KBC Securities - KONINKLIJKE DSM N.V. (DSFIR) DSM-Firmenich FIRST LOOK: Profit warning on 2Q with cautious 2H view

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KBC Securities

Wim Hoste

DSM-Firmenich FIRST LOOK: Profit warning on 2Q with cautious 2H view

Dsm-firmenich released a sizeable profit warning for 2Q23 with guidance implying a c. 20% drop in pro-forma adj. EBITDA sequentially and a 30% drop y/y, mainly due to weak vitamin trading conditions. dsm-firmenich no longer expects a material improvement in trading conditions in 2H. The statements are disappointing and while we still appreciate dsm-firmenich broad ingredient portfolio and market leading positions, we decided to cut our TP from € 160 to € 130 while maintaining our Accumulate rating.

28/06/2023 1 EN

Underlying

KONINKLIJKE DSM N.V.

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CH1216478797 Euronext Amsterdam Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Wim Hoste

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DSM-Firmenich FIRST LOOK: Profit warning on 2Q with cautious 2H view

We are a financial services provider for several types of professional clients, each with distinct needs.

dsm-firmenich cancels its shares following completion of its €1.08 billion share repurchase program

dsm-firmenich publishes 2025 Integrated Annual Report

Morning Notes : AGFB BB, DSFIR NA, IVA FP, MDXH BB

Sequana Medical Reports 5 centres with alfapump implants since launch

Aalberts Good results & WC mgmt, higher DPS but lower SBB, no quantified outlook

Corbion FIRST LOOK: FY25 EBITDA +27% organ., FY26 margin guidance of 17%

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