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BASIC INDUSTRIES: DSM-Firmenich (DSFIR A3/A-/NR): 4Q24 Results

BASIC INDUSTRIES
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Firm results, credit neutral. The spinoff to come and subsequent capital structure remains the key credit driver.

  • DSM reported revenue in line with consensus.
  • Adj. EBITDA beat by 1%.
  • FY FCF was €1.4bn, ahead of €0.9bn expected, mainly due to lower-than-expected capex. We see net leverage at 1.6x, down from 1.8x YoY. Proforma the announced asset sale that drops to 1-1.1x by our estimates. A new €1bn share buyback was announced, which will consume some of the proceeds.
  • FY24 adj. EBITDA guidance at least €2.4bn, a touch ahead of consensus. Capex guidance is in line.
  • Webcast 08.00 GMT https://dsm-firmenich-fy-2024-results.open-exchange.net/.
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Firm results, credit neutral. The spinoff to come and subsequent capital structure remains the key credit driver.

  • DSM reported revenue in line with consensus.
  • Adj. EBITDA beat by 1%.
  • FY FCF was €1.4bn, ahead of €0.9bn expected, mainly due to lower-than-expected capex. We see net leverage at 1.6x, down from 1.8x YoY. Proforma the announced asset sale that drops to 1-1.1x by our estimates. A new €1bn share buyback was announced, which will consume some of the proceeds.
  • FY24 adj. EBITDA guidance at least €2.4bn, a touch ahead of consensus. Capex guidance is in line.
  • Webcast 08.00 GMT https://dsm-firmenich-fy-2024-results.open-exchange.net/.