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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Royal DSM N.V.    DSM   NL0000009827

ROYAL DSM N.V.

(DSM)
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Evonik launches auction for acrylic sheet business - sources

07/10/2018 | 10:40am EST
FILE PHOTO: The logo of German specialty chemical company Evonik Industries AG is pictured at their plant in Bitterfeld

FRANKFURT (Reuters) - German chemicals group Evonik has started the auction process for its methacrylates plastics unit, which makes clear acrylic sheets, people close to the matter said.

The company announced plans in March to sell the business as it looks to focus on faster-growing sectors, such as feed additives and rubber silica for tyres.

Evonik and its adviser Barclays have started sending out first information packages to prospective bidders for the unit, which is seen fetching around 2.5-3 billion euros ($2.9-$3.5 bln), the people said.

Potential suitors are to receive detailed information after the summer, and first bids will be due several weeks after that, they added.

Peers such as South Korea's LG Chem and SK Holdings, China's Wanhua Chemical Group and Saudi Arabia's Sabic are being contacted about their potential interest, as well as U.S. chemicals firms LyondellBasell and DowDuPont, they added.

Separately, private equity investors with an interest in chemicals assets such as Advent, Carlyle, Blackstone and Apollo are seen as likely to participate in the auction, they added.

Evonik said its efforts to divest the business were on track but declined to provide further details. The potential suitors declined to comment or were not immediately available.

The business up for sale posted 2017 earnings before interest, tax, depreciation and amortisation of less than 400 million euros on 1.8 billion euros of sales from clear acrylic sheets and methacrylate chemicals, the people said.

"2017 was the top of the cycle and Evonik benefited from capacity outages at peers," a person close to the matter said, adding overhead costs also needed to be taken into account when looking at the business on a standalone basis, while allowing for some synergies.

The people said bidders would likely offer 2 to 2.5 billion euros for the asset, including debt, or 7 to 8 times the unit's expected adjusted core earnings, while the seller was hoping to bag up to 3.5 billion.

Shares in Evonik, which is controlled by a state-backed foundation, lags peers such as BASF, Lanxess and DSM as a multiple of expected core earnings.

Polymethyl methacrylate (PMMA) is used in the construction, automotive and electronics industries and known by brand names such as Plexiglas.

($1 = 0.8538 euros)

(Editing by Maria Sheahan and Mark Potter)

By Arno Schuetze and Matthias Inverardi


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 1.10% 65.24 Delayed Quote.-0.29%
EVONIK INDUSTRIES AG 3.37% 27.29 Delayed Quote.-1.05%
JUST GROUP PLC -1.46% 74.35 Delayed Quote.7.94%
LANXESS AG 1.09% 62.82 Delayed Quote.-0.99%
LETS HOLDINGS GROUP CO., LTD. -5.09% 7.46 End-of-day quote.-4.11%
LG CHEM, LTD. 1.54% 990000 End-of-day quote.20.15%
LOOK HOLDINGS INCORPORATED 0.22% 920 End-of-day quote.-3.87%
LYONDELLBASELL INDUSTRIES N.V. -2.32% 87.89 Delayed Quote.-1.83%
ROYAL DSM N.V. 0.82% 148.05 Real-time Quote.4.30%
SK HOLDINGS CO., LTD 8.23% 355000 End-of-day quote.47.61%
WANHUA CHEMICAL GROUP CO., LTD. 0.02% 116.51 End-of-day quote.27.98%
WILL GROUP, INC. 4.97% 1057 End-of-day quote.5.07%
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Financials
Sales 2020 8 470 M 10 305 M 10 305 M
Net income 2020 659 M 802 M 802 M
Net Debt 2020 2 804 M 3 412 M 3 412 M
P/E ratio 2020 39,7x
Yield 2020 1,68%
Capitalization 25 105 M 30 534 M 30 545 M
EV / Sales 2020 3,30x
EV / Sales 2021 3,02x
Nbr of Employees 21 844
Free-Float 94,7%
Chart ROYAL DSM N.V.
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Royal DSM N.V. Technical Analysis Chart | DSM | NL0000009827 | MarketScreener
Technical analysis trends ROYAL DSM N.V.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 146,43 €
Last Close Price 148,05 €
Spread / Highest target 21,6%
Spread / Average Target -1,09%
Spread / Lowest Target -47,3%
EPS Revisions
Managers and Directors
NameTitle
Dimitri de Vreeze Co-Chief Executive Officer & COO
Géraldine Matchett Co-Chief Executive Officer & CFO
Robert John Routs Chairman-Supervisory Board
Pauline F. M. van der Meer Mohr Deputy Chairman
Eileen A. Kennedy Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
ROYAL DSM N.V.4.30%30 199
SHIN-ETSU CHEMICAL CO., LTD.8.84%78 567
BASF SE-0.29%71 877
DUPONT DE NEMOURS, INC.14.40%59 724
ASAHI KASEI CORPORATION14.22%16 105
EVONIK INDUSTRIES AG-1.05%14 892