DAVY VIEW

DSM’s first-quarter performance points to a strong organic growth out-turn in its Animal Nutrition division as the rebuild of swine stocks boosts volumes. Despite exiting the quarter with improving momentum, Human Nutrition had a slow start to the year as early life nutrition sales and low vitamin C prices weighed on growth – a continuation of recent trends. DSM has amended its guidance for the year to account for low visibility in Materials – Nutrition guidance of mid-single-digit EBITDA growth (including Glycom) should reassure.