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 2022.

Institution Analyst
ABN AMRO Eric Wilmer
AllianceBernstein Gunther Zechman
Bank of America Merrill Lynch Matthew Yates
Barclays Sebastian Satz
Berenberg Bank Sebastian Bray
Citigroup Ranulf Orr
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 Lisa De Neve
Morningstar Rob Hales
DeGroof Petercam Fernand de Boer
Redburn Artem Chubarov
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 2023

  Q4 2021 FY  2021

Q4 2022 

E

FY 2022 

E

FY 2023 

E

Continuing operations (Health, Nutrition & Bioscience + corp activities)
           
Sales (continuing operations)          
  - Number of Estimates     11 11 10
  - Highest     2,170 8,467 8,998
  - Consensus 1,928 7,269 2,109 8,405 8,681
  - Median     2,109 8,406 8,716
  - Lowest     2,028 8,325 8,460
Adj. EBITDA (continuing operations)          
  - Number of Estimates     11 11 10
  - Highest     300 1,402 1,440
  - Consensus 339 1,379 294 1,396 1,380
  - Median     296 1,398 1,383
  - Lowest     279 1,381 1,320
Adj. EBIT (total continuing operations)          
  - Number of Estimates       11 10
  - Highest       835 892
  - Consensus   808   807 787
  - Median       807 784
  - Lowest       789 724
           
Adjusted net profit (continuing operations)          
  - Number of Estimates       9 6
  - Highest       643 667
  - Consensus   858   596 593
  - Median       589 596
  - Lowest       563 519
           
Adjusted net EPS (continuing operations)          
  - Number of Estimates       9 6
  - Highest       3.60 3.83
  - Consensus   4.92   3.41 3.40
  - Median       3.35 3.45
  - Lowest       3.26 3.01
           
Health Nutrition & Bioscience, Sales          
  - Number of Estimates     11 11 10
  - Highest     2,158 8,403 8,891
  - Consensus 1,894 7,166 2,077 8,322 8,595
  - Median     2,084 8,329 8,639
  - Lowest     1,988 8,233 8,357
thereof Animal Health & Nutrition          
  - Number of Estimates     10 10 7
  - Highest     988 3,802 3,913
  - Consensus 917 3,347 942 3,756 3,777
  - Median     935 3,749 3,763
  - Lowest     892 3,706 3,595
thereof Health, Nutrition & Care          
  - Number of Estimates     10 10 7
  - Highest     755 2,989 3,113
  - Consensus 624 2,516 722 2,956 3,062
  - Median     725 2,959 3,101
  - Lowest     693 2,927 2,950
thereof Food & Beverage          
  - Number of Estimates     9 9 7
  - Highest     419 1,577 1,626
  - Consensus 339 1,256 394 1,552 1,612
  - Median     391 1,549 1,616
  - Lowest     375 1,533 1,580
thereof Other          
  - Number of Estimates     9 9 7
  - Highest     29 68 113
  - Consensus 14 47 13 52 63
  - Median     13 53 56
  - Lowest     5 44 48
           
Health Nutrition & Bioscience, adj. EBITDA          
  - Number of Estimates     11 11 10
  - Highest     323 1,497 1,538
  - Consensus 357 1,467 317 1,491 1,476
  - Median     319 1,493 1,479
  - Lowest     302 1,476 1,416
Health Nutrition & Bioscience, adj. EBIT          
  - Number of Estimates       10 9
  - Highest       975 1,034
  - Consensus   951   950 932
  - Median       948 918
  - Lowest       934 868
           
Corporate Activities, Sales          
  - Number of Estimates     11 11 10
  - Highest     53 105 107
  - Consensus 34 103 32 84 86
  - Median     32 84 90
  - Lowest     12 64 48
Corporate Activities, adj. EBITDA          
  - Number of Estimates     11 11 10
  - Highest     -21 -93 -90
  - Consensus -18 -88 -23 -95 -96
  - Median     -23 -95 -96
  - Lowest     -26 -98 -101
Corporate Activities, adj. EBIT          
  - Number of Estimates       10 9
  - Highest       -139 -140
  - Consensus   -143   -144 -147
  - Median       -145 -145
  - Lowest       -150 -159
           

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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