Company Valuation: DSM-Firmenich

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Capitalization 1 24,442 25,777 17,408 14,418 - -
Change - 5.46% -32.47% -17.18% - -
Enterprise Value (EV) 1 26,816 28,390 20,782 17,607 17,299 17,214
Change - 5.87% -26.8% -15.28% -1.75% -0.49%
P/E ratio 10.1x 104x 25.7x 27.6x 22.3x 18.2x
PBR 0.94x 1.14x 0.98x 0.81x 0.81x 0.79x
PEG - -1.2x 0x -1.2x 0.9x 0.8x
Capitalization / Revenue 1.99x 2.01x 1.39x 1.57x 1.5x 1.43x
EV / Revenue 2.18x 2.22x 1.66x 1.92x 1.8x 1.71x
EV / EBITDA 15.1x 13.4x 9.12x 9.75x 8.92x 8.24x
EV / EBIT 31.5x 23.4x 18.7x 14.9x 12.8x 11.5x
EV / FCF 46.2x 28x 30.5x 20.1x 18x 16.2x
FCF Yield 2.17% 3.57% 3.28% 4.98% 5.55% 6.16%
Dividend per Share 2 2.5 2.5 2.5 2.517 2.509 2.636
Rate of return 2.72% 2.56% 3.64% 4.39% 4.38% 4.6%
EPS 2 9.14 0.94 2.676 2.073 2.574 3.142
Distribution rate 27.4% 266% 93.4% 121% 97.5% 83.9%
Net sales 1 12,310 12,799 12,521 9,168 9,599 10,068
EBITDA 1 1,777 2,118 2,279 1,806 1,939 2,089
EBIT 1 850 1,213 1,114 1,185 1,351 1,502
Net income 1 2,131 250 694 530.8 670.4 811
Net Debt 1 2,374 2,613 3,374 3,189 2,881 2,796
Reference price 2 92.00 97.72 68.76 57.32 57.32 57.32
Nbr of stocks (in thousands) 265,676 263,784 253,170 251,530 - -
Announcement Date 15/02/24 13/02/25 12/02/26 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.29x - - -.--% 1,076B
24.16x4.34x17.13x2.06% 150B
26.86x2.05x13.38x1.02% 138B
54.75x3.32x27.8x0.52% 101B
18.45x3.53x12.15x1.95% 80.8B
24.58x5.32x18.06x2.37% 79.88B
31.45x1.87x17.15x1.01% 71.64B
13.73x0.88x5.52x3.05% 22.22B
Average 27.16x 3.04x 15.88x 1.5% 215B
Weighted average by Cap. 25.56x 3.31x 17.10x 0.58%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield