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Koninklijke DSM

WBAG:RDSM
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RDSM
WBAG
€18B
Market Cap
  1. Home
  2. AT
  3. Materials
Company description

Koninklijke DSM N.V., a science-based company, engages in nutrition, health, and materials businesses in the Netherlands, North America, the United Kingdom, France, Germany, Switzerland, the Asia-Pacific, and internationally.. The last earnings update was 41 days ago. More info.


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  • Koninklijke DSM has significant price volatility in the past 3 months.
RDSM Share Price and Events
7 Day Returns
0.5%
WBAG:RDSM
2.9%
Europe Chemicals
3.4%
AT Market
1 Year Returns
18.7%
WBAG:RDSM
-1.6%
Europe Chemicals
-2%
AT Market
RDSM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Koninklijke DSM (RDSM) 0.5% 4.2% 27.9% 18.7% - -
Europe Chemicals 2.9% 4.4% 11.7% -1.6% 21.6% 27.3%
AT Market 3.4% 6% 10.1% -2% 43.4% 29.5%
1 Year Return vs Industry and Market
  • RDSM outperformed the Chemicals industry which returned -1.6% over the past year.
  • RDSM outperformed the Market in Austria which returned -2% over the past year.
Price Volatility
RDSM
Industry
5yr Volatility vs Market
Related Companies

RDSM Value

 Is Koninklijke DSM undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Koninklijke DSM to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Koninklijke DSM.

WBAG:RDSM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 24 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.6%
Perpetual Growth Rate 10-Year AT Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for WBAG:RDSM
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AT Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6%
Chemicals Unlevered Beta Simply Wall St/ S&P Global 0.93
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.931 (1 + (1- 25%) (14.74%))
1.023
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.02
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.51% + (1.023 * 5.96%)
6.61%

Discounted Cash Flow Calculation for WBAG:RDSM using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Koninklijke DSM is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

WBAG:RDSM DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.61%)
2019 724.93 Analyst x7 680.00
2020 734.03 Analyst x11 645.86
2021 813.83 Analyst x6 671.70
2022 824.00 Analyst x1 637.94
2023 853.00 Analyst x1 619.46
2024 874.97 Est @ 2.58% 596.04
2025 892.08 Est @ 1.96% 570.03
2026 905.66 Est @ 1.52% 542.84
2027 916.70 Est @ 1.22% 515.40
2028 925.92 Est @ 1.01% 488.32
Present value of next 10 years cash flows €5,967.61
WBAG:RDSM DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €925.92 × (1 + 0.51%) ÷ (6.61% – 0.51%)
€15,263.39
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €15,263.39 ÷ (1 + 6.61%)10
€8,049.80
WBAG:RDSM Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €5,967.61 + €8,049.80
€14,017.41
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €14,017.41 / 175.65
€79.8
WBAG:RDSM Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in WBAG:RDSM represents 0.99854x of ENXTAM:DSM
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.99854x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 79.80 x 0.99854
€79.69
Value per share (EUR) From above. €79.69
Current discount Discount to share price of €102.50
= -1 x (€102.50 - €79.69) / €79.69
-28.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Koninklijke DSM is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Koninklijke DSM's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Koninklijke DSM's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
WBAG:RDSM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €6.10
ENXTAM:DSM Share Price ** ENXTAM (2019-04-18) in EUR €102.65
Europe Chemicals Industry PE Ratio Median Figure of 93 Publicly-Listed Chemicals Companies 18.75x
Austria Market PE Ratio Median Figure of 51 Publicly-Listed Companies 14.73x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Koninklijke DSM.

WBAG:RDSM PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTAM:DSM Share Price ÷ EPS (both in EUR)

= 102.65 ÷ 6.10

16.84x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Koninklijke DSM is good value based on earnings compared to the Europe Chemicals industry average.
  • Koninklijke DSM is overvalued based on earnings compared to the Austria market.
Price based on expected Growth
Does Koninklijke DSM's expected growth come at a high price?
Raw Data
WBAG:RDSM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 24 Analysts
-2.1%per year
Europe Chemicals Industry PEG Ratio Median Figure of 62 Publicly-Listed Chemicals Companies 1.89x
Austria Market PEG Ratio Median Figure of 32 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

WBAG:RDSM PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.84x ÷ -2.1%

-7.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Koninklijke DSM earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Koninklijke DSM's assets?
Raw Data
WBAG:RDSM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €44.30
ENXTAM:DSM Share Price * ENXTAM (2019-04-18) in EUR €102.65
Europe Chemicals Industry PB Ratio Median Figure of 138 Publicly-Listed Chemicals Companies 1.85x
Austria Market PB Ratio Median Figure of 59 Publicly-Listed Companies 1.27x
WBAG:RDSM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTAM:DSM Share Price ÷ Book Value per Share (both in EUR)

