DSM Firmenich AG

DSFIR: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€275.00	Ymky	Wlgjnmm

DSM-Firmenich Earns a Wide Moat Given Leading Positions Across Food, Flavor, Fragrance, and Health

Diana Radu

Jul 18, 2023

Business Strategy and Outlook

DSM-Firmenich is one of the largest consumer chemical companies in the world. Following the merger of Fermenich and DSM, a majority of the revenue is derived from segments that benefit from leading market positions across increasingly consolidated industries, such as flavor and fragrance, or F&F, and the broader food ingredients market. This has earned the company a wide moat, stemming from intangible assets and switching costs.

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