Consensus figures
A number of international financial analysts cover DSM. The most recent consensus figures – provided by Vara Research – are detailed below. The figures are based on the estimates given by the banks that were approached by Vara Research.
Analyst consensus as of 20 April 2012
Q1 2012 E
| million € | Average | High | Low |
|---|---|---|---|
| (continued operations) | |||
| Sales | 2,225 | 2,380 | 2,011 |
| EBITDA | 291 | 323 | 256 |
| EBIT | 182 | 213 | 152 |
| Number of estimates | 17 |
FY 2012 E
| million € | Average | High | Low |
|---|---|---|---|
| (continued operations) | |||
| Sales | 9,064 | 9,544 | 8,716 |
| EBITDA | 1,221 | 1,306 | 1,140 |
| EBIT | 789 | 885 | 696 |
| Number of estimates | 17 |
Q1 2012 EBITDA per cluster
| EBITDA in million € | Average | High | Low |
|---|---|---|---|
| (continued operations) | |||
| Nutrition | 187 | 195 | 179 |
| Pharma | 8 | 12 | 0 |
| Performance Materials | 72 | 85 | 56 |
| Polymer Intermediates | 61 | 86 | 45 |
| Innovation | -14 | -12 | -17 |
| Others | -24 | -18 | -30 |
| Number of estimates | 15 |
FY 2012 EBITDA per cluster
| EBITDA in million € | Average | High | Low |
|---|---|---|---|
| (continued operations) | |||
| Nutrition | 771 | 785 | 760 |
| Pharma | 45 | 55 | 37 |
| Performance Materials | 301 | 327 | 278 |
| Polymer Intermediates | 255 | 303 | 204 |
| Innovation | -56 | -46 | -74 |
| Others | -94 | -70 | -101 |
| Number of estimates | 16 |
DSM targets 2013
| FY 2012 E | FY 2013 E | |
|---|---|---|
| EBITDA (in mln €) | 1,221 | 1,332 |
| ROCE | 11.4% | 12.4% |
| Organic sales growth | -0.2% | 4.3% |
| Number of estimates | 8 | 8 |
Cluster EBITDA margins aspirations
| in % | FY 2012 E | FY 2013 E |
|---|---|---|
| Nutrition | 21.5% | 21.5% |
| Pharma | 7.5% | 9.2% |
| Performance Materials | 10.9% | 11.9% |
| Polymer Intermediates | 15.3% | 15.6% |
| Number of estimates | 15 | 14 |
Cluster sales growth aspirations
| in % | FY 2012 E | FY 2013 E |
|---|---|---|
| Nutrition | 6.7% | 4.5% |
| Performance Materials | 0.3% | 4.3% |
| Number of estimates | 15 | 13 |
DSM Disclaimer
Consensus earnings estimates are based on earnings projections made by securities analysts who cover DSM. Any opinions, forecasts, estimates, projections or predictions regarding DSM’s performance made by the analysts (and, therefore, the Consensus estimate numbers) are theirs alone and do not represent the opinions, forecasts, estimates, projections or predictions of DSM or its management. DSM does not by providing these estimates imply its endorsement of or concurrence with such information, conclusions or recommendations. DSM assumes no liability for the accuracy of such estimates and undertakes no obligation to update or revise such estimates.
Page updated on 19 Oct 2011
