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 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
Jefferies Laurence Alexander
JP Morgan Chetan Udeshi
KBC Securities Wim Hoste
Kepler Chevreux Martin Rödiger
Mainfirst Bank Andreas Heine
Morgan Stanley Charlie Webb
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.

The figures reflect the agreed sale of all DSM’s Resins & Functional Materials businesses and their reclassification to discontinued operations. The sale includes DSM Niaga®, DSM Additive Manufacturing and the coatings activities of DSM Advanced Solar.

Preliminary comparative figures reflecting this reclassification were published on 8 October and can be found in the annex to this press release.

Analysts’ consensus Q3 2020 and FY 2020 as at 13 October 2020

  Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020E FY 2020E
Nutrition, Sales                  
Highest               1,633 6,474
Consensus 1,517 1,512 1,544 1,455 6,028 1,575 1,649 1,580 6,374
Median               1,577 6,373
Lowest               1,524 6,263
Nutrition, adjusted EBITDA                  
Highest               336 1,350
Consensus 316 323 317 294 1,250 324 350 333 1,336
Median               333 1,337
Lowest               329 1,324
Nutrition, adjusted EBIT                  
Highest               239 964
Consensus 228 234 225 194 881 229 249 234 944
Median               233 944
Lowest               228 928
                   
Materials, Sales (continuing operations only)                  
Highest               403 1,807
Consensus 449 443 435 417 1,744 413 317 370 1,531
Median               371 1,508
Lowest               333 1,414
Materials, adjusted EBITDA (continuing operations only)                  
Highest               63 315
Consensus 91 97 90 94 372 85 40 58 262
Median               58 251
Lowest               54 235
Materials, adjusted EBIT (continuing operations only)                  
Highest               37 194
Consensus 67 72 65 66 270 60 15 33 162
Median               33 151
Lowest               29 143
                   
Innovation Center, Sales (continuing operations only)                  
Highest               51 196
Consensus 44 42 47 51 184 47 44 48 187
Median               49 190
Lowest               40 172
Innovation Center, adjusted EBITDA (continuing operations only)                  
Highest               7 25
Consensus 6 7 6 7 26 5 6 4 22
Median               5 22
Lowest               2 18
Innovation Center, adjusted EBIT (continuing operations only)                  
Highest               14 -16
Consensus 0 -3 -4 -5 -12 -4 -5 -3 -21
Median               -5 -20
Lowest               -8 -26
                   
Corporate Activities, Sales                  
Highest               25 70
Consensus 11 11 9 11 42 10 10 11 45
Median               10 42
Lowest               8 40
Corporate Activities, adjusted EBITDA                  
Highest               -24 -94
Consensus -25 -25 -25 -22 -97 -24 -25 -25 -98
Median               -25 -99
Lowest               -26 -100
Corporate Activities, adjusted EBIT                  
Highest               -27 -140
Consensus -41 -40 -36 -33 -150 -35 -37 -36 -146
Median               -37 -147
Lowest               -38 -150
                   
DSM continuing operations Sales                  
Highest               2,040 8,426
Consensus 2,021 2,008 2,035 1,934 7,998 2,045 2,020 2,014 8,168
Median               2,027 8,168
Lowest               1,931 7,926
DSM continuing operations adjusted EBITDA                  
Highest               374 1,559
Consensus 388 402 388 373 1,551 390 371 369 1,521
Median               368 1,511
Lowest               365 1,494
DSM continuing operations adjusted EBIT                  
Highest               260 976
Consensus 254 263 250 222 989 250 222 228 941
Median               224 941
Lowest               219 914
  Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020E FY 2020E
Sales (discontinued operations)                  
Highest               235 932
Consensus 271 268 255 218 1,012 248 219 222 896
Median               228 900
Lowest               199 851
adjusted EBITDA (discontinued operations)                  
Highest               35 136
Consensus 36 36 38 23 133 33 31 32 123
Median               32 122
Lowest               27 117
adjusted EBIT (discontinued operations)                  
Highest               24 92
Consensus 25 26 26 9 86 22 20 21 79
Median               21 79
Lowest               19 72
  Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020E FY 2020E
Sales (total)                  
Highest               2,275 9,136
Consensus 2,292 2,276 2,290 2,152 9,010 2,293 2,239 2,234 8,989
Median               2,240 9,008
Lowest               2,141 8,805
adjusted EBITDA ( total)                  
Highest               411 1,667
Consensus 424 438 426 396 1,684 423 402 404 1,638
Median               403 1,635
Lowest               399 1,616
adjusted EBIT (total)                  
Highest               281 1,050
Consensus 279 289 276 231 1,075 272 242 250 1,015
Median               247 1,013
Lowest               241 987
                   
Total Profit for the period, before exceptional items                  
Number of Estimates               11 12
Highest               227 808
Consensus 200 215 244 171 830 216 183 174 748
Median               180 745
Lowest               100 643
Total Net EPS before exceptional items                  
Number of Estimates               11 12
Highest               1.30 4.64
Consensus 1.12 1.20 1.36 0.96 4.64 1.24 1.06 1.01 4.34
Median               1.03 4.34
Lowest               0.56 3.69

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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