borne resins and is not vigorous in solvent-based resins. They contain even taken the debate one step further and contain recently launched a product (called Sigma Air Pure) with an air purification effect. Sigma Air sheer is claimed to remove up to 70% of the harmful formaldehyde from indoor air. The product is a bio-based technology that DSM co-developed with PPG. This original product nicely plays into the fact that the EU has issued a directive requiring 30% of European paint to breathe bio-based by 2030.
  • In UV-curing resins, DSM has a discrete position, as it invented the first fiber-optic coating 40 years ago. It is today the global market leader in fiber-optic coatings and c. 55% of full internet traffic occurs through cables that are protected by DSM coatings. These coatings are nowadays increasingly used in additive manufacturing (3D printing). In addition, uptakes of 4G and 5G and the required investments spur require for DSM’s coatings.
  • As to powder coating resins, DSM once again claims to contain invented this space 60y ago and is one of the main players today, especially with its original zero-VOC technology.
  • Source: DSM Investor presentations

    One further specimen of the shift from solvent-based to water-borne coatings are Chinese containers. 95% of the world’s sea freight containers are made in China and virtually full are painted with solvent-borne coatings, constituting one of the major VOC emission sources in China. DSM founded the Waterborne China Platform back in 2010, and this political action has seen success: in 2016, China has decided to switch to water-based coatings for sea-freight containers in light of its “Blue Skies Policy”. It once again shows DSM’s excellent political relations in China, and this specimen is one of many reasons why on earnings calls DSM constantly mentions its growth is spurred by China’s “Blue Skies Policy”, which will further champion results over the next few years.

    2.3 Innovation Center

    The Innovation focus serves two functions: first to develop original business, focusing on areas outside the current scope of activities. The second role is to accelerate the innovation power and growth of the core business. In addition, the Innovation focus is answerable for patents, protection of IP, etc.

    DSM’s goal is to generate at least 20% of sales from products that were launched via the Innovation focus in the eventual 5 years, and these products should carry a higher margin than the group average. The company spends no less than 5% of its sales on R&D and estimates this symmetry to remain proper in the future. Currently, the Innovation focus holds the following noteworthy projects:

    DSM Biomedical produces biomaterials for the medical technology sector, Medtronic is a great client. DSM’s efforts in the domain actually date back more than 25 years, but it was never a major priority. It was merely another application of Dyneema where bits of steel or metal in surgery were replaced by Dyneema, as it was much lighter and more sustainable. This changed in 2012 when they acquired Kensey Nash in the U.S. to focus more on this activity. The Kensey Nash acquisition has been a disappointment, however, as the company has lost a great account over recent years, and performance has been below expectations. DSM paid 12x EV/EBITDA for Kensey Nash. Trading performance has significantly improved recently with 2018 being a stellar year, and the pipeline currently has promising projects, mostly in ophthalmology.

    Bio-based Products captures two alliances that focus on renewable energies and renewable edifice blocks. In 2012, DSM launched a JV with poet LLC, one of the world’s largest bio-ethanol producers, to commercially develop and license cellulosic bio-ethanol. This is derived from corn crop residue by course of hydrolysis followed by fermentation. In 2011, DSM and Roquette announced they would build a commercial scale plant for the production of bio-based succinic acid, the first non-fossil feedstock that allows customers in the chemical industry to exhaust a bio-based alternative to hasten their chemical plants.

    DSM’s efforts in the solar market are focused on increasing the defer on solar panels. The main activity consists of the production of anti-reflective coatings, in which DSM is the global market leader. They contain recently too launched extremely tough backsheets to extend the life of solar panels that are installed in harsh environments (deserts, tropical environments, floating solar parks, etc.).

    As of today, the profit generation of the Innovation focus is meaningless, generating 8mio EUR EBITDA in 2018. These products are in development stage and should increase in consequence over the next years.

    3. Barriers to entry

    As DSM is vigorous across a wide purview of products, it is difficult to contend the barriers to entry in each specific market they operate. They note that vitamin production is their #1 activity, representing roughly half of Nutrition sales, which in whirl represents 70% of group profitability. Furthermore, vitamin production consists of a synthesis process where the side-streams develop into other product categories such as aromas, scents, carotenoids, etc. Vitamins are not only DSM’s most essential business, it is too the most misunderstood one, especially with respect to barriers to entry, as some market commentators contain stated it is not very difficult for Chinese players to enter the market. There are a yoke of factors they exigency to discuss:

  • Every vitamin is different
  • Not full processes are alike
  • The end-markets matter, as well as the roles you play in the value chain
  • The Chinese environment has changed a lot
  • First of all, it is key to understand that production is very different for each kind of vitamin. The processes purview from chemistry to biotechnology to fermentation to bio extraction… it is not enjoy you set up a plant and start producing a variety of vitamins. For starters, there is a gigantic dissimilarity between water-soluble vitamins (B and C) and fat-soluble vitamins (A, D, E, K), with the latter being more difficult to produce. Even for the purview of B vitamins (there are grosso modo 8 different B vitamins), production of one B vitamin is completely different from another B vitamin. The breadth of DSM’s vitamin proffer is unmatched globally. As they said, especially the production of fat-soluble vitamins is highly complex: in order to bear A, D, E or K vitamins, you exigency to set up a purview of plants covering the at least 20 conversion steps necessary to bear the vitamins. Setting up such a complex of plants requires at least 500mio EUR. There are only two players in Europe who own such a complex, BASF (OTCQX:BASFY) [ETR:BASF] and DSM, and it would breathe completely irrational for anyone to set up a third complex, so a nice and even duopoly, in my opinion.

    Next, not full processes are alike. BASF and DSM actually exhaust a different process to near to the selfsame conclude products. BASF uses an easier citral process, with fewer side streams. DSM’s process has side streams that bear carotenoids, aromas, intermediates, scents, etc. which are highly valued conclude products in itself.

    Further, the end-markets matter a lot. To give an example, as they said, production of vitamin B and C is less specialized and less capital-intensive than the production of fat-soluble vitamins. However, when it comes to the production of vitamin C for the infant formula market, DSM has a virtual monopoly, serving the globe from their Scotland-based plant. The vitamin C that DSM produces in Scotland is perceived as the most secure and high-quality vitamin C to near by, so whenever Nestlé (OTCPK:NSRGY) (SWX:NESN), Abbott (NYSE:ABT), Danone (OTCQX:DANOY) (EPA:"BN") or Mead Johnson (LON:RB) bear infant formula, they will always source it from DSM. So, even for the essential Chinese baby formula market, these players will not exhaust the many Chinese players that exist, simply because they cannot hasten the risk of messing up with the trait of baby food, especially in a region where scandals with infant formula are soundless fresh in the minds of many parents. This is different compared to Animal Nutrition, where the sensitivity nature of the product is different. Yes, the products soundless conclude up in the food chain, but there is soundless a gigantic dissimilarity between what Danone puts into its baby food versus what farmers exhaust to feed poultry. Next, it too matters what roles you fulfill in the value chain. DSM is completely integrated and mostly produces premixes, so it doesn’t provide its customers with vitamins, but rather with ready-to-go solutions. For instance, DSM will deliver a premixed bag of ingredients to Danone or Nestlé who simply exigency to add milk and the product is done, i.e. these are highly tailored solutions for the clients.

