Added to YB: 2026-04-09
Pitch date: 2026-04-07
DSFIR.AS [neutral]
DSM-Firmenich AG
-1.05%
current return
Author Info
Sector Stories is an ex-JPM buyside, analysing stocks mostly through a broader sector lens, and using substack to sharpen, share and track investment ideas. Sign up for the newsletter.
Company Info
DSM-Firmenich AG provides nutrition, health, and beauty solutions in Switzerland, the Netherlands, rest of Europe, the Middle East and Africa, North America, Latin America, China, and rest of Asia.
Market Cap
EUR 15.4B
Pitch Price
EUR 62.68
Price Target
N/A
Dividend
4.07%
EV/EBITDA
13.28
P/E
58.28
EV/Sales
2.10
Sector
Chemicals
Category
N/A
Sector Story: Flavours & Fragrances Part VI - DSM-Firmenich
DSM-Firmenich AG (DSFIR.AS) (deep dive): F&F player post-2023 merger, now exiting ANH to focus on P&B (42% sales), TTH (35%), HNC (23%). Fragrance underperformed peers 6yr (4.5% vs Givaudan 7.8%, Symrise 5.6%); flavours recently stabilized; HNC weak at 1% growth 2024-25. Mid-term targets: 4-6% organic growth (stepped down from 5-7%), 22-23% EBITDA margin by 2028, >14% adj cash margin. Concerns: messy accounting/restatements, revenue synergies unlikely, CEO owns only 3x base salary, EUR1.9bn ANH impairment. Trades 16x NTM EV/EBIT, 4.2% FCF yield - sector mid-point. Too many moving parts, insufficient discount given transparency/execution risks.
Read full article (20 min)