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 23,036 - -
Change - 5.46% -32.47% 32.33% - -
Enterprise Value (EV) 1 26,816 28,390 20,782 26,538 26,377 26,130
Change - 5.87% -26.8% 27.7% -0.61% -0.93%
P/E 10.1x 104x 25.7x 46.5x 32.3x 26.8x
PBR 0.94x 1.14x 0.98x 1.33x 1.33x 1.31x
PEG - -1.2x 0x -1.9x 0.7x 1.3x
Capitalization / Revenue 1.99x 2.01x 1.39x 2.48x 2.36x 2.23x
EV / Revenue 2.18x 2.22x 1.66x 2.85x 2.71x 2.52x
EV / EBITDA 15.1x 13.4x 9.12x 14.7x 13.4x 12.4x
EV / EBIT 31.5x 23.4x 18.7x 20.3x 18.1x 16.3x
EV / FCF 46.2x 28x 30.5x 34x 27.9x 23.9x
FCF Yield 2.17% 3.57% 3.28% 2.94% 3.59% 4.19%
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% 2.69% 2.72% 2.79%
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 9,306 9,748 10,350
EBITDA 1 1,777 2,118 2,279 1,805 1,966 2,115
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 93.26 93.26 93.26
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.5x - - -.--% 1,081B
25.25x2.05x13x1.11% 149B
24.37x4x13.74x1.77% 92.83B
30.49x2.4x18.1x0.77% 82.66B
24.94x5.33x18.19x2.27% 81.31B
21.72x1.73x12.36x1.16% 72.17B
31.8x3.96x18.24x2.6% 69.94B
46.5x2.85x14.7x2.69% 26.84B
Average 28.20x 3.19x 15.48x 1.55% 206.97B
Weighted average by Cap. 22.81x 3.11x 15.22x 0.55%

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