    Lastly, the Chinese environment has changed. China has always been a region with many vitamin players, but they contain always focused on the easier, water-soluble vitamins and never really on fat-soluble vitamins. Furthermore, two things contain changed over the eventual decade:

  • The environmental regulation has drastically changed, which has allowed DSM to select significant market partake in China, with their best in class production sites. The Blue Skies policy has been noteworthy for DSM: the increased regulation has do many local players out of business. DSM claims that, from an environmental regulation point of view, it is today more difficult to set up production in China than in Switzerland, where its European production is based.
  • In the past, vitamin production was an locality where China wanted to breathe active, which was subsidized and incentivized by the state. This is no longer the case, and full local producers are now in the hands of regular industry people and shareholders, the state is no longer involved, so the playing domain is levelled.
  • 4. Strategy and targets

    DSM’s strategy is to generate excellent bottom line results through innovation as a sustainability leader. As they contain already talked at length about their sustainability efforts, let’s whirl to how this translates financially.

    First, let’s contain a explore at how the company has performed over its prior strategy age 2015-18. They note they contain vastly outperformed their targets: they contain delivered a +13% adjusted EBITDA CAGR (based on >5% medium organic growth and significant margin expansion) vs their high-single digit goal:

    Source: DSM Investor presentations

    Source: DSM Investor presentations

    The “temporary vitamin benefit” refers to a fire at a BASF vitamins plant for citral production, a obligate majeure that significantly benefited DSM in 2018 as capacity was temporarily impaired and thus prices shot up for a select amount of DSM’s products (mainly vitamin A and E). The company has consistently stripped out this positive consequence using normalized vitamin prices. Everything they contend is based on underlying results, not taking into account the exceptional profitability of 2018. This extreme profitability was temporary and now behind us, but soundless a very nice tailwind for deleveraging and cash generation.

    So, after significantly exceeding expectations the question becomes where Do they evanesce from here? DSM has announced original targets for the age 2019-2021 at its Capital Markets Day in June 2018:

    Source: DSM Investor presentations

    The central target of the original strategy age is to grow FCF at c. +10% p.a. With this target, DSM admits that FCF growth is the one locality where they contain lagged in the prior strategy period: while full other profitability and top-line metrics were tough over 2015-18, FCF has compounded at a meagre +5% as cash conversion has slipped. It is now improving its cash conversion by focusing on reducing its working capital. Other than cash flow, they note the targets are relatively similar to the prior strategy period, demonstrating the structural attractiveness and momentum of the blend of activities.

    One locality where they could observe outperformance of 2021 targets is adjusted EPS. If DSM does not find suitable acquisitions candidates at attractive multiples, it will increasingly exhaust its excess cash to buy back shares, which could in whirl result in an adjusted EPS growth ahead of targets.

    5. Management

    Feike Sijbesma became CEO of DSM in 2007. Upon graduation at Erasmus University Rotterdam he joined Gist-Brocades where he made his course up and eventually led the Savoury Business. Gist-Brocades was bought by DSM in 1998 and Sijbesma became head of the Food Specialties division. He became member of the Managing Board in 2000 and was answerable for the acquisition and integration of the Roche activities in 2002-2003. The portfolio transformation and repositioning has occurred under his leadership.

    Sijbesma receives a lot of credit from the investor community and seems extremely well-connected politically. His clout mostly extends to the World Bank, United Nations and World Economic Forum. Somehow, he too seems to contain noteworthy China relations. A yoke of awards and Board positions:

  • Humanitarian of the year – United Nations (2010)
  • World’s 50 Greatest Leaders – Fortune (2018)
  • Winner Fortune Award Circular Economy Leadership – World Economic Forum (2016)
  • Leader of Change Award – United Nations (2011)
  • Co-Chair of the High-Level Assembly of the Carbon Pricing Leadership Coalition ("CPLC"), convened by the World Bank
  • Vice chairman Global Agenda Council Role of industry in Society World Economic Forum (WEF)
  • Co-Chair Annual Meeting of the original Champions WEF – China
  • Global Climate Leader – World Bank (2017)
  • Geraldine Matchett has been CFO of DSM since 2014, having served in the selfsame role at Swiss SGS Group (SWX:SGSN) from 2010 to 2014, where she was voted CFO of the year. Prior to joining SGS in 2004, she worked for Deloitte in Switzerland and for KPMG in the UK.

    Positive to note is that this week, DSM announced that full members of the executive committee contain opted to transmogrify 50% of their indelicate short-term incentive gratuity into DSM shares. To me, this is a lucid symptom that even at a €100 partake price, the management soundless sees significant long-term upside.

    6. Ownership

    There are no major reference shareholders nor activists in the stock. Capital Group holds 7.2% of the shares, Sijbesma has 0.09% or 17mio EUR. DSM has never been the matter of activist interest but has routinely been mentioned as a take-over candidate (e.g. Bloomberg article). They note the selfsame has been proper for Croda (LON:CRDA), another top-notch consumer ingredients company, though for both companies nothing has ever materialized.

    7. Corporate governance

    In terms of corporate governance, they believe there are two points worth mentioning. Even though Feike Sijbesma receives a lot of credit, they note that:

  • His fixed salary is 920k EUR, which would breathe more if DSM followed its customary rules for executive pay, comparing salaries to a peer group etc., but apparently, he makes less upon his own request.
  • The roles of Chairman and CEO are split, and this has always been the case. Rob Routs is chairman of the Supervisory Board, his term ends in 2020. Throughout his career, Rob Routs has served in several senior positions at Shell (NYSE:RDS.A).
  • 8. Financials

    Below they provide a brief summary of DSM’s main financials. The age is short, as this is the horizon over which they contain comparable numbers, since the industry portfolio has changed significantly. The 2018 underlying numbers exclude the exceptional profitability from BASF’s plant outage, the stated numbers include the vitamin price effect.




