Report
Wim Hoste

DSM-Firmenich Feedback from the Investor Event

In the Investor Update, dsm-firmenich showed a detailed roadmap towards the company's mid-term targets, reflecting the anticipated step-by-step improvement. On the strategic side, dsm-firmenich will, after the announced ANH divestment, fully focus on growing its current portfolio of consumer oriented businesses. We remind that the guidance of 2026 is broadly in line with our and consensus expectations (2-4% organic sales growth and c. 20% adjusted EBITDA margin). We still appreciate dsm-firmenich for its broad portfolio and market leading positions in consumer-oriented businesses in Nutrition, Health and Beauty. We maintain our Accumulate rating and € 82 target.
Underlying
KONINKLIJKE DSM N.V.

Provider
KBC Securities
KBC Securities

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Analysts
Wim Hoste

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