EFTA Document EFTA01385523

> Energy, Materials & Industrials DSM - Virginie Boucher-Ferte, BUY, close €81.8, €100 tgt, 22% potential upside • We see Nutrition (68% of EBITDA) as a key growth driver. We forecast a 9% EBITDA 2018-20E CAGR driven by cost cutting, innovation and leverage of its broad portfolio. - A greater proportion of the Nutrition portfolio is in higher-value and faster-growing ingredients and 'solutions' rather than just vitamins. • Up to 30% upside to 18E EBITDA forecast if vitamin price increases