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 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 13 July 2022

  Q2 2021 H1 2021  FY 2021 Q2 2022 E H1 2022 E FY 2022 E
Continuing operations (Health, Nutrition & Bioscience + corp activities)
             
Sales (total continuing operations)            
  - Number of Estimates       10 10 10
  - Highest       2,103 4,111 8,252
  - Consensus 1,790 3,517 7,269 2,027 4,035 8,095
  - Median       2,031 4,039 8,109
  - Lowest       1,940 3,948 7,861
Adj. EBITDA (total continuing operations)            
  - Number of Estimates       10 10 10
  - Highest       390 757 1,484
  - Consensus 360 693 1,379 375 742 1,468
  - Median       374 741 1,469
  - Lowest       366 733 1,439
Adj. EBIT (total continuing operations)            
  - Number of Estimates         10 10
  - Highest         469 902
  - Consensus   423 808   443 871
  - Median         441 868
  - Lowest         425 838
             
HNB, Sales            
  - Number of Estimates       10 10 10
  - Highest       2,081 4,068 8,144
  - Consensus 1,760 3,471 7,166 2,002 3,989 7,996
  - Median       2,007 3,994 8,006
  - Lowest       1,914 3,901 7,780
thereof ANH            
  - Number of Estimates       7 7 7
  - Highest       939 1,820 3,759
  - Consensus 803 1,581 3,347 907 1,788 3,668
  - Median       898 1,779 3,638
  - Lowest       883 1,764 3,578
thereof HNC            
  - Number of Estimates       7 7 7
  - Highest       737 1,463 2,867
  - Consensus 635 1,260 2,516 720 1,446 2,812
  - Median       720 1,446 2,823
  - Lowest       705 1,431 2,744
thereof F&B            
  - Number of Estimates       7 7 7
  - Highest       380 742 1,483
  - Consensus 313 609 1,256 367 729 1,451
  - Median       373 735 1,457
  - Lowest       335 697 1,389
thereof Other            
  - Number of Estimates       7 7 7
  - Highest       18 36 72
  - Consensus 9 21 47 11 29 56
  - Median       10 28 56
  - Lowest       9 27 47
             
HNB, adj. EBITDA            
  - Number of Estimates       10 10 10
  - Highest       413 804 1,584
  - Consensus 382 741 1,467 399 790 1,561
  - Median       398 789 1,564
  - Lowest       389 780 1,527
HNB, adj. EBIT            
  - Number of Estimates         9 9
  - Highest         530 1,039
  - Consensus   498     515 1,015
  - Median         516 1,025
  - Lowest         501 981
             
Corporate Activities, Sales            
  - Number of Estimates       10 10 10
  - Highest       32 53 112
  - Consensus 30 46 103 25 46 100
  - Median       27 48 104
  - Lowest       17 38 70
Corporate Activities, adj. EBITDA            
  - Number of Estimates       10 10 10
  - Highest       -22 -46 -88
  - Consensus -22 -48 -88 -24 -48 -93
  - Median       -23 -47 -94
  - Lowest       -26 -50 -100
Corporate Activities, adj. EBIT            
  - Number of Estimates         8 8
  - Highest         -71 -137
  - Consensus   -75 -143   -76 -149
  - Median         -76 -149
  - Lowest         -78 -159
             
             
Discontinued Operations (Materials), Sales            
  - Number of Estimates       7 7 7
  - Highest       580 1,162 2,185
  - Consensus 504 971 1,935 540 1,122 2,139
  - Median       554 1,136 2,136
  - Lowest       492 1,072 2,089
Discontinued Operations (Materials), adj. EBITDA            
  - Number of Estimates       7 7 7
  - Highest       120 240 448
  - Consensus 124 232 435 111 231 423
  - Median       111 231 425
  - Lowest       103 223 394
Discontinued Operations (Materials), adj. EBIT            
  - Number of Estimates         7 7
  - Highest         183 367
  - Consensus - 183 331   176 324
  - Median         176 323
  - Lowest         165 295
             
Total DSM GROUP (incl discontinued)             
             
Total DSM GROUP Sales             
  - Number of Estimates       7 7 7
  - Highest       2,683 5,273 10,369
  - Consensus 2,294 4,488 9,204 2,578 5,168 10,288
  - Median       2,558 5,148 10,287
  - Lowest       2,494 5,084 10,223
Total DSM adj. EBITDA            
  - Number of Estimates       7 7 7
  - Highest       502 989 1,921
  - Consensus 484 925 1,814 484 971 1,887
  - Median       484 971 1,895
  - Lowest       473 960 1,846
Total DSM adj. EBIT            
  - Number of Estimates         7 7
  - Highest         636 1,233
  - Consensus   606 1,139   617 1,191
  - Median         617 1,197
  - Lowest         599 1,134
             
Adjusted net profit            
  - Number of Estimates         10 10
  - Highest         495 958
  - Consensus   422 858   423 817
  - Median         452 875
  - Lowest         330 641
Adjusted net EPS            
  - Number of Estimates         10 10
  - Highest         2.89 5.61
  - Consensus   2.41 4.92   2.45 4.72
  - Median         2.62 5.09
  - Lowest         1.91 3.71
             

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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