Report
DSM-Firmenich 3Q adj EBITDA -32%, FY guidance lowered to € 1.8bn
Dsm-firmenich saw pro-forma adjusted EBITDA drop by c. 32% in 3Q23 to € 409m, which was 2% better than our forecast and 1% above consensus. Dsm-firmenich lowered FY pro forma adjusted EBITDA guidance from a 1.8-1.9bn range to c 1.8bn. We still appreciate dsm-firmenich for its broad ingredient portfolio and market leading positions, but acknowledge the disappointing short term earnings momentum with extremely depressed vitamin prices. We maintain our Accumulate rating but lower our target price from € 130 to € 120.
Underlying
KONINKLIJKE DSM N.V.
Provider
KBC Securities
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Wim Hoste
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