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Stock impact report

DSM-Firmenich: Not Seeing Much Benefit From The Merger Yet [Seeking Alpha]

International Flavors & Fragrances, Inc. (IFF) 
Last international flavors & fragrances, inc. earnings: 2/12 04:15 pm Check Earnings Report
US:NYSE Investor Relations: ir.iff.com
Company Research Source: Seeking Alpha
The company continues to invest heavily in R&D, with recent breakthroughs including the creation of a new flavor ingredient using AI. The balance sheet situation is clarified, with net debt at €2.2 billion and a reasonable gearing level. Proposed dividend of €2.50 per share. Valuation looks reasonable with a forward EV/EBITDA of roughly 15x, but the company has yet to show much progress on the promised merger synergies. We are updating our coverage of DSM-Firmenich ( OTC:DSFIY OTC:DSMFF ) after the company delivered full-year 2023 financial results, and made some additional announcements like the planned separation of their Animal Nutrition & Health business. In our last article , we gave the company a "Neutral" rating given its strong competitive moat, balanced with shares being fully valued and challenges in the vitamin market. As a reminder, DSM-Firmenich is the result of the merger of DSM ( OTC:KDSKF ), which is a leader in nutrition, health, and bio-sciences, with privat Show less Read more
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