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 24,103 - -
Change - 5.46% -32.47% 38.46% - -
Enterprise Value (EV) 1 26,816 28,390 20,782 27,577 27,413 27,144
Change - 5.87% -26.8% 32.7% -0.59% -0.98%
P/E 10.1x 104x 25.7x 48.3x 33.7x 28x
PBR 0.94x 1.14x 0.98x 1.39x 1.39x 1.37x
PEG - -1.2x 0x -2x 0.8x 1.4x
Capitalization / Revenue 1.99x 2.01x 1.39x 2.59x 2.47x 2.36x
EV / Revenue 2.18x 2.22x 1.66x 2.97x 2.81x 2.65x
EV / EBITDA 15.1x 13.4x 9.12x 15.2x 13.9x 12.8x
EV / EBIT 31.5x 23.4x 18.7x 21.1x 18.8x 17x
EV / FCF 46.2x 28x 30.5x 35.5x 28.4x 24.6x
FCF Yield 2.17% 3.57% 3.28% 2.82% 3.53% 4.07%
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% 2.58% 2.6% 2.67%
EPS 2 9.14 0.94 2.676 2.019 2.896 3.49
Distribution rate 27.4% 266% 93.4% 125% 87.5% 74.6%
Net sales 1 12,310 12,799 12,521 9,298 9,748 10,231
EBITDA 1 1,777 2,118 2,279 1,808 1,967 2,126
EBIT 1 850 1,213 1,114 1,306 1,455 1,600
Net income 1 2,131 250 694 510.8 693.3 839.7
Net Debt 1 2,374 2,613 3,374 3,474 3,310 3,041
Reference price 2 92.00 97.72 68.76 97.58 97.58 97.58
Nbr of stocks (in thousands) 265,676 263,784 253,170 247,010 - -
Announcement Date 15/02/24 13/02/25 12/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.25x - - -.--% 1,066B
25.33x2.04x12.57x1.09% 157B
21.92x3.68x12.62x1.9% 84.66B
29.38x2.14x16.1x0.78% 82.1B
22.46x4.85x16.53x2.54% 73.27B
19.72x1.59x11.22x1.25% 67.79B
30.91x3.85x17.57x2.99% 66.86B
48.32x2.97x15.25x2.58% 27.37B
Average 27.29x 3.02x 14.55x 1.64% 203.09B
Weighted average by Cap. 22.28x 2.88x 14.18x 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