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 2019/20.

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
Jefferies Laurence Alexander
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 Q1 2020 and FY 2020 as at 8 April 2020

  Q1 2019 FY 2019 Q1 2020 (est.) FY 2020 (est.)
Sales (continuing)        
Number of Estimates     21 23
Highest     2,341 9,462
Consensus 2,292 9,010 2,241 8,961
Median     2,238 8,940
Lowest     2,164 8,443
adjusted EBITDA (continuing)        
Number of Estimates     20 23
Highest     425 1,825
Consensus 424 1,684 412 1,675
Median     416 1,682
Lowest     373 1,520
adjusted EBIT (continuing)        
Number of Estimates     21 22
Highest     276 1,209
Consensus 279 1,075 256 1,061
Median     259 1,054
Lowest     208 897
         
Nutrition, Sales        
Number of Estimates     21 22
Highest     1,617 6,577
Consensus 1,517 6,028 1,543 6,292
Median     1,537 6,282
Lowest     1,480 6,004
Nutrition, adjusted EBITDA        
Number of Estimates     20 21
Highest     331 1,425
Consensus 316 1,250 319 1,320
Median     321 1,337
Lowest     294 1,198
Nutrition, adjusted EBIT        
Number of Estimates     20 20
Highest     238 1,050
Consensus 228 881 222 939
Median     223 959
Lowest     194 810
Materials, Sales        
Number of Estimates     21 22
Highest     697 2,644
Consensus 717 2,746 638 2,435
Median     640 2,464
Lowest     592 1,906
Materials, adjusted EBITDA        
Number of Estimates     20 21
Highest     121 481
Consensus 127 509 112 437
Median     112 443
Lowest     98 338
Materials, adjusted EBIT        
Number of Estimates     20 20
Highest     86 351
Consensus 93 363 76 295
Median     76 300
Lowest     58 178
Innovation Center, Sales        
Number of Estimates     21 22
Highest     56 235
Consensus 47 194 49 202
Median     49 202
Lowest     45 180
Innovation Center, adjusted EBITDA        
Number of Estimates     20 21
Highest     9 37
Consensus 6 22 6 26
Median     6 26
Lowest     5 20
Innovation Center, adjusted EBIT        
Number of Estimates     20 20
Highest     -1 -5
Consensus -1 -19 -4 -16
Median     -4 -16
Lowest     -8 -32
Corporate Activities, Sales        
Number of Estimates     21 22
Highest     18 70
Consensus 11 42 11 45
Median     11 44
Lowest     10 39
Corporate Activities, adjusted EBITDA        
Number of Estimates     20 21
Highest     -21 -82
Consensus -25 -97 -25 -99
Median     -25 -99
Lowest     -32 -118
Corporate Activities, adjusted EBIT        
Number of Estimates     20 20
Highest     -34 -136
Consensus -41 -150 -38 -150
Median     -38 -150
Lowest     -43 -162
Profit for the period, before exceptional items - Continuing Operations        
Number of Estimates     19 22
Highest     208 872
Consensus 200.0 830.0 184 778
Median     186 779
Lowest     137 606
Net EPS before exceptional items - Continuing Operations        
Number of Estimates     19 22
Highest     1.23 5.26
Consensus 1.12 4.64 1.06 4.53
Median     1.08 4.47
Lowest     0.77 3.44

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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