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 2018/19.

Institution Analyst
ABN AMRO Mutlu Gundogan
AllianceBernstein Gunther Zechman
Baader Helvea Laura Lopez Pineda
Bank of America Merrill Lynch Matthew Yates
Barclays Sebastian Satz
Berenberg Bank Sebastian Bray
Citigroup Thomas Wrigglesworth
Credit Suisse Chris Counihan
Davy Research Katy Hutchinson
Deutsche Bank Virginie Boucher-Ferte
Equita Massimo Bonisoli
Exane BNP Paribas Nicola Tang
Goldman Sachs Theodora Lee Joseph
HSBC Martin Evans
ING Reg Watson
JP Morgan Chetan Udeshi
KBC Securities Wim Hoste
Kepler Chevreux Martin Rödiger
Mainfirst Bank Andreas Heine
Morgan Stanley Alexandra Thrum
DeGroof Petercam Fernand de Boer
Redburn Ranulf Orr
Société Générale Thomas Swoboda
The Idea Paul Hofman
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.

Analysts’ consensus Q4 2019, FY 2019 and FY FY 2020 as at 20 Jan 2020 (incl. IFRS16)

  Q4 2018 FY 2018 Q4 2019 (est.) FY 2019 (est.) FY 2020 (est)
Sales (continuing)          
Number of Estimates     21 21 22
Highest     2,324 9,182 9,864
Consensus 2,208 9,267 2,252 9,110 9,507
Median     2,255 9,114 9,492
Lowest     2,183 9,047 9,267
adjusted EBITDA (continuing)          
Number of Estimates     21 21 22
Highest     399 1,687 1,843
Consensus 370 1,822 392 1,680 1,763
Median     392 1,680 1,763
Lowest     385 1,673 1,657
of which estimated adjusted EBITDA from"Temporary Vitamin Effect"          
Number of Estimates     - - -
Highest     - - -
Consensus 0 290 - - -
Median     - - -
Lowest     - - -
Underlying business,  adjusted EBITDA          
Number of Estimates     21 21 22
Highest     399 1,687 1,843
Consensus 370 1,532 392 1,680 1,763
Median     392 1,680 1,763
Lowest     385 1,673 1,657
adjusted EBIT (continuing)          
Number of Estimates     20 20 21
Highest     310 1,154 1,253
Consensus 245 1,345 251 1,096 1,175
Median     245 1,089 1,175
Lowest     234 1,078 1,098
           
Nutrition, Sales          
Number of Estimates     21 21 21
Highest     1,565 6,138 6,694
Consensus 1,444 6,137 1,513 6,086 6,426
Median     1,514 6,087 6,395
Lowest     1,454 6,027 6,244
Nutrition, adjusted EBITDA          
Number of Estimates     21 21 21
Highest     302 1,258 1,404
Consensus 270 1,407 294 1,250 1,330
Median     294 1,250 1,334
Lowest     289 1,245 1,282
of which adjusted EBITDA from"Temporary Vitamin Effect"          
Number of Estimates     - - -
Highest     - - -
Consensus 0 290 - - -
Median     - - -
Lowest     - - -
Nutrition underlying,  adjusted EBITDA          
Number of Estimates     21 21 21
Highest     302 1,258 1,404
Consensus 270 1,117 294 1,250 1,330
Median     294 1,250 1,334
Lowest     289 1,245 1,282
Nutrition, adjusted EBIT          
Number of Estimates     18 18 18
Highest     226 913 1,048
Consensus 193 1,111 204 890 960
Median     204 890 966
Lowest     193 879 890
Materials, Sales          
Number of Estimates     21 21 21
Highest     748 2,862 2,977
Consensus 698 2,913 676 2,791 2,838
Median     675 2,789 2,825
Lowest     635 2,755 2,734
Materials, adjusted EBITDA          
Number of Estimates     21 21 21
Highest     119 510 546
Consensus 119 512 116 507 513
Median     117 508 512
Lowest     114 505 494
Materials, adjusted EBIT          
Number of Estimates     18 18 18
Highest     92 377 414
Consensus 85 383 81 366 372
Median     81 366 373
Lowest     75 360 352
Innovation Center, Sales          
Number of Estimates     20 20 20
Highest     59 199 236
Consensus 54 172 49 189 202
Median     50 190 200
Lowest     30 170 170
Innovation Center, adjusted EBITDA          
Number of Estimates     20 20 20
Highest     7 23 32
Consensus 7 8 5 21 25
Median     5 21 24
Lowest     4 20 20
Innovation Center, adjusted EBIT          
Number of Estimates     18 18 18
Highest     2 -9 3
Consensus 2 -14 -3 -14 -10
Median     -4 -15 -11
Lowest     -7 -18 -18
Corporate Activities, Sales          
Number of Estimates     20 20 20
Highest     29 60 70
Consensus 12 45 14 45 48
Median     12 43 45
Lowest     11 42 40
Corporate Activities, adjusted EBITDA          
Number of Estimates     20 20 20
Highest     -21 -96 -87
Consensus -26 -105 -24 -99 -101
Median     -25 -100 -100
Lowest     -25 -100 -105
Corporate Activities, adjusted EBIT          
Number of Estimates     18 18 18
Highest     -13 -130 -129
Consensus -35 -135 -35 -151 -147
Median     -35 -152 -148
Lowest     -40 -157 -161
Profit for the period, before exceptional items - Continuing Operations          
Number of Estimates     19 19 19
Highest     228 895 975
Consensus 182 1034 186 843 889
Median     181 839 887
Lowest     126 785 808
Net EPS before exceptional items - Continuing Operations          
Number of Estimates     21 21 21
Highest     1.32 5.20 5.81
Consensus 1.02 5.84 1.09 4.79 5.20
Median     1.03 4.73 5.24
Lowest     0.97 4.65 4.83

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

Read more

  • Results center

    Instant overview of the financial results, updates, presentations & AGMs and all DSM's financial and regulatory press releases from the last decade.

  • Share center

    DSM's ordinary shares, share performance, share listings, share structure, cumulative preference shares and shareholder base.

This site uses cookies to store information on your computer.

Learn more