Oddo BHF - KONINKLIJKE DSM N.V. (DSFIR) DSM-Firmenich : Further signs of broad end-market normalisation

Report

Oddo BHF

Stefano Toffano

DSM-Firmenich : Further signs of broad end-market normalisation

>Continued demand recovery - dsm-firmenich’s Q3 24 results once again confirmed the improving business momentum. The company posted another sequential good quarter on the back of a.o. easing comps, improving demand and the continued realisation of self-help benefits. While the strong positive impact on vitamin prices is temporary and will take some time to fully feed through, the higher vitamin pricing environment (a.o.) pushed ANH profitability higher, albeit from a ...

31/10/2024 1 EN

Underlying

KONINKLIJKE DSM N.V.

See profile

CH1216478797 Euronext Amsterdam Netherlands

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

See profile

Analysts

Stefano Toffano

Other Reports on these Companies

Oddo BHF

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2024

...

20h / 50m 20h / 50m 1 EN

Oddo BHF

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/10/2024

...

21h / 15m 21h / 15m 1 FR

KBC Securities

DSM-Firmenich Conference call feedback

Below are the highlights from the 3Q results conference call. 3Q adjusted EBITDA jumped 32% and beat our and consensus by respectively 3% and 1%. Dsm-firmenich increased FY24 adj EBITDA guidance from c € 2bn to towards € 2.1bn, citing disruption in the vitamin market. We remind that the recently announced mid term financial targets for the new scope (ie ex ANH) are similar to the targets of the current group, ie 5-7% organic sales growth and an 22-23% adjusted EBITDA margin, which represent a sizeable step-up to the FY23 margin level of c. 18% (ex ANH). We believe that the recent vitamin price...

21h / 26m 21h / 26m 1 EN

Repsol : Q3 2024 results in line. Guidance revised down but management reassures on cash returns. Outperform rating confirmed

>Q3 2024 earnings 1.6% shy of the consensus expectations - Adjusted net profit for Q3 totalled € 558m (-35% q-o-q /-49% y-o-y), 1.3% above our expectations and 1.6% below the consensus (ODDO BHF: € 551m est.; consensus: 567 M€), hit by a fall in production in Libya and a collapse in refining margins. E&P and refining impacted, but improvement expected in Q4 - E&P earnings came in at € 287m, down 33% q-o-q but 2% above consensus. This underperformance ...

21m 21m 1 EN

Christophe Chaput ... (+2)

Christophe Chaput
Hela Zarrouk

SPIE : L’activité se normalise avec une profitabilité et une génération de cash-flow toujours excellente

>Feedback conférence call - A l’occasion d’une conférence call, le management est revenu sur l’évolution de l’activité au cours du T3 et sur les perspectives de croissance pour l’ensemble de l’exercice. Nous retenons : Après un premier semestre en forte croissance organique de 5.8%, le T3 s’est élevé à +1.7% ce qui s’est avéré assez décevant (nous retenions +3.6% et le consensus +3.9%). Par géographie, l’écart le plus important s’explique par Central Europe (7% ...

21m 21m 1 FR

Juan Ros-Padilla

Juan Ros-Padilla

Faes Farma : Q3 EBITDA a touch above. FY 2024 guidance nuanced to the high end

>Improving sales momentum is partially offset by SG&A inflation - Total Q3 revenues reached € 119m (+9% y-o-y vs 9% sales growth registered in Q2), a touch ahead of our estimate and the consensus. By division, sales of traditional products in Spain posted some sequential improvement (10% y-o-y in Q3 2024 vs 4% in Q2 and 14% in Q1), reflecting the positive impact that new formats are having in Bilastine that are offsetting the price reductions (+11% in Q3 vs -2% in Q2 ...

21m 21m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

DSM-Firmenich : Further signs of broad end-market normalisation

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2024

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/10/2024

DSM-Firmenich Conference call feedback

Repsol : Q3 2024 results in line. Guidance revised down but management reassures on cash returns. Outperform rating confirmed

SPIE : L’activité se normalise avec une profitabilité et une génération de cash-flow toujours excellente

Faes Farma : Q3 EBITDA a touch above. FY 2024 guidance nuanced to the high end

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe