Report
DSM Firmenich - Warning on 2023, medium-term guidance maintained
• Impact of vitamin prices is deeper and longer than expected causing a deep hit in 2023 results and forcing DSM Firmenich to take additional measures.• These additional measures should allow DSM Firmenich to reach its medium targets. If achieved, DSM Firmenich is up for substantial EBITDA growth, albeit from a lower base. • We maintain our Buy rating but cut our 12m TP from EUR 150 to EUR 120, as after all the negative news, DSM Firmenich needs time to proof itself.
Underlying
KONINKLIJKE DSM N.V.
Provider
Degroof Petercam
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Fernand de Boer
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