Report
DSM Firmenich - Results in line, separating AN&H
Q4-23 results were in line with expectations. Outlook of an EBITDA of at least EUR 1.9bn compares to our estimate and CSS of EUR 2.0bn. Hence, we expect to only finetune our estimates. Most remarkable, DSM Firmenich announced the separation of Animal Nutrition & Health to improve earnings visibility and to unlock the full potential. We expect the market to applaud this announcement. We reiterate our Buy rating, lifting our TP to EUR 120 (from EUR 110).
Underlying
KONINKLIJKE DSM N.V.
Provider
Degroof Petercam
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
Fernand de Boer
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