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1. Company Snapshot

1.a. Company Description

DSM-Firmenich AG, a science-based company, engages in beauty, health, and nutrition businesses in the Netherlands, Switzerland, rest of Europe, North America, Latin America, China, rest of Asia, and internationally.It operates through Perfumery & Beauty; Animal Nutrition & Health (ANH); Health, Nutrition & Care (HNC); and Food & Beverage segments.The Perfumery & Beauty offers perfumery and aroma ingredients.


The Animal Nutrition & Health segment offers essential products, including vitamins, premixes, and carotenoids; performance solutions, such as enzymes, microbes, and eubiotics; precision services comprising support with data analysis to measure animal health and environmental footprint on farm level and feed safety; and methane reducing feed additive for ruminants.The Health, Nutrition & Care segment provides solutions for the early life nutrition, dietary supplement, pharmaceutical, medical nutrition, personal care and aroma, and biomedical materials markets.It offers vitamins, nutritional lipids, minerals, carotenoids, nutraceuticals, digestive enzymes, probiotics and prebiotics, active pharmaceutical ingredients, and sunscreen filters, as well as a range of biomedical solutions; premix, market-ready solutions, and personalized nutrition solutions; and regulatory affairs and formulation expertise, and customized solutions.


The Food & Beverage segment provides ingredients and solutions for use in a range of food products, such as dairy; bakery, cereals, and bars; savory food; beverages and brewing; confectionery and fruit; plant-based meat and fish alternatives; and petfood.The company was founded in 1902 and is headquartered in Kaiseraugst, Switzerland.

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1.b. Last Insights on DSFIR

DSM-Firmenich AG faced negative drivers in recent months. The company's H1 2025 results revealed a mixed bag, with revenue growth of 3.4% to €6.51 billion, but EPS of €1.94, significantly higher than €0.16 in H1 2024. The company completed the sale of its Feed Enzymes business for €1.5 billion and accelerated its €1 billion share buyback program. However, the company's Animal Nutrition & Health exit process and redemption of a €750 million hybrid bond may have raised concerns. Additionally, the company's progress on its share repurchase program, while aimed at reducing capital, may not have alleviated investor concerns.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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dsm-firmenich completes €1.08 billion share repurchase program

Dec -02

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Is It Time To Consider Buying DSM-Firmenich AG (AMS:DSFIR)?

Nov -26

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Weekly progress on share repurchase program to cover share plans and reduce capital

Nov -25

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Weekly progress on share repurchase program to cover share plans and reduce capital

Nov -18

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Weekly progress on share repurchase program to cover share plans and reduce capital

Nov -11

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Weekly progress on share repurchase program to cover share plans and reduce capital

Nov -04

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dsm-firmenich Q3 2025 trading update

Oct -30

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Weekly progress on share repurchase program to cover share plans and reduce capital

Oct -28

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.28%)

6. Segments

Perfumery & Beauty

Expected Growth: 5.2%

DSM-Firmenich AG, a leading perfume and flavour company, is poised for expansion driven by increasing consumer preference for sustainable and natural ingredients, growing demand for premium fragrances, and rising adoption of clean-label products.

Animal Nutrition & Health

Expected Growth: 5.3%

DSM-Firmenich's AG's growth is driven by increasing demand for natural ingredients, expanding presence in emerging markets and strategic partnerships boosting innovation, resulting in a forecasted CAGR of 5.3%.

Taste, Texture & Health

Expected Growth: 8.5%

Growing demand for healthy and sustainable food options, increasing popularity of plant-based diets, and rising need for functional ingredients drive growth in specialty ingredients for food, beverages, and dietary supplements at DSM-Firmenich AG.

Health Nutrition & Care

Expected Growth: 6.5%

DSM-Firmenich’s focus on sustainable and innovative solutions drives growth in the flavor and fragrance industry, with increasing demand for natural ingredients and clean labels.

Corporate Activities

Expected Growth: 4.5%

DSM-Firmenich's Corporate Activities segment is expected to grow driven by increasing investments in R&D, expansion of headquarters, and rising overhead costs, aligning with the company's long-term strategy

7. Detailed Products

Flavours

DSM-Firmenich AG offers a wide range of flavours for the food and beverage industry, including natural and artificial flavourings, extracts, and essences.

Fragrances

The company provides a variety of fragrances for the perfume, cosmetics, and personal care industries, including fine fragrances, aroma compounds, and essential oils.

Taste Modulation

DSM-Firmenich AG offers taste modulation solutions that enhance or mask flavours, and provide sweetness or saltiness reduction.

Nutrition and Health

The company provides a range of nutritional ingredients, including vitamins, minerals, and other nutritional supplements.

Materials

DSM-Firmenich AG offers a range of materials, including biodegradable plastics, and high-performance materials for industrial applications.

8. DSM-Firmenich AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for DSM-Firmenich AG is moderate, as there are some alternatives available in the market, but they are not very close substitutes.

Bargaining Power Of Customers

The bargaining power of customers is low, as DSM-Firmenich AG has a diverse customer base and no single customer has a significant impact on the company's revenue.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as DSM-Firmenich AG has a diverse supplier base, but some suppliers may have some bargaining power due to their size and importance.

Threat Of New Entrants

The threat of new entrants is low, as the industry has high barriers to entry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high, as the industry is highly competitive, with many players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 16.42%
Debt Cost 3.95%
Equity Weight 83.58%
Equity Cost 7.52%
WACC 6.94%
Leverage 19.64%

11. Quality Control: DSM-Firmenich AG passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Reckitt Benckiser

A-Score: 6.0/10

Value: 1.3

Growth: 5.4

Quality: 5.2

Yield: 6.2

Momentum: 9.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Essity

A-Score: 5.5/10

Value: 5.1

Growth: 5.4

Quality: 5.7

Yield: 6.2

Momentum: 0.5

Volatility: 10.0

1-Year Total Return ->

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L'Oréal

A-Score: 5.0/10

Value: 2.0

Growth: 5.9

Quality: 7.8

Yield: 3.1

Momentum: 3.0

Volatility: 8.0

1-Year Total Return ->

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Unilever

A-Score: 4.9/10

Value: 2.0

Growth: 4.4

Quality: 5.0

Yield: 6.2

Momentum: 2.0

Volatility: 10.0

1-Year Total Return ->

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Beiersdorf

A-Score: 4.1/10

Value: 2.1

Growth: 5.4

Quality: 6.4

Yield: 1.2

Momentum: 0.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
DSM-Firmenich

A-Score: 3.8/10

Value: 4.7

Growth: 2.2

Quality: 4.6

Yield: 5.0

Momentum: 0.5

Volatility: 6.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

68.68$

Current Price

68.68$

Potential

-0.00%

Expected Cash-Flows