    2018 underlying

    2018 stated







    Sales growth - nominal






    Sales growth - organic





    Gross profit





    Gross margin





    Adj EBITDA






    Adj EBITDA margin






    Adj EBIT






    Adj EBIT margin











    EPS growth











    Net debt/EBITDA






    Cash from operations






    Source: Company financials

    8. Capital allocation

    8.1 Debt

    DSM has deleveraged very nicely over the past 5 years and turned cash neutral at the conclude of 2018. This deleveraging is in section due to tough operational cash flow, but even more driven by divestments of non-core activities. They will further contend these disposals in the M&A section.

    Source: Author's own graphical display based on company financials

    8.2 Capital return

    Buy-back vs. M&A

    DSM’s capital allocation priorities contain always been clearly communicated to the market:

    Source: DSM Company Presentations

    DSM surprised the market at its full-year 2018 results with the announcement of a 1bn EUR buyback. The market had rather anticipated DSM to figure acquisitions in Nutrition, as they had always stated. The buyback announcement came as a relief as there was certainly a concern in the market that DSM would contain to pay an elevated price to acquire in Nutrition, as multiples in this industry in general are quite steep. However, DSM has stated that, even with the buyback, it soundless has ample margin to Do M&A. This is correct: if the firm would lever up to 2.5x EBITDA (which is certainly not extreme for a stable, cash generating industry enjoy DSM), they would contain nearly 4bn EUR to execute deals. They view the buy-back announcement as positive, signalling that DSM is disciplined in its M&A strategy and not willing to pay precipitous multiples to acquire at any cost. In addition, the balance sheet leaves ample flexibility to execute deals if opportunities would arise at decent valuations.


    The dividend was held stable during the 2013-2015 age as DSM was putting through many portfolio changes. For 2018, the dividend was hiked by no less than +25%. The current dividend translates to a 2.3% dividend defer and c. 40-50% pay-out ratio.

    Source: Author's own graphical display based on company financials

    8.3 Capex

    Capex as a % of sales has averaged 6.5% of sales, which DSM forecasts to remain the case over the strategy age 2019-2021. 50-60% of capex is related to growth capex, while two-third of capex is spent in the Nutrition segment.

    Source: Author's own graphical display based on company financials

    8.4 M&A


    DSM has consistently stated it wants to acquire “predominantly in Nutrition”. The market has at times speculated it wants to thrust the final frontier of its transformation by selling its Materials segment and making further acquisitions in Nutrition.

    Over the past yoke of years, DSM has made a number of very small acquisitions where it mostly buys technologies, but significant deals contain not taken place. Given its recent surprise announcement of a buyback, they believe it is lucid that transformational M&A is not imminent. However, as they pointed out, DSM does contain the ambition to acquire in Nutrition, and it has the balance sheet to Do so. DSM has stated in the past it wants its acquisitions to breathe cash EPS accretive in the first year of close, meeting profitability, sustainability and growth targets of the group.


    While DSM has been relatively uncommunicative on the acquisition front, it has consistently continued the disposal process of its more commoditized and cyclical activities. There are three main activities (Patheon, Sinochem and ChemicaInvest) where DSM has been in the process of disposal over the eventual years. Rather than selling the activities outright, DSM has chosen to bring these activities in JV structures, gradually selling their interests.

    Patheon was formed in 2014 when JLL Partners (private equity) and DSM combined DSM’s Pharmaceutical Products with Patheon’s activities. Patheon is a leading global provider of outsourced pharmaceutical development and contract manufacturing services ranging from formulation development to clinical and commercial-scale manufacturing, packaging and lifecycle management. Patheon was divested in 2017 to Thermo Fisher (NYSE:TMO), with proceeds to DSM of over 2bn EUR, which represents a very nice exit for DSM. This was by far the most essential exit for the company.

    DSM Sinochem Pharmaceuticals was formed in 2011 as a 50/50 JV between DSM and Sinochem. The company is vigorous in sustainable antibiotics, next-generation statins, anti-infectives and anti-fungals, selling vigorous ingredients. In October 2018, the company was sold to Bain, with DSM receiving 275mio EUR, which represents a engage profit of c. 110mio EUR.

    ChemicaInvest is a JV between DSM (35% share) and CVC Capital Partners (65%) that initially housed 3 chemical businesses: Fibrant, Aliancys, and AnQore. Together, they generated c. 2bn EUR in sales at a 10-12% EBITDA margin. Fibrant was divested in 2018 to a Chinese company with cash proceeds for DSM of 200mio EUR. Fibrant produces caprolactam, a chemical input that DSM requires in its Engineering Plastics activities, so the divestment agreement contained a clause that secures >80% of DSM’s caprolactam needs up until 2030. This means the ChemicaInvest JV now only holds Aliancys (composite resins) and AnQore (acrylonitrile), which jointly generated c. 700mio EUR in sales at an EBITDA margin of 12%. These businesses will breathe divested in the near future, which will conclude DSM’s divestment process.

    9. Sales growth

    Historical growth

    While organic growth in the Nutrition segment has been very even between +5% and 8%, Materials has been significantly more volatile, ranging between -4% in 2015 and +13% in 2017. The EBITDA of Materials is a lot less volatile, however, as the volatility in organic growth is price-driven based on input cost fluctuations, not volume-driven. These price-driven changes in organic growth are then offset by the margin that is more favourable in an environment of deflationary input costs.

    Source: Author's own graphical display based on company financials

    Future growth – pipeline

    To collect a better sense of future growth, they select a explore at the major projects that should deliver the future organic growth. DSM is a company that stands out in terms of investing in its future organic growth:

    Clean Cow represents one of DSM’s most promising projects, where it wants to tackle one of the most well-known environmental problems: methane emissions from cows. Cows emit 500l of methane per day, equivalent to 10% of the energy they would otherwise exhaust for performance and milk production. DSM has developed a special feed solution that reduces enteric methane emissions by at least 30%. It sees an attractive market potential of 1-2bn EUR in sales with launch after 2019.

    Source: Author's own graphical display based on company financials

    Clean Cow is a project that DSM has worked on for a while now and, as with many innovations, the main bottleneck has been that it is indeed a noteworthy innovation, but no one really wanted to pay for it. This has changed over the recent past, with especially the dairy industry (Netherlands, original Zealand, Ireland) showing significant interest. The interest stems from both farmers as well as governments. For governments, the incentive is purely ecological: they figure a trade-off between full kinds of policy decisions regarding fossil fuels, antiseptic energy, traffic, etc. and contain figured out that an investment in the antiseptic Cow project (via subsidies or what not) actually achieves their goals in a cost-efficient manner. For the farmers, apparently the incentive is image: larger dairy companies struggle with the negative publicity around the GHG emissions from cows and observe antiseptic Cow as the best course to remedy this.

