EU BASIC INDUSTRIES: DSM-Firmenich: Q3 Results Headlines (DSFIR; A3/A-/NR)
Neutral.
• Q3 revenue €3,070m +2% organic, -5% reported. In line with expectations.
• EBITDA €540m flat.
• Reducing Adj EBITDA outlook to €2.3bn from ~€2.4bn reflecting €90m FX effect and €50m lower ANH contribution.
• Animal Health sale should conclude in Q4.
• Adj EBITDA Margin 20% ex ANH. This is up from 19.4% H1 25 and 15.5% H1 24
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Historical bullets
EURIBOR OPTIONS: Mid Curve Call Spread
0RV5 98.00/98.0625cs, bought for 1.25 in 5k.
SONIA OPTIONS: Ratio Put Spread
SFIF6 96.25/96.15ps 1x2, bought for 1.5 in 1k.
SILVER TECHS: Bull Cycle Extends
- RES 4: $49.444 - 3.236 proj of the Sep 4 - 16 - 17 price swing
- RES 3: $49.000 - Round number resistance
- RES 2: $47.857 - 2.618 proj of the Sep 4 - 16 - 17 price swing
- RES 1: $47.251 - 2.382 proj of the Sep 4 - 16 - 17 price swing
- PRICE: $46.666 @ 08:11 BST Sep 30
- SUP 1: $44.601/42.933 - Low Sep 26 / 20-day EMA
- SUP 2: $40.619 - 50-day EMA
- SUP 3: $38.580 - Low Aug 28
- SUP 4: $36.965 - Low Aug 20
Trend signals in Silver remain bullish. The metal traded higher on Monday as the bull cycle extends. Note that moving average studies are in a bull-mode position too, reinforcing current conditions. Sights are $47.251 next, a 2.382 projection of the Sep 4 - 16 - 17 price swing. Clearance of this level would pave the way for a climb towards $47.857, the 2.618 projection. Initial firm support to watch lies at $42.933, the 20-day EMA.
