Report
DSM-Firmenich Biting the ANH bullet
The long awaited divestment of ANH disappointed on deal value (EV € 2.2bn, including a potential earn-out of up to € 0.5bn), but creates a group with a much more comprehensive activity and earnings profile. We still appreciate dsm-firmenich for its broad portfolio and market leading positions in consumer-oriented businesses in Nutrition, Health and Beauty. We remind that we have already lowered our target price upon the ANH divestment announcement last week so we maintain our current € 82 target price and Accumulate rating.
Underlying
KONINKLIJKE DSM N.V.
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Wim Hoste
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