    Veramaris is a 50/50 JV between DSM and Evonik ("EVK") focused on animal feed for salmon farming. Over the past years, the steadily increasing consumption of salmon has been fully supported by aquaculture, as wild capture has stagnated due to quota. Many commentators (including DSM) believe these trends are unsustainable in terms of salmon feed, i.e. the growing require for salmon can only breathe met through ever-increasing aquaculture but the salmon feed industry is struggling to maintain up with require and alternatives exigency to breathe found:

    Source: Company Investor Presentations

    Source: Company Investor presentations

    This anticipated supply/demand gap is exactly why DSM has launched the JV, in addition to many claims that salmon farms often exhaust unsustainable growing methods. The goal of the JV is to bear omega-3 fatty acids (EPA and DHA) as an ecological alternative to fish oil (currently c. 17% of wild catch is used to bear fish oil). DSM’s solution does not exhaust wild-caught fish but produces the omega-3 fatty acids from natural algae.

    The JV is currently setting up a production facility in the U.S. (total capex 200mio USD that is split evenly between DSM and Evonik) that will breathe able to meet 15% of current require from the aquaculture industry. Construction of the plant is expected to breathe finished by the summer of this year. The plant will breathe able to generate c. 150-200mio in sales and apparently clients are already asking DSM to build a second plant to meet their increased demand. DSM management, however, wants to wait and observe how the first plant is going.

    DSM has been working on sugar replacement for years, and stevia is the only true natural identical product to sugar. The problem with stevia is that it currently only comes from plant extracts which contain an irregular supply, are too expensive to harvest, and cannot bear the volumes necessary. Therefore, it needs to breathe fermented to become really big. DSM has worked on this for quite a while and now claims to contain the right form. As it happens, Cargill was working on a similar project, and DSM and Cargill institute themselves in a complementary situation and decided to team up. They formed it as a 50/50 JV, shared technologies and will evanesce to market together, splitting the profits. In terms of commercial strengths, Cargill has beneficial access to the great beverages players, while DSM delivers the flavours and fragrances companies. Longer-term, the plan is to bombard the entire sugar market, but the first in line is the ersatz sweetener market, i.e. aspartame and saccharide.

    Niaga (“again” spelled backwards) is focused on the circular economy and wants to create fully recyclable products, especially for materials that currently generate significant amounts of hazardous waste. The first success is fully recyclable carpet, developed and commercialized together with Mohawk (NYSE:MHK). The second step is to bear fully recyclable mattresses through a co-operation with Auping.

    Pipeline – financials

    As None of these innovations is in ramp-up phase, it is relatively difficult to estimate their future potential in terms of profitability and order of magnitude. What they Do know is that antiseptic Cow, Veramaris and fermentative stevia are the three gigantic projects to watch. As it happens, full three contain a fairly similar timing: approvals and plant construction in 2019, first sales in 2020 that will near to full ramp-up in 2021-2022.

    In terms of financials, DSM has stated it expects its major innovation projects to deliver 350mio sales and 100mio EBITDA by 2021 and 1bn in sales, 400mio in EBITDA by 2025. The most remarkable aspect of this guidance in my view is that implicitly DSM guides for a 40% EBITDA margin on the original projects, whereas they posted a 17% group EBITDA margin for 2018. Analysts contain often asked the company why its target is not for significantly more than 1bn in additional sales, as the addressable markets, etc. would warrant a much higher number and DSM admits it is putting a significant haircut on its projections, since R&D/innovation is always very difficult to forecast.

    10. Margins


    The Nutrition segment has made a significant step-up in margins over the eventual years, recording a 19.5% EBITDA margin for 2018:

    Source: Author's own graphical display based on company financials

    The 2021 target of >20% adjusted EBITDA margin implies that margin expansion from current levels will breathe subdued. However, if they compare DSM’s margins to peers, they are not unafraid the industry is over-earning:

    Source: Author's own graphical display based on company financials

    So, while it could breathe that the group announces further margin expansion after the 2021 period, they would not bank on this, yet are not unafraid of artificially inflated margins either. There is probably some slight upside to margins, but the bulk of the expansion has probably materialized.


    While Materials has too delivered a nice margin expansion, it did not develop at the selfsame clip as the Nutrition segment. The 2021 target of 18-20% margins suggests that, here also, further upside to margins is existent but limited.

    Source: Author's own graphical display based on company financials

    Compared to peers, again it seems the risk that DSM is currently over-earning is limited. They always strive to compare to the apropos segment at peers.

    Source: Author's own graphical display based on company financials

    11. Cash flow

    Since everybody always uses a different definition of free cash flow, they prefer to provide the break-out below. delight note that cash from operations actually amounted to 1,391mio EUR in 2018, but this was favourably impacted by exceptionally towering vitamin prices (BASF plant outage), so they select the lower adjusted number to reflect the underlying cash generation. First, they adopt an exceptionally strict definition of FCF they believe no equity investor will ever use, deducting full kinds of capex, dividends and interests paid. Second, they merely subtract maintenance capex from operating cash.






    Cash from operations






    Maintenance capex PP&E






    Growth capex PP&E






    Intangibles capex






    Dividends paid






    Interest paid






    Free cash flow






    Cash from operations






    Maintenance capex PP&E






    Free cash flow






    Source: Company financials - Author own calculations

    Depending on the FCF definition one uses, DSM then trades on 1.5% or 5.6% FCF yield. The discussion of which FCF definition is “correct” is irrelevant, the appeal of DSM should breathe that they incur growth capital expenditures that are expected to generate a towering return.

