DSM: CMD feedback – Firmenich merger proposal smells right DSM NA
Yesterday’s CMD confirmed our view that merging with Firmenich offers a good strategic fit for DSM, enlarging the portfolio with a leading position in fragrances and strengthening the offering in food & beverages by adding ao Firmenich’s expertise in taste. DSM-Firmenich will be a global powerhouse with a well-balanced portfolio and solid growth prospects. The gradual realization of € 350m adj. EBITDA synergies should support earnings momentum in the coming years, while the proposed merger structure allows to keep a solid balance sheet. We maintain our Accumulate rating and € 190 target price.Royal DSM is engaged in the creation of products and services in Life Sciences and Materials Sciences. Co.'s products and services are used globally in range of markets and applications in healthcare, pharmaceutical automotive and chemicals sectors. End markets include human and animal nutrition and health, personal care, pharmaceuticals, automotive, coatings and paint, electrics and electronics, life protection and housing. The activities of Co. are grouped into four clusters: Nutrition, Pharma, Performance Materials and Polymer Intermediates.
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