DSM

Firmenich FY22 results reflect sector trends

  • Sectors : Foods
  • Companies : DSM

Ratings and price correct at time of issue.

  • DSM

    Closing Price: 14860c

  • RATING 09/10/20

  • PREVIOUS RATING 13/02/20

    NEUTRAL

DAVY VIEW

Firmenich’s FY22 statement highlights a strong organic growth performance with FY and H2-22 sales growing +11.1% and +10% respectively. Both Perfumery and Ingredients and Taste and Beyond maintained healthy levels of organic growth through the period. Adjusted EBITDA grew 10.1% year-on-year (yoy) - growth was first-half weighted as margin fell in H2. Akin to its peers, Firmenich reported a decline in free cash flow due to the negative impact of greater working capital investment. Management will host a webcast at 09:00 GMT.

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Aug 5 2022, 07:50 IST/BST

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