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 Samuel Perry
Davy Research Cathal Kenny
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 Isha Sharma
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.

DSM earnings estimates as of 9 July 2021

  Q1 2020 Q2 2020 Q3 2020  Q4 2020  FY 2020 Q1 2021 Q2 2021 E H1 2021 E FY 2021 E
Sales (continuing)                  
Number of Estimates             15 15 15
Highest             2,287 4,481 9,002
Consensus 2,045 2,020 1,961 2,080 8,106 2,194 2,229 4,424 8,782
Median             2,222 4,419 8,771
Lowest             2,159 4,353 8,661
adjusted EBITDA (continuing)                  
Number of Estimates             16 16 15
Highest             478 919 1,837
Consensus 390 371 383 390 1,534 441 461 902 1,767
Median             464 905 1,767
Lowest             438 879 1,720
adjusted EBIT (continuing)                  
Number of Estimates               14 15
Highest               629 1,328
Consensus 250 222 238 219 929 na na 581 1,132
Median               575 1,131
Lowest               541 1,036
Nutrition, Sales                  
Number of Estimates             15 15 15
Highest             1,760 3,438 6,918
Consensus 1,575 1,649 1,547 1,594 6,365 1,678 1,717 3,395 6,769
Median             1,717 3,395 6,757
Lowest             1,689 3,367 6,623
Nutrition, adjusted EBITDA                  
Number of Estimates             16 16 15
Highest             380 732 1,477
Consensus 324 350 340 324 1,338 352 374 726 1,452
Median             374 726 1,454
Lowest             361 713 1,419
Nutrition, adjusted EBIT                  
Number of Estimates               14 15
Highest               529 1,204
Consensus 229 249 239 202 919 na na 499 1,010
Median               495 1,004
Lowest               469 931
Materials, Sales
(continuing operations only)
                 
Number of Estimates             15 15 15
Highest             481 948 1,861
Consensus 413 317 362 426 1,518 467 455 922 1,787
Median             463 930 1,814
Lowest             406 873 1,681
Materials, adjusted EBITDA
(continuing operations only)
                 
Number of Estimates             16 16 15
Highest             120 228 435
Consensus 85 40 62 85 272 108 106 214 390
Median             108 216 385
Lowest             90 198 359
Materials, adjusted EBIT
(continuing operations only)
                 
Number of Estimates               14 15
Highest               178 329
Consensus 60 15 37 56 168 na na 159 278
Median               161 280
Lowest               144 250
Innovation Center, Sales
(continuing operations only)
                 
Number of Estimates               14 15
Highest               102 205
Consensus 47 44 42 51 184 na na 88 187
Median               85 191
Lowest               78 166
Innovation Center, adjusted EBITDA
(continuing operations only)
                 
Number of Estimates             15 15 15
Highest             7 13 29
Consensus 5 6 5 5 21 6 6 12 25
Median             6 12 25
Lowest             5 11 20
Innovation Center, adjusted EBIT
(continuing operations only)
                 
Number of Estimates               14 15
Highest               -5 -9
Consensus -4 -5 -4 -4 -17 na na -6 -13
Median               -7 -13
Lowest               -8 -17
Corporate Activities, Sales                  
Number of Estimates               14 15
Highest               22 44
Consensus 10 10 10 9 39 na na 19 39
Median               20 39
Lowest               11 28
Corporate Activities, adjusted EBITDA                  
Number of Estimates             15 15 15
Highest             -24 -49 -97
Consensus -24 -25 -24 -24 -97 -25 -25 -50 -99
Median             -25 -50 -99
Lowest             -26 -51 -102
Corporate Activities, adjusted EBIT                  
Number of Estimates               14 15
Highest               60 -130
Consensus -35 -37 -34 -35 -141 na na -70 -142
Median               -71 -143
Lowest               -74 -148

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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