= 102.65 ÷ 44.30

2.32x

* Primary Listing of Koninklijke DSM.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Koninklijke DSM is overvalued based on assets compared to the Europe Chemicals industry average.
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Value checks
We assess Koninklijke DSM's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check)
  5. Koninklijke DSM has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

RDSM Future Performance

 How is Koninklijke DSM expected to perform in the next 1 to 3 years based on estimates from 24 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Koninklijke DSM expected to grow at an attractive rate?
  • Koninklijke DSM's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Koninklijke DSM's earnings are expected to decrease over the next 1-3 years, this is below the Austria market average.
  • Koninklijke DSM's revenue growth is expected to exceed the Austria market average.
Annual Growth Rates Comparison
Raw Data
WBAG:RDSM Future Growth Rates Data Sources
Data Point Source Value (per year)
WBAG:RDSM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 24 Analysts -2.1%
WBAG:RDSM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 24 Analysts 3.6%
Europe Chemicals Industry Earnings Growth Rate Market Cap Weighted Average 10%
Europe Chemicals Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Austria Market Earnings Growth Rate Market Cap Weighted Average 9%
Austria Market Revenue Growth Rate Market Cap Weighted Average 2.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
WBAG:RDSM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 24 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
WBAG:RDSM Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 11,249 1,603 2
2022-12-31 10,730 1,542 4
2021-12-31 10,238 1,484 1,002 19
2020-12-31 9,749 1,378 915 24
2019-12-31 9,287 1,319 850 24
WBAG:RDSM Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 9,267 1,391 1,069
2018-09-30 9,235 1,310 984
2018-06-30 9,106 1,170 2,082
2018-03-31 8,908 1,110 1,942
2017-12-31 8,632 996 1,761
2017-09-30 8,471 993 1,676
2017-06-30 8,333 1,028 738
2017-03-31 8,166 1,077 711
2016-12-31 7,920 1,018 645
2016-09-30 7,831 958 588
2016-06-30 7,778 914 274
2016-03-31 7,749 811 214

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Koninklijke DSM's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Koninklijke DSM's revenue is expected to grow by 3.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
WBAG:RDSM Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 24 Analyst Estimates (S&P Global) See Below

All data from Koninklijke DSM Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:RDSM Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 5.93 5.93 5.93 1.00
2022-12-31 5.74 5.74 5.74 1.00
2021-12-31 6.18 7.68 5.57 13.00
2020-12-31 5.57 6.80 4.80 16.00
2019-12-31 4.95 5.30 4.65 14.00
WBAG:RDSM Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 6.10
2018-09-30 5.62
2018-06-30 11.91
2018-03-31 11.11
2017-12-31 10.07
2017-09-30 9.57
2017-06-30 4.21
2017-03-31 4.06
2016-12-31 3.68
2016-09-30 3.36
2016-06-30 1.57
2016-03-31 1.23

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Koninklijke DSM is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Koninklijke DSM's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Koninklijke DSM has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

RDSM Past Performance

  How has Koninklijke DSM performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Koninklijke DSM's growth in the last year to its industry (Chemicals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Koninklijke DSM has delivered over 20% year on year earnings growth in the past 5 years.
  • Koninklijke DSM's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Koninklijke DSM's 1-year earnings growth is negative, it can't be compared to the Europe Chemicals industry average.
Earnings and Revenue History
Koninklijke DSM's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Koninklijke DSM Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

