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Sep 17 2025, 07:00 IST/BST
Foods
Updating dsm-firmenich model as vitamin prices decline; previewing Givaudan Q3
- Sectors : Foods
- Companies : Givaudan | dsm-firmenich
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| Givaudan | OUTPERFORM | 09/09/25 | Neutral | 31/01/24 | 335400chf |
| dsm-firmenich | OUTPERFORM | 09/10/20 | Neutral | 13/02/20 | 7872c |
DAVY VIEW
We have updated our dsm-firmenich (DSFIR) model to reflect the recent decline in vitamin markets, which in part drives a 2-2.5% cut to EBITDA forecasts for FY25 and FY26. We lower our DSFIR price target to €107 (from €115). For Givaudan, which reports Q3 results on October 14th, we leave our forecasts unchanged while noting the hurdle of prior year comps.