    Going forward, they know that FCF growth is the #1 target set forward for the current planning period. FCF growth will breathe driven by:

  • The net cash position, eliminating interest payments; however, this has already largely materialized in 2018.
  • Profit growth from top-line and margin expansion.
  • A significant driver will breathe better management of working capital. DSM correctly notes this is an locality where they can Do better, as cash conversion has slipped over the past years. It sees significant margin to ameliorate its working capital management, especially in the Nutrition segment.
  • Source: Author's own graphical display based on company financials

    Source: DSM Company Presentations

    12. revert on invested capital

    As they just stated, the attraction to DSM is that it generates cash, which it redeploys into R&D and growth capex that should generate a towering rate of return. In terms of ROCE, the company has made remarkable progress over the eventual yoke of years and a 16%+ ROCE target for 2021 implies the company expects this journey to breathe far from over. DSM expects ROCE to increase by c. 100bps in each of the next three years:

    Source: Author's own graphical display based on company financials and guidance

    13. Valuation


    Below, they plot the historical multiples for DSM from June 2015 up until 03/09/2019, where they believe a yoke of remarks are in order:

  • Historical multiples for businesses where the activity blend has changed significantly over time is always very tricky. It is lucid that the DSM of 2018 is a completely different company vs the DSM of 2005.
  • Probably the most inquisitive thing about these charts is the recent volatility in the multiple, with P/E dropping to a low of 12x and EV/EBITDA dropping to 8x. They view the volatility in the multiple as completely unwarranted given the defensive profile of the company, especially in light of its antiseptic balance sheet.
  • We would wrangle that the current absolute smooth of multiples (20x P/E, 11x EV/EBITDA) is pretty objective given the activities and prospects. Multiples are certainly not demanding, but definitely not at bargain levels they would enjoy either.
  • Source: Author's own graphical display based on Bloomberg financials

    Source: Author's own graphical display based on Bloomberg financials

    Relative valuation, SOTP

    While I’m not a huge fan of relative valuations or SOTP, I believe it is useful to hasten the numbers on DSM, as one of the main points of the investment case is that the company is misunderstood: it is soundless seen as a chemicals company, while it has developed into a Nutrition play. The following numbers prove this point:

    Source: Bloomberg

    We contain taken forward EV/EBITDA 2019, with the election for this metric as DSM is cash neutral, so using P/E would benefit leveraged companies over the antiseptic balance sheet at DSM (note how facile it would breathe for DSM to lower its P/E through an acquisition where it levers the balance sheet and buys some EPS). The election of companies is simply the peer list DSM uses itself in its TSR assessment to reckon long-term executive bonuses.

    If they would reckon a super simplistic sum-of-the-parts, arriving at a mixed multiple for DSM using 70% Nutrition multiple and 30% Materials multiple, they arrive at a multiple of 16x, which would translate to a target price of 150 EUR or +50% upside on a stock that has just seen a +42% run. I’m not a gigantic fan of this methodology, as it could simply point to the fact that Nutrition players are overvalued by the market today, but I nevertheless believe it is inquisitive to observe that the market currently rather sees DSM as a Materials company than a Nutrition company, which is obviously incorrect.

    All companies to the left of DSM are Materials players, full companies to the right are Nutrition:

    Source: Author's own graphical display based on Bloomberg financials

    We not only observe that the market soundless sees DSM as a Materials play by looking at the multiple, but too by the volatility or the beta of the partake price. They simply select a explore at the maximum drawdown of each peer in the above list over Q418 when awe gripped the market about multiple macro concerns.

    We note that the Materials group had an medium drawdown of -30%, the Nutrition group had an medium drawdown of -11% and DSM had a drawdown of -24%.

    Source: Author's own graphical display based on Bloomberg financials

    What are the consensus expectations?

    Below they provide Bloomberg consensus for the next two years, in order to check whether the market is not getting ahead of itself so as to limit the risk of future earnings downgrades. delight note the 2018 actuals are on an underlying basis, i.e. excluding the temporary vitamin consequence for revenue and EBITDA, but including the consequence for EPS, as DSM has not reported EPS on an underlying basis, which was too difficult of an exercise.

    2018 act

    2019 est

    2020 est





    % growth yoy







    % growth yoy







    % growth yoy



    Source: Author's own graphical display based on company financials and Bloomberg projections

    Revenue growth at 5% and EBITDA growth at 7% are very much in line with the guidance the company has provided, so they observe no gigantic risk here. DSM should breathe able to generate these growth numbers in the absence of a full-blown recession. The EPS number is a lot more difficult, as they don’t contain a proper 2018 base to do a growth number on. It is obvious that EPS for 2019 will decline vs the artificially towering 2018 number, but it is arduous to estimate by how much. They contain tried in several ways to sense-check the feasibility of the consensus EPS estimate and believe it is certainly not exaggerated, but remind that EPS is the biggest factor of skepticism for 2019. The matter is further clouded by the unexpected buy-back announcement which in whirl could provide a positive surprise.

    14. Risks

    What could evanesce wrong?

    In their opinion, the biggest risks to the investment case are the following:

  • The biggest risk is that they overestimate the trait of the business. DSM is indeed a Nutrition play but maybe not of the selfsame trait as Givaudan, Kerry, etc. In that case, the market’s assessment in terms of multiple might breathe simply correct.
  • The Materials segment is cyclical and will figure guidance unattainable in the event of a recession. There are 3 cyclical end-markets, each representing c. 6-7% of group sales: automotive, mobile devices and building/construction.
  • DSM’s success could attract more competition, pushing down vitamin prices which can breathe volatile.
  • There is always a risk of a scandal or a recall such as Greenyard’s listeria issues. Especially for a company enjoy DSM, which is constantly touting sustainability, this can hit the partake price hard.
  • Expensive acquisitions.
  • The memoir is certainly in a course tied to Feike Sijbesma so if he decides to retire, this probably will not breathe taken well by the market.
  • 15. Conclusions

    We believe that DSM is a towering trait company that is exposed to essential global growth themes. The company has several products in the market that play into the global require for more sustainable consumption and production. The pipeline is furthermore filled with promising towering margin projects that are bound to maintain DSM's growth memoir alive.

    We believe that the opening lies in the fact that DSM has not always had this clear-cut positioning and that it used to breathe a more diverse chemical player with exposure to cyclical end-markets in the past. While DSM has transformed itself by divesting several divisions, the market has not reacted to this by rerating DSM's trading multiple. While DSM generates 70% of its EBITDA in the nutrition market and currently only has 20% exposure to cyclical conclude markets, the company is soundless valued as a materials player rather than a nutrition group.

    While the 42% YTD surge in the company's partake price has significantly reduced the upside, they soundless believe that the company is reasonably priced. The company trades at 11x 2019E EBITDA and 20x 2019E EPS, which certainly isn't cheap, they note that other nutritional groups trade at far more expensive multiples.

    When they select the exposure to key growth themes, the excellent corporate governance and management, the antiseptic balance sheet and the solid capital allocation into account, they believe that there is soundless attractive upside for long-term investors. They recommend interested investors to station DSM on their watchlist and to Do further research on this name, so they can opportunistically start or increase a position in this long-term compounder when the partake price shows weakness.

    Disclosure: I am/we are long AMS:DSM, EBR:SOLB. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I contain no industry relationship with any company whose stock is mentioned in this article.

    The Intangible Valuation Renaissance: Five Methods | true questions and Pass4sure dumps

    Intangible assets are increasingly censorious to corporate value, yet current accounting standards figure it difficult to capture them in financial statements. This information gap can strike valuations for the worse.

