IEXCL schreef op 9 januari 2025 10:13:
Stifel upgrades DSM-Firmenich to "buy" from "hold" seeing potential additional shareholder returns
It sees the divestment of DSM's Animal Nutrition & Health business as an important catalyst and says its value might be underestimated
It notes the proceeds will give DSM a net-cash position allowing additional 2-3 billion euros shareholder returns in 2026
After delivering 200 mln euros ($205.98 mln) in cost savings and merger synergies in 2024, Stifel expects DSM to deliver on its target of another 200 mln euros in 2025
Stifel however expects a slow recovery in 2025 and sees no major macro tailwind in 2025