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 24,271 - -
Change - 5.46% -32.47% 39.43% - -
Enterprise Value (EV) 1 26,816 28,390 20,782 27,768 27,605 27,349
Change - 5.87% -26.8% 33.62% -0.59% -0.93%
P/E 10.1x 104x 25.7x 48.9x 34.2x 28.2x
PBR 0.94x 1.14x 0.98x 1.4x 1.4x 1.38x
PEG - -1.2x 0x -2x 0.8x 1.3x
Capitalization / Revenue 1.99x 2.01x 1.39x 2.61x 2.49x 2.37x
EV / Revenue 2.18x 2.22x 1.66x 2.99x 2.83x 2.67x
EV / EBITDA 15.1x 13.4x 9.12x 15.4x 14.1x 12.9x
EV / EBIT 31.5x 23.4x 18.7x 21.3x 19x 17.1x
EV / FCF 46.2x 28x 30.5x 35.9x 29.1x 25.3x
FCF Yield 2.17% 3.57% 3.28% 2.78% 3.44% 3.95%
Dividend per Share 2 2.5 2.5 2.5 2.521 2.535 2.605
Rate of return 2.72% 2.56% 3.64% 2.57% 2.58% 2.65%
EPS 2 9.14 0.94 2.676 2.01 2.875 3.487
Distribution rate 27.4% 266% 93.4% 125% 88.2% 74.7%
Net sales 1 12,310 12,799 12,521 9,295 9,747 10,227
EBITDA 1 1,777 2,118 2,279 1,805 1,965 2,118
EBIT 1 850 1,213 1,114 1,305 1,454 1,597
Net income 1 2,131 250 694 502.1 690.9 829.5
Net Debt 1 2,374 2,613 3,374 3,497 3,334 3,078
Reference price 2 92.00 97.72 68.76 98.26 98.26 98.26
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.72x - - -.--% 1,088B
25.49x2.05x12.63x1.08% 156B
22.77x3.81x13.08x1.86% 87.83B
29.68x2.17x16.28x0.77% 82.33B
23.87x5.12x17.46x2.36% 77.87B
30.77x3.87x17.65x2.96% 67.37B
19.42x1.56x11.04x1.27% 66.26B
47.91x2.92x15.05x2.63% 26.95B
Average 27.58x 3.07x 14.74x 1.62% 206.6B
Weighted average by Cap. 22.67x 2.97x 14.43x 0.57%

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