WBAG:RDSM Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 9,267.00 1,069.00 1,839.00 348.00
2018-09-30 9,235.00 984.00 1,753.00 334.00
2018-06-30 9,106.00 2,082.00 1,753.00 334.00
2018-03-31 8,908.00 1,942.00 1,753.00 334.00
2017-12-31 8,632.00 1,761.00 1,753.00 334.00
2017-09-30 8,471.00 1,676.00 1,694.00 309.00
2017-06-30 8,333.00 738.00 1,694.00 309.00
2017-03-31 8,166.00 711.00 1,694.00 309.00
2016-12-31 7,920.00 645.00 1,694.00 309.00
2016-09-30 7,831.00 588.00 1,605.00 332.00
2016-06-30 7,778.00 274.00 1,605.00 332.00
2016-03-31 7,749.00 214.00 1,605.00 332.00
2015-12-31 7,722.00 174.00 1,605.00 332.00
2015-09-30 7,607.00 66.00 1,382.00 304.00
2015-06-30 7,456.00 114.00 1,382.00 304.00
2015-03-31 7,245.00 115.00 1,382.00 304.00
2014-12-31 7,051.00 123.00 1,382.00 304.00
2014-09-30 7,415.00 112.00 1,430.00 340.00
2014-06-30 7,834.00 138.00 1,430.00 340.00
2014-03-31 8,362.00 182.00 1,430.00 340.00
2013-12-31 8,858.00 252.00 1,430.00 340.00
2013-09-30 8,409.00 363.00 1,396.00 372.00
2013-06-30 8,500.00 335.00 1,396.00 372.00
2013-03-31 8,486.00 257.00 1,396.00 372.00
2012-12-31 8,588.00 280.00 1,396.00 372.00
2012-09-30 9,089.00 453.00 1,356.00 378.00
2012-06-30 9,107.00 543.00 1,356.00 378.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Koninklijke DSM has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Koninklijke DSM used its assets more efficiently than the Europe Chemicals industry average last year based on Return on Assets.
  • Koninklijke DSM has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Koninklijke DSM's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Chemicals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Koninklijke DSM has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

RDSM Health

 How is Koninklijke DSM's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Koninklijke DSM's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Koninklijke DSM is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Koninklijke DSM's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Koninklijke DSM's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Koninklijke DSM Company Filings, last reported 3 months ago.

WBAG:RDSM Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 7,815.00 2,657.00 2,558.00
2018-09-30 7,624.00 2,678.00 1,998.00
2018-06-30 7,404.00 2,654.00 1,819.00
2018-03-31 7,251.00 2,638.00 2,040.00
2017-12-31 7,065.00 2,647.00 1,853.00
2017-09-30 6,954.00 3,340.00 2,616.00
2017-06-30 5,893.00 3,390.00 1,238.00
2017-03-31 6,240.00 3,413.00 1,511.00
2016-12-31 6,180.00 3,467.00 1,548.00
2016-09-30 5,926.00 3,412.00 1,488.00
2016-06-30 5,543.00 2,766.00 484.00
2016-03-31 5,565.00 2,679.00 549.00
2015-12-31 5,631.00 3,022.00 674.00
2015-09-30 5,553.00 3,425.00 1,322.00
2015-06-30 5,917.00 3,033.00 559.00
2015-03-31 6,189.00 3,050.00 771.00
2014-12-31 5,936.00 3,138.00 675.00
2014-09-30 6,222.00 2,773.00 572.00
2014-06-30 5,986.00 2,843.00 542.00
2014-03-31 6,147.00 2,624.00 500.00
2013-12-31 6,096.00 2,749.00 789.00
2013-09-30 6,288.00 2,660.00 757.00
2013-06-30 6,150.00 2,653.00 629.00
2013-03-31 6,213.00 2,636.00 1,020.00
2012-12-31 6,042.00 2,858.00 1,133.00
2012-09-30 6,160.00 2,178.00 1,320.00
2012-06-30 6,106.00 2,211.00 1,864.00
  • Koninklijke DSM's level of debt (34%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (45.1% vs 34% today).
  • Debt is well covered by operating cash flow (52.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 14.4x coverage).
X
Financial health checks
We assess Koninklijke DSM's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Koninklijke DSM has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

RDSM Dividends

 What is Koninklijke DSM's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.24%
Current annual income from Koninklijke DSM dividends. Estimated to be 2.67% next year.
If you bought €2,000 of Koninklijke DSM shares you are expected to receive €45 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Koninklijke DSM's pays a higher dividend yield than the bottom 25% of dividend payers in Austria (1.44%).
  • Koninklijke DSM's dividend is below the markets top 25% of dividend payers in Austria (4.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
WBAG:RDSM Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 24 Analyst Estimates (S&P Global) See Below
Europe Chemicals Industry Average Dividend Yield Market Cap Weighted Average of 78 Stocks 3%
Austria Market Average Dividend Yield Market Cap Weighted Average of 49 Stocks 3.4%
Austria Minimum Threshold Dividend Yield 10th Percentile 1.1%
Austria Bottom 25% Dividend Yield 25th Percentile 1.4%
Austria Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

