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 Laurence Alexander
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 Ranulf Orr
Société Générale Thomas Swoboda
Stifel Isha Sharma
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.

DSM earnings estimates as of 12 October 2021

  Q3 2020 FY 2020 Q3 2021 E FY 2021 E
Sales (continuing)        
Number of Estimates     15 17
Highest     2,304 9,071
Consensus 1,961 8,106 2,216 8,918
Median     2,213 8,938
Lowest     2,145 8,753
Adjusted EBITDA (continuing)        
Number of Estimates     15 17
Highest     464 1,845
Consensus 383 1,534 448 1,804
Median     449 1,809
Lowest     430 1,774
Adjusted EBIT (continuing)        
Number of Estimates       17
Highest       1,189
Consensus 238 929 na 1,154
Median       1,157
Lowest       1,110
Nutrition, Sales        
Number of Estimates     14 14
Highest     1,774 6,896
Consensus 1,547 6,365 1,700 6,780
Median     1,697 6,780
Lowest     1,638 6,628
Nutrition, adjusted EBITDA        
Number of Estimates     14 14
Highest     378 1,477
Consensus 340 1,338 365 1,451
Median     365 1,450
Lowest     355 1,423
Nutrition, adjusted EBIT        
Number of Estimates       13
Highest       986
Consensus 239 919 na 975
Median       975
Lowest       959
Materials, Sales (continuing operations only)        
Number of Estimates     14 14
Highest     489 1,958
Consensus 362 1,518 460 1,897
Median     467 1,894
Lowest     409 1,827
Materials, adjusted EBITDA (continuing operations only)        
Number of Estimates     14 14
Highest     110 443
Consensus 62 272 101 426
Median     104 429
Lowest     83 405
Materials, adjusted EBIT (continuing operations only)        
Number of Estimates       13
Highest       348
Consensus 37 168 na 324
Median       328
Lowest       291
Innovation Center, Sales (continuing operations only)        
Number of Estimates       14
Highest       193
Consensus 42 184 na 185
Median       185
Lowest       172
Innovation Center, adjusted EBITDA (continuing operations only)        
Number of Estimates     14 14
Highest     7 29
Consensus 5 21 6 24
Median     6 24
Lowest     4 20
Innovation Center, adjusted EBIT (continuing operations only)        
Number of Estimates       13
Highest       11
Consensus -4 -17 na -3
Median       -1
Lowest       -18
Corporate Activities, Sales        
Number of Estimates       14
Highest       51
Consensus 10 39 na 46
Median       46
Lowest       39
Corporate Activities, adjusted EBITDA        
Number of Estimates     14 14
Highest     -24 -97
Consensus -24 -97 -25 -98
Median     -25 -99
Lowest     -26 -100
Corporate Activities, adjusted EBIT        
Number of Estimates       13
Highest       -137
Consensus -34 -141 na -141
Median       -141
Lowest       -144

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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