Added to YB: 2026-08-13
Pitch date: 2026-08-11
DSFIR.AS [neutral]
DSM-Firmenich AG
+0.39%
current return
Author Info
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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 23.0B
Pitch Price
EUR 92.20
Price Target
N/A
Dividend
2.69%
EV/EBITDA
20.71
P/E
72.69
EV/Sales
3.05
Sector
Chemicals
Category
special_situation
DSM-Firmenich (DSFIR Netherlands): Better margins and cash generation from the portfolio reshaping
DSFIR.AS (update): Portfolio reshaping yielding cleaner earnings. H1 LFL sales +5% (Q2 +6%), adj EBITDA margin 19.5% Q2 approaching 20% ambition, FY ~19.6%. ANH disposal brings ~€600M net cash (20% retained, +€500M earn-outs), leverage ~2x. ~€1B FCF 2026 (~11% sales), €500M/yr buybacks sustainable. Catalysts: TTH/HNC margins, ANH cash deployment.
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