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DSM Firmenich AG DSFIR

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Stock XAMS Rating as of
€103.75 −1.95 (1.84%)
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Company Report

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DSM-Firmenich Earnings: In-Line EBITDA Delivery; Volume Growth for Fragrances Disappoints

Diana Radu

We confirm our EUR 130 fair value estimate for wide-moat DSM-Firmenich after it reported first-quarter 2024 adjusted EBITDA of EUR 463 million, in line with the Vara consensus. This represents an 11% decrease compared with the same period last year, which was mainly attributed to ongoing challenging market conditions in vitamins. Still, management indicated that market momentum is improving and confirmed full-year EBITDA guidance of at least EUR 1.9 billion, which is broadly aligned with our forecast of full-year adjusted EBITDA of around EUR 2 billion.

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Price vs Fair Value

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DSFIR is trading at a 19% discount.
Price
€105.70
Fair Value
€418.00
Uncertainty
Medium
1-Star Price
€252.40
5-Star Price
€44.00
Economic Moat
Gjyg
Capital Allocation
Tftcltdh

Bulls Say, Bears Say

Bulls

The combination of DSM and Firmenich provides a compelling proposition for large multinational customers, with the company able to provide a wide range of specialized ingredients and solutions across nutrition as well as flavor and fragrance.

Bears

The limited overlap between DSM's and Firmenich's businesses will make it difficult for management to achieve all the planned revenue synergies.

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Trading Information

Previous Close Price
€105.70
Day Range
€99.94–107.85
52-Week Range
€75.45–120.66
Bid/Ask
€103.10 / €104.50
Market Cap
€27.52 Bil
Volume/Avg
993,886 / 481,095

Key Statistics

Price/Earnings (Normalized)
64.92
Price/Sales
2.32
Dividend Yield (Trailing)
1.51%
Dividend Yield (Forward)
2.37%
Total Yield
1.51%

Company Profile

DSM-Firmenich is a global science-based company formed in 2023 through the merger of DSM, a Dutch nutrition, health, and sustainable living player, and Switzerland-based Firmenich, the third-largest player in the flavor and fragrance market. The company serves a wide range of end-consumer markets providing nutrition solutions ranging from animal feed to medical and early-life nutrition, fragrances for personal-, home-, and laundry-care brands, prestige perfumes, and other ingredients for food and beverage, home, and personal care. DSM-Firmenich has nearly 30,000 employees, with more than 2,000 scientists and engineers spread across 15 research and development facilities.
Sector
Consumer Defensive
Industry
Household & Personal Products
Stock Style Box
Large Growth
Total Number of Employees
30,000
Website
https://www.dsm-firmenich.com/corporate/home.html

Competitors

Valuation

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Metric
DSFIR
IFF
SY1
Price/Earnings (Normalized)
 64.9236.0539.50
Price/Book Value
 1.221.473.88
Price/Sales
 2.321.872.98
Price/Cash Flow
 23.6322.4521.17
Price/Earnings
DSFIR
IFF
SY1

Financial Strength

Metric
DSFIR
IFF
SY1
Quick Ratio
 1.200.741.54
Current Ratio
 1.961.672.89
Interest Coverage
 −3.42−5.635.75
Quick Ratio
DSFIR
IFF
SY1

Profitability

Metric
DSFIR
IFF
SY1
Return on Assets (Normalized)
 1.31%0.70%4.34%
Return on Equity (Normalized)
 2.01%1.40%9.53%
Return on Invested Capital (Normalized)
 1.93%1.90%6.39%
Return on Assets
DSFIR
IFF
SY1
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