WBAG:RDSM Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 6.77 1.00
2022-12-31 5.46 1.00
2021-12-31 2.84 18.00
2020-12-31 2.66 22.00
2019-12-31 2.44 22.00
WBAG:RDSM Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-08 2.300 2.327
2019-02-14 2.300 2.444
2018-02-14 1.850 2.220
2017-08-01 1.780 2.428
2017-03-03 1.750 2.707
2017-02-15 1.750 2.848
2016-08-03 1.650 2.797
2016-04-29 1.650 3.052
2015-08-04 1.650 3.550
2015-02-11 1.650 3.182
2014-08-05 1.700 3.474
2014-02-26 1.650 3.253
2013-08-06 1.520 2.767
2013-02-20 1.500 3.065
2012-08-07 1.480 3.543
2012-02-29 1.450 3.576
2011-08-02 1.400 3.904
2011-02-23 1.350 3.085
2010-11-02 1.300 3.146
2010-08-03 1.200 3.277
2010-02-24 1.200 3.606
2009-08-04 1.200 3.977
2009-04-20 1.200 5.127

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Koninklijke DSM's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.2x coverage).
X
Income/ dividend checks
We assess Koninklijke DSM's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Koninklijke DSM afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Koninklijke DSM has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

RDSM Management

 What is the CEO of Koninklijke DSM's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Feike Sijbesma
COMPENSATION €3,379,000
AGE 59
TENURE AS CEO 11.9 years
CEO Bio

Mr. Feike Sijbesma has been the Chairman of Managing Board and Chief Executive Officer at Royal DSM N.V. since May 1, 2007 and has been its Member of Managing Board since July 2000. Mr. Sijbesma serves as the Chairman of Managing Board and Chief Executive Officer of DSM Elastomers B.V. He serves as the Chairman of Managing Board at DSM Anti-Infectives B.V. He serves as Chairman of the Managing Board of Royal DSM N V. He serves as a Member of the Managing Board at DSM Pharmaceuticals, Inc. and DSM Fine Chemicals BV since July 2000. He served as Division's Marketing and Sales Director of Gist-brocades from 1990 to 1993. He serves as the Chairman of DSM Nutritional Products Ltd. and DSM Chemicals North America, Inc. He is Co- Chairman at Carbon Pricing Leadership Coalition (High Level Assembly). He was Supervisory at Stichting Dutch Cancer Institute/ Antoni van Leeuwenhoek Hospital NKI/AVL. Mr. Sijbesma had been the Chairman of Emerald Kalama Chemical, BV. He serves as the Chairman of the Supervisory Board of DSM Nederland B.V. He served as the Chairman of EuropaBio and Dutch Food Chain Sustainability Foundation (DuVo). He has been a Director of Unilever NV since November 1, 2014. He has been Director of Emerald Kalama Chemical, BV since July 2000. He is Member Supervisory Board Dutch Central Bank (DNB); Member Global CEO Council (GCC) Chinese People's Association for Friendship with Foreign Countries (CPAFFC); Climate leader for the World Bank Group. He has been a Member of Supervisory Board at De Nederlandsche Bank since 2012. He has been Non-Executive Director of Unilever plc since November 1, 2014. He serves as Director of EuropaBio and DSM Elastomers B.V. He serves as a Director of Wageningen Centre for Food Sciences (WCFS) and Swiss Chemical Association (SGCI). He serves as a Member of Supervisory Board of DSM Chemicals North America, Inc., and Dutch Genomics Initiative. He serves as a Member of Supervisory Board of Utrecht University. Mr. Sijbesma serves as board member of CEFIC (European Chemical Industry Council) and Dutch Innovation Platform 2.0. He served as a Director of EBN B.V. (Energie Beheer Nederland B V). He serves as a Member of Advisory Board of RSM Erasmus University and ECP NL. He served as a Director at Biotechnology Industry Organization (BIO). Mr. Sijbesma studied Medical Biology from University of Utrecht and Business Administration from Erasmus University at Rotterdam.

CEO Compensation
  • Feike's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Insufficient data for Feike to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the Koninklijke DSM management team in years:

6.3
Average Tenure
59
Average Age
  • The average tenure for the Koninklijke DSM management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Feike Sijbesma

TITLE
Chairman of the Managing Board & CEO
COMPENSATION
€3M
AGE
59
TENURE
11.9 yrs

Geraldine Matchett

TITLE
CFO & Member of the Managing Board
COMPENSATION
€2M
AGE
46
TENURE
4.3 yrs

Dimitri de Vreeze

TITLE
Member of the Managing Board
COMPENSATION
€2M
AGE
51
TENURE
5.6 yrs

Rob van Leen

TITLE
Chief Innovation Officer
AGE
60
TENURE
13.3 yrs

Chris Goppelsroeder

TITLE
President & CEO of Nutritional Products
COMPENSATION
€88K
AGE
59
TENURE
6.3 yrs