    Today, valuations based on simple accounting metrics from corporate financial statements no longer suffice. Indeed, Feng Gu and Baruch Lev contain highlighted their shortcomings, going so far as to herald “the conclude of accounting” while stressing the exigency for valuation methods derived from key performance indicators (KPIs) outside the framework of generally accepted accounting principles (GAAP).

    So what are the common methodologies for intangibles valuation that build on historical and prospective financial information within the framework of current accounting standards? And how can they breathe integrated with non-GAAP KPIs to assess a firm’s competitive position?

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    What Are Intangible Assets?

    The “International Glossary of industry Valuation Terms” (IGBVT) defines intangible assets as “non-physical assets such as franchises, trademarks, patents, copyrights, goodwill, equities, mineral rights, securities and contracts (as distinguished from physical assets) that award rights and privileges, and contain value for the owner.” For financial reporting under US GAAP, they are defined as “assets (not including financial assets) that lack physical substance.” GAAP has a part definition of goodwill: “the excess of the cost of an acquired entity over the net amounts assigned to assets acquired and liabilities assumed.”

    The US Bureau of Economic Analysis (BEA) started tracking investments in intangible capital by private enterprises as section of its GDP database in 2013. Its intangible capital metric includes accumulated spending on software, R&D, and intellectual property related to arts and entertainment — a “cost” perspective. Since 2012, the annual investment in intellectual property products by private enterprises in the United States has grown at a 6.2% annualized rate to $938 billion as of October 2018 (annualized).

    Investment in Intellectual Property Products 

    Investment in Intellectual Property Products ($BN)

    Source: US Bureau of Economic Analysis, Table 1.1.5; eventual revised October 2018

    Investment in intellectual property now represents 33.41% of total US indelicate domestic investment in 2018, up from 30.95% at year-end 2012. Over the selfsame period, investments in Structures as a percentage of total US indelicate private domestic investment contain remained flat, while investments in equipment contain fallen.

    US indelicate Domestic Investment (Percent of Total)

    US   indelicate Domestic Investment

    Source: US Bureau of Economic Analysis, Table 1.1.5 eventual revised October 2018

    Nicolas Crouzet and Janice Eberly recently eminent that the accumulation of intangible capital has spurred market concentration in favor of those firms that can best leverage the scaling benefits of advanced technological infrastructure. They too commemorate that intangible capital is arduous to exhaust as collateral for financing. The increase in intangible capital investment likely reduced the symmetry of overall investment financed through bank debt and may contain opened the door for such non-banking players as private debt funds in corporate lending.

    Financial Reporting and Valuation Challenges

    As investments in intangibles grow, assessing the value of those assets as drivers of enterprise value becomes ever more essential. Both IFRS and GAAP are “mixed models” with different ways to account for intangible assets acquired as section of a industry combination compared to those that are internally developed. The former must breathe measured at objective value at the time of the acquisition, included in the acquirer’s balance sheet, and then matter to amortization or occasional impairment testing. Under GAAP, internally developed intangible assets mind not to issue on the balance sheet and related costs are expensed as incurred. Under IFRS, such assets are recognized only if confident criteria are met.

    When it comes to the income statement, an enterprise’s earnings under GAAP generally include an amortization suffuse for the intangible assets that are in the balance sheet and contain a “determinable” useful life, and a suffuse in R&D or sales and administration expenses for internally developed assets that are not capitalized. It may too include an impairment amount recognized on goodwill or on the intangible assets that contain been capitalized and contain undetermined useful life. Analysts who compare companies across borders exigency to understand the specific intangibles-related differences between GAAP and IFRS.

    The different accounting treatment of acquired versus internally developed intangible assets could create comparability issues for companies with different growth strategies. A firm that has developed its portfolio of intangible assets through acquisition will probably contain a higher partake of intangibles recognized in its balance sheet (and more goodwill) than one that developed intangible assets internally. This will strike balance sheet ratios and reported earnings.

    Microsoft vs. Apple

    Intangibles depict 16.9% of Microsoft’s total assets but only 2.7% of Apple’s, according to an analysis of their 10-Ks. This reflects, in part, Microsoft’s greater appetite for acquisitions. Analysts exigency to grasp the varying treatments of internally developed versus acquired intangibles to ensure that appropriate valuation adjustments are made for comparability. They should too integrate differences in intangibles accounting in the algorithms they develop for automated trading and factor investing.

    Intangibles as a Percent of Total Assets

    Intangibles as a Percent of Total Assets

    Valuation Models for Intangible Assets

    Five of the more common valuation methods for intangible assets that are within the framework of the cost, market, and income approach are described below. These approaches can breathe integrated into an analysis of non-GAAP KPIs and other conceptual frameworks.

    1. Relief from Royalty manner (RRM)

    The RRM calculates value based on the hypothetical royalty payments that would breathe saved by owning the asset rather than licensing it. The rationale behind the RRM is fairly intuitive: Owning an intangible asset means the underlying entity doesn’t contain to pay for the privilege of deploying that asset. The RRM is often used to value domain names, trademarks, licensed computer software, and in-progress R&D that can breathe tied to a specific revenue stream and where data on royalty and license fees from other market transactions are available. Generally, the RRM involves the following steps:

  • Projecting financial information for the overall enterprise, including revenue, growth rates, and tax rates and estimates. The underlying data is generally obtained from the entity’s management.
  • Estimating a suitable royalty rate for the intangible asset based on an analysis of royalty rates from publicly available information for similar domain names and of the industry in question. Royalty rate information is available on such databases as KtMINE and Royalty Source, among others. SEC filings for similar publicly traded companies can too breathe useful.
  • Estimating the useful life of the asset.
  • Applying the royalty rate to the estimated revenue stream.
  • Estimating a discount rate for the after-tax royalty savings and discount to present value.
  • The RRM contains assumptions from both the market (royalty rate) and income approach (estimate of revenue, growth rates, tax rates, discount rate). To observe how it works in practice, they conducted a hypothetical domain appellation valuation using the RRM:

    Valuation of Domain Name: Royalty Relief Method

    Valuation of Domain Name: Royalty Relief Method

    Keep in wit the domain name’s objective value includes an amortization benefit multiplier that incorporates the value of the tax benefit resulting from the amortization of the asset. The amortization benefit is calculated as the present value of the tax savings that results from a 15-year amortization of the asset. In calculating the amortization adjustments for US companies, analysts should breathe mindful of the corporate tax rates changes resulting from recent US tax reform and estimate their repercussion on intangible amortization over the age considered in the valuation.

