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 Mutlu Gundogan
AllianceBernstein Gunther Zechman
Bank of America Merrill Lynch Matthew Yates
Barclays Sebastian Satz
Berenberg Bank Sebastian Bray
Citigroup Thomas Wrigglesworth
Credit Suisse Chris Counihan
Davy Research Cathal Kenny
Deutsche Bank Virginie Boucher-Ferte
Equita Massimo Bonisoli
Exane BNP Paribas Nicola Tang
Goldman Sachs Georgina Iwamoto
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
DeGroof Petercam Fernand de Boer
Redburn Ranulf Orr
Société Générale Thomas Swoboda
Stifel Andreas Heine
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 April 2021

  Q1 2020 Q2 2020 Q3 2020  Q4 2020  FY 2020 Q1 2021 E FY 2021 E
Sales (continuing)              
Number of Estimates           13 14
Highest           2,212 9,117
Consensus 2,045 2,020 1,961 2,080 8,106 2,150 8,729
Median           2,162 8,690
Lowest           2,028 8,442
adjusted EBITDA (continuing)              
Number of Estimates           13 14
Highest           432 1,760
Consensus 390 371 383 390 1,534 423 1,728
Median           424 1,725
Lowest           409 1,697
adjusted EBIT (continuing)              
Number of Estimates           12 13
Highest           285 1,177
Consensus 250 222 238 219 929 262 1,080
Median           259 1,083
Lowest           248 1,025
Nutrition, Sales              
Number of Estimates           14 15
Highest           1,704 6,883
Consensus 1,575 1,649 1,547 1,594 6,365 1,656 6,787
Median           1,661 6,799
Lowest           1,559 6,622
Nutrition, adjusted EBITDA              
Number of Estimates           14 15
Highest           359 1,490
Consensus 324 350 340 324 1,338 349 1,455
Median           350 1,452
Lowest           340 1,437
Nutrition, adjusted EBIT              
Number of Estimates           13 13
Highest           251 1,049
Consensus 229 249 239 202 919 235 995
Median           235 994
Lowest           220 950
Materials, Sales
(continuing operations only)
             
Number of Estimates           13 14
Highest           458 1,770
Consensus 413 317 362 426 1,518 435 1,688
Median           438 1,696
Lowest           412 1,579
Materials, adjusted EBITDA
(continuing operations only)
             
Number of Estimates           13 14
Highest           100 372
Consensus 85 40 62 85 272 92 344
Median           91 342
Lowest           87 319
Materials, adjusted EBIT
(continuing operations only)
             
Number of Estimates           12 12
Highest           74 272
Consensus 60 15 37 56 168 66 239
Median           65 237
Lowest           59 205
Innovation Center, Sales
(continuing operations only)
             
Number of Estimates           13 14
Highest           55 220
Consensus 47 44 42 51 184 49 196
Median           49 193
Lowest           46 183
Innovation Center, adjusted EBITDA
(continuing operations only)
             
Number of Estimates           13 14
Highest           10 40
Consensus 5 6 5 5 21 6 27
Median           6 25
Lowest           4 22
Innovation Center, adjusted EBIT
(continuing operations only)
             
Number of Estimates           12 12
Highest           -1 -3
Consensus -4 -5 -4 -4 -17 -3 -11
Median           -4 -13
Lowest           -6 -18
Corporate Activities, Sales              
Number of Estimates           14 15
Highest           16 297
Consensus 10 10 10 9 39 10 58
Median           10 40
Lowest           9 36
Corporate Activities, adjusted EBITDA              
Number of Estimates           14 15
Highest           -24 -92
Consensus -24 -25 -24 -24 -97 -25 -98
Median           -25 -98
Lowest           -25 -102
Corporate Activities, adjusted EBIT              
Number of Estimates           13 13
Highest           -34 -134
Consensus -35 -37 -34 -35 -141 -36 -142
Median           -36 -142
Lowest           -37 -150

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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