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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ahold Delhaize: Serbia regulation to be litigated at international level. CM.com: Preview FY25. dsm-firmenich: At last! Exor: Stellantis shares fall sharply on €22bn turnaround plan, writeoff. Euronext: 2026 starting strong. Proximus: €275m impairment at Proximus Global

Hilde Van Boxstael ... (+4)
  • Hilde Van Boxstael
  • Kristof Samoy
  • Wim Hoste
  • Wim Lewi
Wim Hoste
  • Wim Hoste

DSM-Firmenich FIRST LOOK: Sale of ANH to CVC for EV of up to € 2.2bn

Dsm-firmenich announced the divestment of its ANH business to CVC, while it will retain a 20% minority stake for now. The deal value (EV of up to € 2.2bn for 100%; implying a c. 7x EV/normalized adjusted EBITDA multiple) is in line with recent market rumours although below our € 3bn forecast, while also other elements in the deal structure are a bit disappointing (price tag included €0.5bn earn-out, a loan & liquidity facility will be provided). Despite the lower than expected ANH deal metrics, ...

 PRESS RELEASE

dsm-firmenich announces agreement to divest Animal Nutrition & Health ...

dsm-firmenich announces agreement to divest Animal Nutrition & Health to CVC Capital Partners Press Release dsm-firmenich announces agreement to divest Animal Nutrition & Health to CVC Capital Partners Kaiseraugst (Switzerland), Maastricht (Netherlands), February 9, 2026 dsm-firmenich, innovators in nutrition, health, and beauty, today announces it has entered into an agreement with CVC, a leading global private markets manager, to divest its Animal Nutrition & Health (“ANH”) business for an enterprise value of about €2.2 billion, which includes an earnout of up to €0.5 billion. dsm-firm...

Stefano Toffano
  • Stefano Toffano
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aedifica and Cofinimmo: Exchange offer to start tomorrow / Alfen: Preview: new year, new chances / BAM Group: Nice add-on in the Dutch housing market / dsm-firmenich: Givaudan 2026 guidance read-across / Heijmans: Preview: 2025F was the cat's meow / Melexis: 4Q25 preview, towards a cyclical recovery / TomTom: Preview 4Q25, look beyond 2026 / Van Lanschot Kempen: Small UK Fiduciary mandate, second of the month though

Hilde Van Boxstael ... (+4)
  • Hilde Van Boxstael
  • Lynn Hautekeete
  • Thomas Couvreur
  • Wim Hoste
Reg Watson ... (+2)
  • Reg Watson
  • CFA

dsm-firmenich/Vitamin deficiency/BUY

Last year, we placed dsm-firmenich on our Benelux Favourites list because we believed that a clean disposal of the Animal Nutrition and Health (ANH) division would catalyse a re-rating towards the EBITDA multiples enjoyed by Symrise and Givaudan. Unfortunately, the company has been unable to meet the disposal timetable or its initial EBITDA guidance for 2025, and we now conclude that a disposal of ANH is unlikely to be clean or at a particularly good valuation. Although we still expect a re-rati...

 PRESS RELEASE

dsm-firmenich appoints Nikeisha van Sleeuwen as Chief Human Resources ...

dsm-firmenich appoints Nikeisha van Sleeuwen as Chief Human Resources Officer Press Release dsm-firmenich appoints Nikeisha van Sleeuwen as Chief Human Resources Officer Kaiseraugst (Switzerland), Maastricht (Netherlands), January 14, 2026 dsm-firmenich, the leading innovator in nutrition, health, and beauty, today announces the appointment of Nikeisha van Sleeuwen as Chief Human Resources Officer (CHRO). Effective April 1, 2026, she will report directly to Dimitri de Vreeze, dsm-firmenich’s Chief Executive Officer, and will serve as a member of the Executive Committee. She succeeds Miek...

Marc Zwartsenburg ... (+2)
  • Marc Zwartsenburg
  • CEFA

ING Benelux Favourites/Weekly performance and valuation update

We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 19 September 2025, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune.

Hilde Van Boxstael ... (+3)
  • Hilde Van Boxstael
  • Wim Hoste
  • Wim Lewi
 PRESS RELEASE

dsm-firmenich completes €1.08 billion share repurchase program

dsm-firmenich completes €1.08 billion share repurchase program Press Release dsm-firmenich completes €1.08 billion share repurchase program Kaiseraugst (Switzerland), Maastricht (Netherlands), December 2, 2025 dsm-firmenich, innovators in nutrition, health, and beauty, announces it has completed its share repurchase program for a value of €1.08 billion, ahead of the expected completion at the end of January 2026. On February 13, 2025, dsm-firmenich announced its intention to repurchase ordinary shares with an aggregate market value of €1 billion and reduce its issued capital. dsm-firme...

 PRESS RELEASE

Weekly progress on share repurchase program to cover share plans and r...

Weekly progress on share repurchase program to cover share plans and reduce capital Press Release Weekly progress on share repurchase program to cover share plans and reduce capital Kaiseraugst (Switzerland), Maastricht (Netherlands), November 25, 2025 dsm-firmenich, innovators in nutrition, health, and beauty, announced on February 13, 2025 its intention to repurchase ordinary shares with an aggregate market value of €1 billion and reduce its issued capital, starting with an initial €500 million. On April 1, 2025, the company commenced a program to repurchase ordinary shares for a total...

 PRESS RELEASE

Weekly progress on share repurchase program to cover share plans and r...

Weekly progress on share repurchase program to cover share plans and reduce capital Press Release Weekly progress on share repurchase program to cover share plans and reduce capital Kaiseraugst (Switzerland), Maastricht (Netherlands), November 18, 2025 dsm-firmenich, innovators in nutrition, health, and beauty, announced on February 13, 2025 its intention to repurchase ordinary shares with an aggregate market value of €1 billion and reduce its issued capital, starting with an initial €500 million. On April 1, 2025, the company commenced a program to repurchase ordinary shares for a total...

 PRESS RELEASE

Weekly progress on share repurchase program to cover share plans and r...

Weekly progress on share repurchase program to cover share plans and reduce capital Press Release Weekly progress on share repurchase program to cover share plans and reduce capital Kaiseraugst (Switzerland), Maastricht (Netherlands), November 11, 2025 dsm-firmenich, innovators in nutrition, health, and beauty, announced on February 13, 2025 its intention to repurchase ordinary shares with an aggregate market value of €1 billion and reduce its issued capital, starting with an initial €500 million. On April 1, 2025, the company commenced a program to repurchase ordinary shares for a total...

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