Report
DSM-Firmenich FIRST LOOK: 3Q EBITDA flat, FY guidance lowered; ANH deal in 4Q
3Q adj EBITDA was flat which was in line with consensus and slightly below our forecasts. Dsm-firmenich lowered FY25 adjusted EBITDA guidance from around € 2.4bn to around € 2.3bn, due to FX and lowered impact from vitamin prices. Dsm-firmenich now expects a divestment deal on ANH in 4Q. We still appreciate dsm-firmenich for its broad portfolio and market leading positions. We continue to believe that the upcoming separation of the ANH business can be a catalyst to unlock value so we maintain our Accumulate rating and € 98 target price.
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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