    2. Multiperiod Excess Earnings manner (MPEEM) 

    The MPEEM is a variation of discounted cash-flow analysis. Rather than focusing on the total entity, the MPEEM isolates the cash flows that can breathe associated with a lone intangible asset and measures objective value by discounting them to present value. The MPEEM tends to breathe applied when one asset is the primary driver of a firm’s value and the related cash flows can breathe isolated from the firm’s overall cash flows. Early stage enterprises and technology firms are prime candidates for this approach. Computer software and customer relationships are among the sorts of assets that frequently generate such cash flows and could breathe assessed with objective value measurement using the MPEEM. The MPEEM usually involves the following steps:

  • Projecting financial information (PFI) — cash flows, revenue, expenses, etc. — for the entity.
  • Subtracting the cash flows attributable to full other assets through a contributory asset suffuse (CAC). The CAC is a figure of economic rent for the exhaust of full other assets in generating total cash flows that is composed of the required rate of revert on full other assets and an amount necessary to replace the objective value of confident contributory intangible assets.
  • Calculating the cash flows attributable to the intangible asset matter to valuation and discount them to present value.
  • Assessing the CAC can breathe a challenge with MPEEM. The required returns on CAC must breathe consistent with an assessment of the risk of individual asset classes and should reconcile overall to the enterprise WACC. Also, the projection age for the PFI used in the model should reflect the estimated useful life of the matter asset. That may involve significant judgment.

    3. With and Without manner (WWM)

    The WWM estimates an intangible asset’s value by calculating the dissimilarity between two discounted cash-flow models: one that represents the status quo for the industry enterprise with the asset in place, and another without it. The WWM is often used to value noncompete agreements.

    4. true Option Pricing

    As Aswath Damoradan noted, “the most difficult intangible assets to value are those that contain the potential to create cash flows in the future but Do not right now.” These assets contain option characteristics that figure them suitable to breathe valued using option pricing models and include undeveloped patent and undeveloped natural resource options, among others.

    For a true option to contain significant economic value, competition must breathe restricted in the event of the contingency. This is frequently the case for patents, which give the owner the right but not the obligation to exclude others from making, using, selling, offering for sale, or importing the patented invention. An undeveloped patent may contain zero “intrinsic” value if the net present value of the underlying project is deemed to breathe zero or negative at the measurement date. Still, the patent may contain considerable “time” value based on the possibility that the net present value of the project will whirl out to breathe positive at some point over the life of the patent.

    An option pricing model may breathe most suitable to capture the “time value” component of a patent that is not currently generating cash flows for the firm, but may contain the potential to Do so in the future. For instance, they can estimate the value of a patent on a drug that is undergoing the FDA approval process using a Black-Scholes option pricing formula as follows:

    Inputs under Black-Scholes Option Pricing Model

  • PV of Cash Flows from Introducing the Drug Now (Current Price) = $ 520 million
  • PV of Cost of Developing Drug for Commercial exhaust (Exercise Price) = $ 650 million
  • Patent Life (Time to Expiration) = 15 years
  • Riskless Rate = 3.2% (15-year Treasury rate)
  • Variance in Expected Present Values = 0.25.
  • Expected Cost of slow (Dividend Yield) = 1/t = 5.89%
  • Patent Value (Call Value Resulting from the Black-Scholes Formula) = $ 26,347,850

    As with stock options, a key challenge in the valuation of true options is assessing the underlying volatility. Moreover, true options require estimates for the exercise price (the cost of developing the patent in their example), and the current price of the underlying (the present value of the cash flows from introducing the drug now), which are generally observable for options on listed equities. Overall, while there is judgment involved in the application of option pricing models to intangible assets, there is too a significant amount of guidance and industry drill that has developed over time and that the analyst can mention to for implementation.

    5. Replacement Cost manner Less Obsolescence

    This manner requires an assessment of the replacement cost for the intangible asset new, that is “the cost to construct, at current prices as of the date of the analysis, an intangible asset with equivalent utility to the matter intangible, using modern materials, production standards, design, layout and trait workmanship.” The replacement cost is then adjusted for an obsolescence factor relative to the intangible asset. A simple replacement cost model for acquired software that adjusts for obsolescence and takes into account the tax repercussion of the asset’s amortization is shown below. It weighs the tax repercussion of the asset’s amortization, which is most apropos if the intangible asset is considered within the framework of the valuation of an overall enterprise. A pre-tax asset valuation may breathe more suitable under confident circumstances, particularly if the asset is valued on a stand-alone basis.

    Valuation of Acquired Software: Replacement Cost manner Less Obsolescence

    Valuation of Acquired Software: Replacement Cost  manner Less Obsolescence

    This valuation exercise considers the tax repercussion of the asset’s amortization, which is most apropos if the intangible asset is considered within the framework of the valuation of an overall enterprise. A pre-tax asset valuation may breathe more suitable under confident circumstances, particularly if the asset is valued on a stand-alone basis. The estimate of the obsolescence percentage is too a censorious factor in this model, and is often developed based on inquiries with technical management personnel.

    The table below provides a summary of the cost, market, and income approach models as they typically apply to the main classes of intangible assets:

    Intangible Valuation Approach Summary

    Intangible Valuation Approach Summary


    In today’s economy, the value provided by intangible assets must breathe captured in enterprise valuation. Analysts contain to expand the purview of data sources and techniques they exhaust in valuation and develop methodologies that are suitable to the intangible asset being valued for more answerable valuation results. Such methodologies provide original perspectives on the cost, market, and income approaches and can breathe integrated with an analysis of non-GAAP KPIs and other conceptual frameworks.

    Identifying and valuing intangible assets is censorious not only in an vigorous management framework, but too in factor investing and quantitative modeling in passive strategies that depend on financial statements data and that may exigency adjustments for comparability.

    If you liked this post, don’t forget to subscribe to the Enterprising Investor.

    All posts are the view of the author. As such, they should not breathe construed as investment advice, nor Do the opinions expressed necessarily reflect the views of CFA Institute or the author’s employer.

