Koninklijke DSM N.V.

DSM-Firmenich, based in the Netherlands and Switzerland, was created by the 2023 merger of nutrition group DSM and fragrance maker Firmenich. It makes the vitamins, enzymes, flavours, fragrances and health ingredients that go into food, supplements, perfumes and animal feed, a portfolio of small but essential components with sticky demand. As a young combined company still capturing merger benefits, it pays a modest dividend, so the yield is small. The stock is valued mainly for the long-term growth of its nutrition and fragrance ingredients rather than for income, with the payout a secondary consideration.