Analysts & Vara consensus

Our coverage & latest figures

Sell-side analyst coverage

A wide range of sell-side analysts provide coverage of DSM for their clients and the broader market is contributing to the VARA consensus in 2020.

Institution Analyst
ABN AMRO Eric Wilmer
AllianceBernstein Gunther Zechman
Bank of America Merrill Lynch Matthew Yates
Barclays Sebastian Satz
Berenberg Bank Sebastian Bray
Citigroup Mubasher Chaudry
Credit Suisse Samuel Perry
Davy Research Cathal Kenny
Deutsche Bank Virginie Boucher-Ferte
Equita Massimo Bonisoli
Exane BNP Paribas Nicola Tang
Goldman Sachs Georgina Fraser
HSBC Martin Evans
ING Reg Watson
Jefferies Chris Counihan
JP Morgan Chetan Udeshi
KBC Securities Wim Hoste
Kepler Chevreux Martin Rödiger
Morgan Stanley Charlie Webb
Morningstar Rob Hales
DeGroof Petercam Fernand de Boer
Redburn Daniel Chung
Société Générale Thomas Swoboda
Stifel Isha Sharma
UBS Andrew Stott

Disclaimer
Any opinions, forecasts, estimates, projections or predictions regarding DSM’s performance made by the analysts are theirs alone and do not represent the opinions, forecasts, estimates, projections or predictions of DSM or its management. By providing the names of the analysts, DSM does not imply its endorsement of or concurrence with their reports, conclusions or recommendations. DSM assumes no liability for the accuracy of the information provided by analysts and undertakes no obligation to update this information.

Latest consensus figures

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.

DSM earnings estimates as of 17 January 2022

  Q4 2020 FY 2020 Q4 2021 E FY 2021 E FY2022E
Sales (continuing)          
  - Number of Estimates     17 17 17
  - Highest     2.316 9.103 9.937
  - Consensus 2.080 8.106 2.255 9.042 9.669
  - Median     2.246 9.031 9.674
  - Lowest     2.076 8.863 9.194
adj. EBITDA (continuing)          
  - Number of Estimates     17 17 17
  - Highest     439 1.813 1.993
  - Consensus 390 1.534 424 1.798 1.920
  - Median     424 1.798 1.924
  - Lowest     404 1.778 1.835
adj. EBIT (continuing)          
  - Number of Estimates       17 17
  - Highest       1.179 1.328
  - Consensus 219 929   1.150 1.260
  - Median       1.148 1.262
  - Lowest       1.098 1.154
           
  Q4 2020 FY 2020 Q4 2021 E FY 2021 E FY2022E
Nutrition, Sales          
  - Number of Estimates     16 16 16
  - Highest     1.785 6.957 7.578
  - Consensus 1.594 6.365 1.716 6.888 7.399
  - Median     1.721 6.893 7.404
  - Lowest     1.594 6.766 7.140
Nutrition, adj. EBITDA          
  - Number of Estimates     17 17 16
  - Highest     369 1.465 1.607
  - Consensus 324 1.338 349 1.445 1.564
  - Median     348 1.444 1.563
  - Lowest     329 1.425 1.497
Nutrition, adj. EBIT          
  - Number of Estimates       15 15
  - Highest       1.005 1.157
  - Consensus 202 919   969 1.082
  - Median       965 1.068
  - Lowest       942 1.002
           
  Q4 2020 FY 2020 Q4 2021 E FY 2021 E FY2022E
Materials, Sales (continuing operations only)          
  - Number of Estimates     16 16 16
  - Highest     522 1.968 2.168
  - Consensus 426 1.518 477 1.923 2.017
  - Median     479 1.926 2.038
  - Lowest     413 1.859 1.818
Materials, adj. EBITDA (continuing operations only)          
  - Number of Estimates     17 17 16
  - Highest     103 437 476
  - Consensus 85 272 93 427 428
  - Median     94 428 429
  - Lowest     76 410 357
Materials, adj. EBIT (continuing operations only)          
  - Number of Estimates       15 15
  - Highest       344 366
  - Consensus 56 168   325 324
  - Median       327 332
  - Lowest       301 255
Innovation Center, Sales (continuing operations only)          
  - Number of Estimates       16 16
  - Highest       191 214
  - Consensus 51 184   185 197
  - Median       186 199
  - Lowest       172 176
Innovation Center, adj. EBITDA (continuing operations only)          
  - Number of Estimates     16 16 16
  - Highest     9 26 31
  - Consensus 5 21 6 23 27
  - Median     6 23 27
  - Lowest     2 19 23
Innovation Center, adj. EBIT (continuing operations only)          
  - Number of Estimates       15 15
  - Highest       9 20
  - Consensus -4 -17   -5 -4
  - Median       -6 -9
  - Lowest       -16 -19
Corporate Activities, Sales          
  - Number of Estimates       16 16
  - Highest       53 62
  - Consensus 9 39   46 47
  - Median       46 46
  - Lowest       39 39
Corporate Activities, adj. EBITDA          
  - Number of Estimates     16 16 16
  - Highest     -24 -97 -90
  - Consensus -24 -97 -25 -98 -100
  - Median     -25 -98 -100
  - Lowest     -27 -100 -105
Corporate Activities, adj. EBIT          
  - Number of Estimates       15 15
  - Highest       -120 -118
  - Consensus -35 -141   -139 -142
  - Median       -141 -143
  - Lowest       -144 -157
'          
Adjusted net profit          
  - Number of Estimates       15 15
  - Highest       927 1.032
  - Consensus 167 711   863 967
  - Median       856 962
  - Lowest       801 906
Adjusted net EPS          
  - Number of Estimates       15 15
  - Highest       5,32 5,98
  - Consensus 0,98 4,12   4,99 5,59
  - Median       4,96 5,56
  - Lowest       4,65 5,21

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 estimate

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