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
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 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.

Analysts’ consensus Q2 2020 and FY 2020 as at 10 July 2020

  Q2 2019 FY 2019 Q2 2020 (estimated) FY 2020 (estimated)
Sales (continuing)        
Number of Estimates     17 20
Highest     2,218 9,126
Consensus 2,276 9,010 2,124 8,881
Median     2,128 8,898
Lowest     2,031 8,618
adjusted EBITDA (continuing)        
Number of Estimates     17 20
Highest     409 1,739
Consensus 438 1,684 390 1,645
Median     395 1,642
Lowest     351 1,556
adjusted EBIT (continuing)        
Number of Estimates     16 19
Highest     272 1,134
Consensus 289 1,075 239 1,034
Median     239 1,030
Lowest     200 952
         
Nutrition, Sales        
Number of Estimates     17 20
Highest     1,627 6,505
Consensus 1,512 6,028 1,570 6,301
Median     1,575 6,294
Lowest     1,496 6,088
Nutrition, adjusted EBITDA        
Number of Estimates     17 20
Highest     356 1,388
Consensus 323 1,250 340 1,325
Median     343 1,330
Lowest     294 1,222
Nutrition, adjusted EBIT        
Number of Estimates     16 18
Highest     258 1,006
Consensus 234 881 244 940
Median     247 941
Lowest     199 842
Materials, Sales        
Number of Estimates     17 20
Highest     547 2,470
Consensus 710 2,746 498 2,339
Median     497 2,372
Lowest     433 2,161
Materials, adjusted EBITDA        
Number of Estimates     17 20
Highest     86 461
Consensus 135 509 70 395
Median     70 393
Lowest     43 350
Materials, adjusted EBIT        
Number of Estimates     16 18
Highest     60 335
Consensus 100 363 35 258
Median     35 252
Lowest     14 217
Innovation Center, Sales        
Number of Estimates     17 20
Highest     54 213
Consensus 43 194 46 199
Median     45 198
Lowest     41 183
Innovation Center, adjusted EBITDA        
Number of Estimates     17 20
Highest     8 32
Consensus 5 22 6 24
Median     5 23
Lowest     4 18
Innovation Center, adjusted EBIT        
Number of Estimates     16 18
Highest     14 -5
Consensus -5 -19 -3 -16
Median     -4 -18
Lowest     -6 -23
Corporate Activities, Sales        
Number of Estimates     17 20
Highest     12 46
Consensus 11 42 11 42
Median     11 42
Lowest     10 39
Corporate Activities, adjusted EBITDA        
Number of Estimates     17 20
Highest     -23 -92
Consensus -25 -97 -25 -99
Median     -25 -99
Lowest     -28 -105
Corporate Activities, adjusted EBIT        
Number of Estimates     16 18
Highest     -32 -134
Consensus -40 -150 -38 -149
Median     -38 -150
Lowest     -44 -157
Profit for the period, before exceptional items - Continuing operations        
Number of Estimates     15 19
Highest     193 852
Consensus 215 830 174 779
Median     176 776
Lowest     155 716
Net EPS before exceptional items - Continuing operations        
Number of Estimates     16 20
Highest     1.18 4.92
Consensus 1.20 4.64 1.02 4.52
Median     1.02 4.51
Lowest     0.90 4.18

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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