DSM-Firmenich Lowering target price on vitamin normalization and peers valuation

After BASF has gradually lifted Force Majeure status on its vitamin operations in the past few months, vitamin prices have normalized quickly and the temporary pricing benefit dsm-firmenich enjoyed is now about to come to an end. As we were previously still banking on a more gradual normalization and still a bit of benefit in 2026, we have now adjusted our forecasts. We expect dsm-firmenich to still announce an ANH divestment in the near term and bank on a deal value of c. € 4bn. Taking into account the recent share price pressure on dsm-firmenich but also on a number of its peers, we have updated our sum-of-the-parts model, leading to a new target price of € 98 per share (vs € 125 previously). Given the upside remaining, we stick to our Accumulate rating.