Judith Wiese

TITLE
Executive VP of Group People & Organisation
TENURE
1.3 yrs

Jos Heij

TITLE
Senior VP of Corporate Control & Accounting and Group Controller
TENURE
6.7 yrs

Marcus Remmers

TITLE
Chief Technology Officer
TENURE
2 yrs

Dave Huizing

TITLE
Vice President of Investor Relations
TENURE
6.8 yrs
Board of Directors Tenure

Average tenure and age of the Koninklijke DSM board of directors in years:

5
Average Tenure
68
Average Age
  • The tenure for the Koninklijke DSM board of directors is about average.
Board of Directors

Rob Routs

TITLE
Chairman of Supervisory Board
COMPENSATION
€107K
AGE
72
TENURE
8 yrs

Pauline Françoise van der Meer Mohr

TITLE
Deputy Chairwoman of Supervisory Board
COMPENSATION
€82K
AGE
58

John Ramsay

TITLE
Member of Supervisory Board
COMPENSATION
€82K
AGE
61
TENURE
1.9 yrs

Eileen Kennedy

TITLE
Member of Supervisory Board
COMPENSATION
€90K
AGE
71
TENURE
6.9 yrs

Victoria Haynes

TITLE
Member of Supervisory Board
COMPENSATION
€94K
AGE
71
TENURE
6.9 yrs

Paul Gilding

TITLE
Member of External Sustainability Advisory Board

David King

TITLE
Member of External Sustainability Advisory Board
AGE
79

Ye Qi

TITLE
Member of External Sustainability Advisory Board

Ndidi Nwuneli

TITLE
Member of Sustainability Advisory Board
AGE
43
TENURE
3.2 yrs

Pradeep Pant

TITLE
Member of Supervisory Board
COMPENSATION
€98K
AGE
65
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Koninklijke DSM's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Koninklijke DSM has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

RDSM News

Simply Wall St News

RDSM Company Info

Description

Koninklijke DSM N.V., a science-based company, engages in nutrition, health, and materials businesses in the Netherlands, North America, the United Kingdom, France, Germany, Switzerland, the Asia-Pacific, and internationally.. The company operates through Nutrition, Materials, and Innovation Center segments. The Nutrition segment offers nutrients, such as vitamins, carotenoids, nutritional lipids, and other ingredients to feed, food, pharmaceutical, and personal care industries; and food enzymes, cultures, yeast extracts, savory flavors, hydrocolloids, and other specialty ingredients for dairy, baking, beverage, and savory applications. The Materials segment provides specialty plastics for the electrical and electronics, automotive, flexible food packaging, and consumer goods industries; Dyneema, a fiber solution for protective solutions and commercial marine applications; and resins solutions for paints and industrial, and optical fiber coatings. The Innovation Center segment offers cellulosic and starch-based bio-ethanol, and bio-based succinic acids; anti-reflective coatings for solar glass; and anti-soiling coatings for use in cleaning and maintaining solar farms in desert-like conditions. This segment also produces biomedical materials and technologies that enable medical device manufacturers to enhance care across various medical specialties. Koninklijke DSM N.V. was founded in 1902 and is headquartered in Heerlen, the Netherlands.

Details
Name: Koninklijke DSM N.V.
RDSM
Exchange: WBAG
Founded: 1902
€18,030,531,523
175,650,575
Website: http://www.dsm.com
Address: Koninklijke DSM N.V.
Het Overloon 1,
Heerlen,
Limburg, 6411 TE,
Netherlands
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTAM DSM Ordinary Shares Euronext Amsterdam NL EUR 02. Jan 1992
OTCPK KDSK.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB DSM2 Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0NPP Ordinary Shares London Stock Exchange GB EUR 02. Jan 1992
SWX DSM Ordinary Shares SIX Swiss Exchange CH CHF 02. Jan 1992
WBAG RDSM Ordinary Shares Wiener Boerse AG AT EUR 02. Jan 1992
BMV DSM N Ordinary Shares Bolsa Mexicana de Valores MX MXN 02. Jan 1992
BATS-CHIXE DSMA Ordinary Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
OTCPK RDSM.Y SPON ADR Pink Sheets LLC US USD 26. Sep 1995
Number of employees
Current staff
Staff numbers
20,977
Koninklijke DSM employees.
Industry
Specialty Chemicals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 22:06
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/03/08
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.