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 2022.

Institution Analyst
ABN AMRO Eric Wilmer
AllianceBernstein Gunther Zechman
Bank of America Merrill Lynch Matthew Yates
Barclays Sebastian Satz
Berenberg Bank Sebastian Bray
Citigroup Ranulf Orr
Credit Suisse Samuel Perry
Davy Research Cathal Kenny
Deutsche Bank Virginie Boucher-Ferte
Equita Massimo Bonisoli
Exane BNP Paribas Nicola Tang
Goldman Sachs Georgina Fraser
HSBC Martin Evans
ING Reg Watson
Jefferies Chris Counihan
JP Morgan Chetan Udeshi
KBC Securities Wim Hoste
Kepler Chevreux Martin Rödiger
Morgan Stanley Charlie Webb
Morningstar Rob Hales
DeGroof Petercam Fernand de Boer
Redburn Daniel Chung
Société Générale Thomas Swoboda
Stifel Isha Sharma
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.

DSM earnings estimates as of 13 April 2022

  Q1 2021 FY 2021 Q1 2022 E FY 2022 E
Sales        
  - Number of Estimates     15 15
  - Highest     2.523 10.181
  - Consensus 2.194 9.204 2.471 9.975
  - Median     2.490 9.972
  - Lowest     2.371 9.803
adj. EBITDA        
  - Number of Estimates     15 15
  - Highest     487 1.944
  - Consensus 441 1.814 466 1.897
  - Median     465 1.893
  - Lowest     449 1.859
adj. EBIT        
  - Number of Estimates       15
  - Highest       1.253
  - Consensus - 1.139   1.191
  - Median       1.193
  - Lowest       1.113
Adjusted net profit        
  - Number of Estimates       14
  - Highest       1.013
  - Consensus - 858   918
  - Median       910
  - Lowest       842
Adjusted net EPS        
  - Number of Estimates       14
  - Highest       5,89
  - Consensus - 4,92   5,30
  - Median       5,25
  - Lowest       4,90
         
NEW CLUSTER REPORTING STRUCTURE as of 1 JAN 2022
(only limited number of analysts provided estimates for the new HNB cluster)
       
  Q1 2021 FY 2021 Q1 2022 E FY 2022 E
HNB, Sales        
  - Number of Estimates     4 3
  - Highest     1.955 7.936
  - Consensus 1.711 7.166 1.913 7.833
  - Median     1.921 7.839
  - Lowest     1.854 7.724
thereof ANH        
  - Number of Estimates     3 2
  - Highest     904 3.768
  - Consensus 778 3.347 885 3.703
  - Median     895 3.703
  - Lowest     856 3.638
thereof HNC        
  - Number of Estimates     3 2
  - Highest     694 2.717
  - Consensus 625 2.516 687 2.708
  - Median     692 2.708
  - Lowest     675 2.699
thereof F&B        
  - Number of Estimates     3 2
  - Highest     346 1.417
  - Consensus 296 1.256 325 1.368
  - Median     317 1.368
  - Lowest     311 1.319
         
HNB, adj. EBITDA        
  - Number of Estimates     4 3
  - Highest     396 1.579
  - Consensus 359 1.467 381 1.561
  - Median     380 1.572
  - Lowest     367 1.531
         
HNB, adj. EBIT        
  - Number of Estimates       3
  - Highest       1.044
  - Consensus - 951   1.011
  - Median       999
  - Lowest       991
         
Materials, Sales         
  - Number of Estimates     13 15
  - Highest     590 2.150
  - Consensus 467 1.935 535 2.061
  - Median     532 2.050
  - Lowest     482 1.978
         
Materials, adj. EBITDA         
  - Number of Estimates     14 15
  - Highest     120 455
  - Consensus 108 435 109 425
  - Median     110 427
  - Lowest     104 396
         
Materials, adj. EBIT         
  - Number of Estimates       9
  - Highest       332
  - Consensus - 331   312
  - Median       306
  - Lowest       287
         
Corporate Activities, Sales        
  - Number of Estimates     4 3
  - Highest     30 108
  - Consensus 16 103 20 87
  - Median     19 106
  - Lowest     12 48
         
Corporate Activities, adj. EBITDA        
  - Number of Estimates     4 3
  - Highest     -21 -88
  - Consensus -26 -88 -23 -94
  - Median     -24 -93
  - Lowest     -25 -100
         
Corporate Activities, adj. EBIT        
  - Number of Estimates       3
  - Highest       -144
  - Consensus - -143   -147
  - Median       -148
  - Lowest       -149
         
Old REPORTING STRUCTURE        
  Q1 2021 FY 2021 Q1 2022 E FY 2022 E
Nutrition, Sales        
  - Number of Estimates     12 13
  - Highest     1.919 7.856
  - Consensus 1.678 7.031 1.873 7.651
  - Median     1.882 7.632
  - Lowest     1.823 7.535
Nutrition, adj. EBITDA        
  - Number of Estimates     13 13
  - Highest     393 1.579
  - Consensus 352 1.447 374 1.540
  - Median     374 1.542
  - Lowest     364 1.510
Nutrition, adj. EBIT        
  - Number of Estimates       9
  - Highest       1.062
  - Consensus - 940   1.013
  - Median       1.027
  - Lowest       969
         
Materials, Sales         
  - Number of Estimates     13 15
  - Highest     590 2.150
  - Consensus 467 1.935 535 2.061
  - Median     532 2.050
  - Lowest     482 1.978
Materials, adj. EBITDA         
  - Number of Estimates     14 15
  - Highest     120 455
  - Consensus 108 435 109 425
  - Median     110 427
  - Lowest     104 396
Materials, adj. EBIT         
  - Number of Estimates       9
  - Highest       332
  - Consensus - 331   312
  - Median       306
  - Lowest       287
         
Innovation Center, Sales         
  - Number of Estimates     11 13
  - Highest     67 268
  - Consensus 40 168 48 188
  - Median     47 181
  - Lowest     39 171
Innovation Center, adj. EBITDA         
  - Number of Estimates     11 13
  - Highest     8 43
  - Consensus 6 26 7 28,2
  - Median     7 27
  - Lowest     6 22
Innovation Center, adj. EBIT         
  - Number of Estimates       9
  - Highest       8
  - Consensus - 4   4
  - Median       5
  - Lowest       -10
         
Corporate Activities, Sales        
  - Number of Estimates     11 13
  - Highest     18 74
  - Consensus 9 70 12 67
  - Median     11 70
  - Lowest     1 44
Corporate Activities, adj. EBITDA        
  - Number of Estimates     11 13
  - Highest     -24 -94
  - Consensus -25 -94 -25 -97
  - Median     -25 -97
  - Lowest     -26 -100
Corporate Activities, adj. EBIT        
  - Number of Estimates       9
  - Highest       -136
  - Consensus - -136   -141
  - Median       -140
  - Lowest       -152

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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