EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

DSM-Firmenich (DSFIR NA) Netherlands

Materials

the IDEA!

DSFIR looks to have the turned the corner with 1H24 results showing a clear beat of consensus almost across the board. Results are helped by an acceleration of sales growth in Q2 (vs. Q1) and by cost synergies as well as the impact of the vitamin transformation programme. Particularly impressive were the Y/Y sales growth in P&B and TTH, which accelerated from LSD in Q1 (+1.4% and +3.4%, respectively) to +13.1% (P&B) and +9.6% (TTH) in Q2. While the other two divisions showed positive growth as well. Overall, the results provide the IDEA! with even more confidence that the company is on the right course towards delivery on what it promised at the time of the merger.

Edition: 192

- 09 August, 2024