Report
DSM-Firmenich Earnings momentum picking up and ANH sale in the cards for 2025
Dsm firmenich has retrieved a solid earnings momentum in FY24, even without including the temporary benefit from higher vitamin prices on the back of a supply side disruption. Whilst the FY25 adjusted EBITDA growth guidance of at least 13% is still boosted by a combination of savings and synergies, we believe a mid single digit growth for the medium term is a realistic scenario. We still appreciate dsm-firmenich for its broad portfolio and market leading positions. The upcoming separation of the Animal Nutrition & Health business can be a catalyst to unlock value and we maintain our Accumulate rating and € 125 target price.
Underlying
KONINKLIJKE DSM N.V.
Provider
KBC Securities
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Wim Hoste
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