Report
DSM-Firmenich FIRST LOOK: Sale of Feed Enzyme Alliance stake for € 1.5bn
dsm-firmenich agreed to sell its stake in the Feed Enzyme Alliance to its partner Novonesis for € 1.5bn, which looks like an appealing price and make our earlier projection of a € 3.9-4.4bn valuation for the totality of ANH look conservative. The Feed Enzymes Alliance exit is to be viewed in conjunction with the expected separation of the Animal Nutrition & Health business, for which the formal divestment process is about to start. The sale of the Feed Enzyme Alliance stake and the rest of ANH should result in dsm-firmenich moving well into a net cash territory, which would allow the company to further strengthen its consumer-oriented activities via acquisitions. 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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