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 Katy Hutchinson
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.

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.

DSM earnings estimates as of 09 December 2020

  Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020E FY 2020E FY 2021E
Sales (continuing)                      
Number of Estimates                 15 15 15
Highest                 2,098 8,124 8,847
Consensus 2,021 2,008 2,035 1,934 7,998 2,045 2,020 1,961 1,986 8,012 8,664
Median                 1,992 8,018 8,674
Lowest                 1,890 7,916 8,456
adjusted EBITDA (continuing)                      
Number of Estimates                 15 15 16
Highest                 387 1,531 1,735
Consensus 388 402 388 373 1,551 390 371 383 375 1,519 1,704
Median                 377 1,521 1,710
Lowest                 359 1,503 1,641
adjusted EBIT (continuing)                      
Number of Estimates                 15 15 15
Highest                 254 964 1,186
Consensus 254 263 250 222 989 250 222 238 226 936 1,100
Median                 225 935 1,105
Lowest                 180 890 982
                       
Nutrition, Sales                      
Number of Estimates                 13 13 13
Highest                 1,631 6,402 6,935
Consensus 1,517 1,512 1,544 1,455 6,028 1,575 1,649 1,547 1,546 6,317 6,798
Median                 1,545 6,316 6,791
Lowest                 1,470 6,241 6,644
Nutrition, adjusted EBITDA                      
Number of Estimates                 13 13 13
Highest                 335 1,349 1,490
Consensus 316 323 317 294 1,250 324 350 340 323 1,337 1,459
Median                 324 1,338 1,458
Lowest                 312 1,326 1,423
Nutrition, adjusted EBIT                      
Number of Estimates                 12 12 12
Highest                 238 955 1,092
Consensus 228 234 225 194 881 229 249 239 225 942 1,043
Median                 223 940 1,034
Lowest                 213 930 1,004
                       
Materials, Sales (continuing operations only)                      
Number of Estimates                 13 13 13
Highest                 412 1,504 1,708
Consensus 449 443 435 417 1,744 413 317 362 378 1,470 1,629
Median                 379 1,471 1,637
Lowest                 350 1,442 1,551
Materials, adjusted EBITDA (continuing operations only)                      
Number of Estimates                 13 13 13
Highest                 80 267 342
Consensus 91 97 90 94 372 85 40 62 71 258 316
Median                 71 258 318
Lowest                 60 247 286
Materials, adjusted EBIT (continuing operations only)                      
Number of Estimates                 12 12 12
Highest                 57 169 251
Consensus 67 72 65 66 270 60 15 37 46 158 218
Median                 45 157 220
Lowest                 37 149 189
                       
Innovation Center, Sales (continuing operations only)                      
Number of Estimates                 13 13 13
Highest                 64 197 220
Consensus 44 42 47 51 184 47 44 42 49 182 196
Median                 47 180 198
Lowest                 41 174 168
Innovation Center, adjusted EBITDA (continuing operations only)                      
Number of Estimates                 13 13 13
Highest                 8 24 40
Consensus 6 7 6 7 26 5 6 5 5 21 28
Median                 5 21 28
Lowest                 4 20 23
Innovation Center, adjusted EBIT (continuing operations only)                      
Number of Estimates                 12 12 12
Highest                 -2 -15 -5
Consensus 0 -3 -4 -5 -12 -4 -5 -4 -5 -18 -11
Median                 -4 -17 -9
Lowest                 -8 -21 -20
                       
Corporate Activities, Sales                      
Number of Estimates                 13 13 13
Highest                 12 42 68
Consensus 11 11 9 11 42 10 10 10 11 41 45
Median                 11 41 42
Lowest                 10 40 41
Corporate Activities, adjusted EBITDA                      
Number of Estimates                 13 13 13
Highest                 -21 -94 -90
Consensus -25 -25 -25 -22 -97 -24 -25 -24 -25 -98 -99
Median                 -25 -98 -99
Lowest                 -26 -99 -103
Corporate Activities, adjusted EBIT                      
Number of Estimates                 12 12 12
Highest                 -33 -139 -130
Consensus -41 -40 -36 -33 -150 -35 -37 -34 -37 -143 -144
Median                 -36 -142 -145
Lowest                 -45 -151 -152
  Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020E FY 2020E FY 2021E
Sales (discontinued operations)                      
Number of Estimates                 11 11  
Highest                 235 935  
Consensus 271 268 255 218 1,012 248 219 233 207 907  
Median                 211 911  
Lowest                 128 828  
EBITDA (discontinued operations)                      
Number of Estimates                 11 11  
Highest                 38 135  
Consensus 36 36 38 23 133 33 31 33 30 127  
Median                 31 128  
Lowest                 21 118  
EBIT (discontinued operations)                      
Number of Estimates                 10 10  
Highest                 27 90  
Consensus 25 26 26 9 86 22 20 21 19 82  
Median                 20 83  
Lowest                 8 71  
  Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020E FY 2020E FY 2021E
Sales (total)                      
Number of Estimates                 11 11  
Highest                 2,258 8,984  
Consensus 2,292 2,276 2,290 2,152 9,010 2,293 2,239 2,194 2,195 8,921  
Median                 2,210 8,936  
Lowest                 2,090 8,816  
EBITDA ( total)                      
Number of Estimates                 11 11  
Highest                 417 1,658  
Consensus 424 438 426 396 1,684 423 402 416 403 1,644  
Median                 407 1,648  
Lowest                 392 1,633  
EBIT (total)                      
Number of Estimates                 10 10  
Highest                 277 1,050  
Consensus 279 289 276 231 1,075 272 242 259 246 1,019  
Median                 245 1,018  
Lowest                 229 1,002  
Adjusted net profit Total DSM                      
Number of Estimates                 9 11  
Highest                 194 781  
Consensus 200 215 244 171 830 216 - 176 176 730  
Median                 174 727  
Lowest                 159 685  
Adjusted net EPS Total DSM                      
Number of Estimates                 9 11  
Highest                 1.11 4.56  
Consensus 1.12 1.20 1.36 0.96 4.64 1.24 - 1.01 1.02 4.20  
Median                 1.00 4.16  
Lowest                 0.93 3.98  

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

Read more

  • Financial results & presentations

    Instant overview of the financial results, presentations, updates & AGMs and all DSM's financial and regulatory press releases from the last decade.

  • Share center

    DSM's ordinary shares, share performance, share listings, share structure, cumulative preference shares and shareholder base.

This site uses cookies to optimize your user experience.

Read more