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
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 Q4 2019, FY 2019 and FY FY 2020 as at 12 Dec 2019 (incl. IFRS16)

  Q4 2018 FY 2018 Q4 2019 (est.) FY 2019 (est.) FY 2020 (est)
Sales (continuing)          
Number of Estimates     20 20 19
Highest     2,342 9,200 9,879
Consensus 2,208 9,267 2,275 9,133 9,574
Median     2,274 9,132 9,549
Lowest     2,195 9,053 9,346
adjusted EBITDA (continuing)          
Number of Estimates     20 20 19
Highest     411 1,699 1,828
Consensus 370 1,822 397 1,685 1,786
Median     395 1,683 1,783
Lowest     390 1,679 1,751
of which estimated adjusted EBITDA from"Temporary Vitamin Effect"          
Number of Estimates     - - -
Highest     - - -
Consensus 0 290 - - -
Median     - - -
Lowest     - - -
Underlying business,  adjusted. EBITDA          
Number of Estimates     20 20 19
Highest     411 1,699 1,828
Consensus 370 1,532 397 1,685 1,786
Median     395 1,683 1,783
Lowest     390 1,679 1,751
adusted EBIT (continuing)          
Number of Estimates     19 19 18
Highest     323 1,167 1,277
Consensus 245 1,345 258 1,102 1,195
Median     251 1,095 1,191
Lowest     238 1,082 1,147
           
Nutrition, Sales          
Number of Estimates     20 20 19
Highest     1,624 6,197 6,696
Consensus 1,444 6,137 1,530 6,103 6,460
Median     1,528 6,101 6,469
Lowest     1,475 6,048 6,266
Nutrition, adjusted EBITDA          
Number of Estimates     20 20 19
Highest     314 1,270 1,391
Consensus 270 1,407 300 1,256 1,342
Median     298 1,254 1,341
Lowest     288 1,244 1,311
of which adjusted EBITDA from"Temporary Vitamin Effect"          
Number of Estimates     - - -
Highest     - - -
Consensus 0 290 - - -
Median     - - -
Lowest     - - -
Nutrition underlying,  adjusted EBITDA          
Number of Estimates     20 20 19
Highest     314 1,270 1,391
Consensus 270 1,117 300 1,256 1,342
Median     298 1,254 1,341
Lowest     288 1,244 1,311
Nutrition, adjusted EBIT          
Number of Estimates     18 18 17
Highest     226 913 1,002
Consensus 193 1,111 210 897 971
Median     207 894 974
Lowest     198 885 910
Materials, Sales          
Number of Estimates     20 20 19
Highest     793 2,907 2,978
Consensus 698 2,913 682 2,796 2,864
Median     679 2,793 2,875
Lowest     637 2,751 2,724
Materials, adjusted EBITDA          
Number of Estimates     20 20 19
Highest     125 516 551
Consensus 119 512 117 508 518
Median     117 508 519
Lowest     109 500 494
Materials, adjusted EBIT          
Number of Estimates     18 18 17
Highest     96 381 435
Consensus 85 383 82 367 376
Median     82 367 376
Lowest     71 356 352
Innovation Center, Sales          
Number of Estimates     20 20 19
Highest     63 203 246
Consensus 54 172 50 190 203
Median     49 189 202
Lowest     37 177 186
Innovation Center, adjusted EBITDA          
Number of Estimates     20 20 19
Highest     7 23 55
Consensus 7 8 5 21 27
Median     5 21 25
Lowest     2 18 19
Innovation Center, adjusted EBIT          
Number of Estimates     18 18 17
Highest     2 -9 10
Consensus 2 -14 -3 -14 -8
Median     -4 -15 -10
Lowest     -9 -20 -16
Corporate Activities, Sales          
Number of Estimates     20 20 19
Highest     16 47 70
Consensus 12 45 13 44 46
Median     12 43 45
Lowest     11 42 43
Corporate Activities, adjusted EBITDA          
Number of Estimates     20 20 19
Highest     -20 -95 -87
Consensus -26 -105 -25 -100 -100
Median     -25 -100 -102
Lowest     -35 -110 -111
Corporate Activities, adjusted EBIT          
Number of Estimates     18 18 17
Highest     -23 -140 -129
Consensus -35 -135 -34 -151 -147
Median     -35 -152 -148
Lowest     -44 -161 -162
Profit for the period, before exceptional items - Continuing Operations          
Number of Estimates     18 18 17
Highest     220.3 894.9 974.6
Consensus 182.0 1,034.0 186.3 843.5 900.1
Median     182.6 841.6 905.5
Lowest     162.1 797.1 841.7
Net EPS before exceptional items - Continuing Operations          
Number of Estimates     18 19 18
Highest     1.31 5.24 5.81
Consensus 1.02 5.84 1.09 4.83 5.29
Median     1.05 4.78 5.26
Lowest     0.97 4.66 4.92

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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