Company Valuation: DSM-Firmenich

Data adjusted to current consolidation scope
Fiscal Period: December 2023 2024 2025 2026 2027 2028
Market Cap 1 24,442 25,777 17,408 23,589 - -
Change - 5.46% -32.47% 35.51% - -
Enterprise Value (EV) 1 26,816 28,390 20,782 27,091 26,930 26,683
Change - 5.87% -26.8% 30.36% -0.6% -0.92%
P/E 10.1x 104x 25.7x 47.6x 33.1x 27.4x
PBR 0.94x 1.14x 0.98x 1.36x 1.36x 1.34x
PEG - -1.2x 0x -1.9x 0.8x 1.3x
Capitalization / Revenue 1.99x 2.01x 1.39x 2.53x 2.42x 2.28x
EV / Revenue 2.18x 2.22x 1.66x 2.91x 2.76x 2.57x
EV / EBITDA 15.1x 13.4x 9.12x 15x 13.7x 12.6x
EV / EBIT 31.5x 23.4x 18.7x 20.7x 18.5x 16.6x
EV / FCF 46.2x 28x 30.5x 35.5x 28.8x 24.8x
FCF Yield 2.17% 3.57% 3.28% 2.82% 3.48% 4.04%
Dividend per Share 2 2.5 2.5 2.5 2.506 2.535 2.602
Rate of return 2.72% 2.56% 3.64% 2.62% 2.65% 2.72%
EPS 2 9.14 0.94 2.676 2.005 2.888 3.484
Distribution rate 27.4% 266% 93.4% 125% 87.8% 74.7%
Net sales 1 12,310 12,799 12,521 9,307 9,753 10,364
EBITDA 1 1,777 2,118 2,279 1,804 1,965 2,120
EBIT 1 850 1,213 1,114 1,306 1,456 1,603
Net income 1 2,131 250 694 469 689.7 828.6
Net Debt 1 2,374 2,613 3,374 3,502 3,340 3,094
Reference price 2 92.00 97.72 68.76 95.50 95.50 95.50
Nbr of stocks (in thousands) 265,676 263,784 253,170 247,010 - -
Announcement Date 2/15/24 2/13/25 2/12/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.49x - - -.--% 1,079B
25.57x2.08x12.78x1.1% 153B
23.26x3.84x13.17x1.85% 88.62B
30.25x2.3x17.35x0.77% 81.81B
24.05x5.16x17.61x2.35% 78.43B
21.45x1.71x12.21x1.17% 71.56B
30.77x3.86x17.81x2.75% 67.68B
47.74x2.92x15.04x2.62% 27.47B
Average 27.95x 3.12x 15.14x 1.58% 205.93B
Weighted average by Cap. 22.68x 3.02x 14.80x 0.56%

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