Report
DSM-Firmenich Feedback conference call
Below are the highlights from the 4Q24 results conference call. 4Q adj EBITDA jumped by 37% and was about 2% better than our and consensus forecasts. Dsm-firmenich guides for at least 13% adj. EBITDA growth in FY25, on the back of a combination of synergies, savings and continued benefit from temporary high vitamin prices. The company is still looking to exit the ANH business and, reflecting the strong balance sheet, has announced a € 1bn share buyback program. 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 for now.
Underlying
KONINKLIJKE DSM N.V.
Provider
KBC Securities
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Wim Hoste
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