DSM-Firmenich Feedback conference call

Below are the highlights from the conference call. We remind that 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.Enter Intro Here