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
Macquarie James Knight
Mainfirst Bank Andreas Heine
Morgan Stanley Alexandra Thrum
DeGroof Petercam Fernand de Boer
Redburn Neil Tyler
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 Q3 2019 and FY 2019 as at 7 October 2019 (incl. IFRS16)

  Q3 2018 FY 2018 Q3 2019 (est.) FY 2019 (est.)
Group, sales (continuing)        
Number of Estimates     17 17
Highest     2,389 9,351
Consensus 2,265 9,267 2,293 9,175
Median     2,290 9,167
Lowest     2,245 9,066
         
Group, adjusted EBITDA (continuing) including "2018 Temporary Vitamin Effect"        
Number of Estimates     17 17
Highest     436 1,744
Consensus 406 1,822 424 1,696
Median     423 1,692
Lowest     416 1,674
of which estimated adjusted EBITDA from"Temporary Vitamin Effect"        
Number of Estimates     - -
Highest     - -
Consensus 15 290 - -
Median     - -
Lowest     - -
Group, underlying business,  adjusted EBITDA        
Number of Estimates     17 17
Highest     436 1,744
Consensus 391 1,532 424 1,696
Median     423 1,692
Lowest     416 1,674
         
Group, adjusted EBIT (continuing)        
Number of Estimates     16 16
Highest     302 1,166
Consensus 283 1,345 281 1,117
Median     280 1,115
Lowest     268 1,084
         
Nutrition, sales        
Number of Estimates     17 17
Highest     1,599 6,243
Consensus 1,488 6,137 1,535 6,107
Median     1,530 6,115
Lowest     1,488 6,027
Nutrition, adjusted EBITDA        
Number of Estimates     17 17
Highest     330 1,305
Consensus 298 1,407 317 1,262
Median     316 1,258
Lowest     309 1,247
of which adjusted EBITDA from"Temporary Vitamin Effect"        
Number of Estimates     - -
Highest     - -
Consensus 15 290 - -
Median     - -
Lowest     - -
Nutrition underlying,  adjusted EBITDA        
Number of Estimates     17 17
Highest     330 1,305
Consensus 283 1,117 317 1,262
Median     316 1,258
Lowest     309 1,247
Nutrition, adjusted EBIT        
Number of Estimates     16 16
Highest     241 950
Consensus 220 1,111 227 905
Median     228 903
Lowest     216 883
         
Materials, sales        
Number of Estimates     17 17
Highest     734 2,907
Consensus 723 2,913 700 2,833
Median     696 2,821
Lowest     672 2,777
Materials, adjusted EBITDA        
Number of Estimates     17 17
Highest     134 526
Consensus 132 512 128 513
Median     128 512
Lowest     125 501
Materials, adjusted EBIT        
Number of Estimates     16 16
Highest     99 394
Consensus 99 383 94 376
Median     94 375
Lowest     90 361
         
Innovation Center, sales        
Number of Estimates     17 17
Highest     52 206
Consensus 43 172 46 188
Median     46 187
Lowest     42 175
Innovation Center, adjusted EBITDA        
Number of Estimates     17 17
Highest     6 25
Consensus 1 8 5 21
Median     5 21
Lowest     1 13
Innovation Center, adjusted EBIT        
Number of Estimates     16 16
Highest     1 3
Consensus -4 -14 -3 -11
Median     -3 -11
Lowest     -9 -24
         
Corporate Activities, sales        
Number of Estimates     17 17
Highest     20 62
Consensus 11 45 12 46
Median     11 45
Lowest     11 45
Corporate Activities, adjusted EBITDA        
Number of Estimates     17 17
Highest     -24 -97
Consensus -25 -105 -25 -100
Median     -25 -100
Lowest     -26 -105
Corporate Activities, adjusted EBIT        
Number of Estimates     16 16
Highest     -32 -131
Consensus -32 -135 -37 -152
Median     -37 -152
Lowest     -41 -166
         
Profit for the period, before exceptional items - Continuing Operations        
Number of Estimates     14 14
Highest     238.2 870.4
Consensus 209.0 1,034.0 209.3 824.1
Median     206.3 821.5
Lowest     189.0 785.2
Net EPS before exceptional items - Continuing Operations        
Number of Estimates     14 14
Highest     1.36 4.98
Consensus 1.18 5.84 1.20 4.73
Median     1.18 4.71
Lowest     1.07 4.52

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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