Report
Eric Wilmer

DSM : Tackling global challenges in food & beverages from multiple angles

>Highly complementary merger: CMD provided welcome details - We believe that one of the main attractiveness of this deal for DSM is the highly complementary nature of Firmenich’s Taste & Beyond business to (primarily) DSM’s Food & Beverage business (18% of DSM FY21 sales, 24% of merged entity), where Firmenich brings in the (further) value add and higher price-point taste ingredients. We do not find it hard to believe that revenues synergies are significant post-merge...
Underlying
Koninklijke DSM N.V.

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.

Provider
Oddo BHF
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.

Analysts
Eric Wilmer

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