    Image credit: ©Getty Images/ estelle75

    Antonella Puca, CFA, CIPM, CPA

    Antonella Puca, CFA, CIPM, CPA/ABV, CEIV, is a managing director at BlueVal Group, LLC, a valuation services firm with a focus on the valuation of privately held companies in the United States. Prior to BlueVal, she was section of the alternative investment group at KPMG/Rothstein Kass, where she helped launch RK’s Bay locality practice, the global hedge fund drill of EY in San Francisco and original York, and the financial services team at RSM US LLP in original York. Puca served as a director in the ethics and professional standards group at CFA Institute and as a volunteer focused on certifications and curriculum programs. She has served as an executive committee member of the board of the CFA Society of original York and as a member of AIMA's research committee. She will breathe joining the industry Valuation Committee of the AICPA efficacious May 2019 and is currently writing a engage on the Valuation of Early Stage Enterprises: A objective Value Update with expected release in the Spring of 2020 (Wiley). Puca is licensed as a CPA in California and original York. She is accredited in industry valuation (AICPA), holds the valuation analyst and the entity and intangibles valuation certifications. Puca is a member of the Italian Professional Association of Journalists. She holds a degree in economics with honors from the University “Federico II” of Naples, Italy, and a master of law studies in taxation from NYU Law School. She has been an adjunct faculty member at original York University, a research fellow at the Hebrew University of Jerusalem, and a member of the 420 Italian National Sailing Team.

    Mark L. Zyla, CFA, CPA/ABV, ASA

    Mark L. Zyla, CFA, CPA/ABV, ASA, is a managing director of Acuitas, Inc., an Atlanta-based valuation and litigation consultancy firm. Zyla is the drill leader of the firm’s valuation practice. He serves as chair of the Standards Review Board of the International Valuation Standards Council (“IVSC”) and as a member of the AICPA’s Forensic and Valuation Services Executive Committee. Zyla is a member of the industry Valuations Committee of the ASA where he too serves as chair of the industry Valuation Standards and Technical Issues subcommittees. He is on the advisory council of the master of science in finance program at the University of Texas at Austin. In 2013, he was inducted into the AICPA industry Valuation Hall of Fame. Zyla is a frequent presenter and author on valuation issues. He is on the faculty of the Federal Judicial focus and the National Judicial College teaching industry valuation concepts to judges. He is author of objective Value Measurement: Practical Guidance and Implementation 2nd ed. published by John Wiley & Sons, Inc. (2013), and of the course, “Fair Value Accounting: A censorious original Skill for full CPA,s” published by the AICPA. He is co-author of several portfolios related to objective Value Measurement published by Bloomberg BNA. Zyla received a BBA degree in finance from the University of Texas at Austin and an MBA degree with a concentration in finance from Georgia state University. he completed the mergers and acquisitions program at the Aresty Institute of The Wharton School of the University of Pennsylvania and the valuation program at the Graduate School of industry at Harvard University. He is a chartered financial analyst and a certified public accountant, accredited in industry valuation (“CPA/ABV”), certified in financial forensics (“CFF”) by the AICPA, and an accredited senior appraiser with the American Society of Appraisers certified in industry valuation (“ASA”).

    Blue Ridge Bankshares, Inc. Announces Addition of original Directors | true questions and Pass4sure dumps

    LURAY, Va., March 19, 2019 /PRNewswire/ -- Blue Ridge Bankshares, Inc. (otc pink:BRBS) is pleased to broadcast the appointment of Elise Peters Carey, Donald R. Vaughan, and Carolyn J. Woodruff to its Board of Directors with Peters Cary serving as Vice-Chair.  Peters Cary, Vaughan, and Woodruff too serve on the Board of Directors for Carolina state Bank, a division of Blue Ridge Bank. 

    "We are excited to contain Elise, Don, and Carolyn associate the Board of Directors as they focus on serving and growing in the Piedmont Triad region," said Brian K. Plum, President and Chief Executive Officer.  "Each of these three brings a very tough track record of success and a abysmal scholarship of the needs of the Triad. They too partake a tough commitment to the shared success and vision of Blue Ridge Bankshares, Inc. to breathe the premier financial institution in each of its communities."

    Peters Carey added "This venture is essential to me because they exigency a community bank that can focus on the needs of their citizens and local businesses. They are focused on edifice relationships and serving their local community."

    Elise Peters Carey is the current President of Bethany Medical Center, the largest independent provider of medical services in the Triad of North Carolina.  She is too President of Peters Holdings and Peters Development. She is the Director of the Lenny Peters Foundation, a non-profit organization that supports the Triad and communities around the world. Previously she held various strategic planning and finance positions at American Express and Capital One Bank. She began her career consulting financial institutions on market data, treasury services, and capital management.  Elise holds a Master of industry Administration and a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania.

    Carolyn Woodruff, J.D., CPA, CVA is President of the preeminent Woodruff Family Law Group in Greensboro. She graduated from the Duke University School of Law with towering Honors where she served as Research and Managing Editor of the Duke Law Review. As a North Carolina Certified Public Accountant, Carolyn has been a trailblazer in the locality of industry valuation and is a frequent writer and lecturer on industry valuation and federal taxation. Carolyn is a Certified Valuation Analyst having met the requirements of this designation by the National Association of Certified Valuation Analysts. She is an instrument-rated multi-engine airplane pilot.

    Don Vaughan, J.D. is a Greensboro attorney with more than 30 years of experience. He served in the North Carolina Senate and as Mayor Pro Tem and City Councilman for the City of Greensboro.  Vaughan serves on the North Carolina state Banking Commission and previously served on the North Carolina Courts Commission.  Don holds a Bachelor of Arts from the University of North Carolina at Chapel Hill, a Master of Public Administration degree from American University, and a Juris Doctor from Wake Forest University, where he was a member of the Wake Forest Law Review. He is an adjunct professor at Wake Forest Law School and Elon Law School.

    Also, on March 18, 2019 the Company completed the sale of approximately 232,000 shares of common stock pursuant to the exercise by an existing shareholder of confident non-dilution rights. Combined with the indelicate proceeds from the February 2019 private placement, the Company received aggregate indelicate proceeds of $23.4 million in exchange for the sale of 1,536,731 shares to accredited investors.

    About Blue Ridge Bankshares, Inc.Blue Ridge Bankshares, Inc. is the parent company for Blue Ridge Bank, NA, its wholly-owned bank which includes the Carolina state Bank division.  Blue Ridge Bank was chartered in 1893 and serves the Virginia communities of Charlottesville, Drakes Branch, Harrisonburg, Luray, Martinsville, McGaheysville, Shenandoah, Stuart, and, through its Carolina state Bank division, Greensboro. The Bank's mortgage division includes offices in Virginia, North Carolina, Maryland, and Florida, and includes the Monarch Mortgage and benchmark Mortgage names.  The bank provides payroll services through MoneyWise Payroll Solutions, Inc.  The bank provides qualified intermediary services for 1031 deferred-tax exchanges through its subsidiary Exchangers, Ltd. Visit for more information.

    View original content to download multimedia:

    SOURCE Blue Ridge Bankshares, Inc.

    Copyright (C) 2019 PR Newswire. full rights reserved

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