DIC Valuation

Is DPN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of DPN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DPN (€21) is trading below our estimate of fair value (€160.28)

Significantly Below Fair Value: DPN is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for DPN?

Key metric: As DPN is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for DPN. This is calculated by dividing DPN's market cap by their current revenue.
What is DPN's PS Ratio?
PS Ratio0.3x
SalesJP¥1.06t
Market CapJP¥314.25b

Price to Sales Ratio vs Peers

How does DPN's PS Ratio compare to its peers?

The above table shows the PS ratio for DPN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.8x
WCH Wacker Chemie
0.6x5.2%€3.5b
ACT AlzChem Group
1.1x7.3%€641.1m
EVK Evonik Industries
0.5x2.1%€8.2b
1COV Covestro
0.8x4.3%€10.9b
DPN DIC
0.3x1.7%€314.3b

Price-To-Sales vs Peers: DPN is good value based on its Price-To-Sales Ratio (0.3x) compared to the peer average (0.8x).


Price to Sales Ratio vs Industry

How does DPN's PS Ratio compare vs other companies in the European Chemicals Industry?

28 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.1.0x4.3%
DPN DIC
0.3x1.7%US$2.10b
DPN 0.3xIndustry Avg. 1.0xNo. of Companies29PS01.22.43.64.86+
28 CompaniesEstimated GrowthMarket Cap
Industry Avg.1.0x34.5%
DPN DIC
0.3x44.8%US$2.10b
No more companies

Price-To-Sales vs Industry: DPN is good value based on its Price-To-Sales Ratio (0.3x) compared to the European Chemicals industry average (1x).


Price to Sales Ratio vs Fair Ratio

What is DPN's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DPN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.3x
Fair PS Ratio0.3x

Price-To-Sales vs Fair Ratio: DPN is good value based on its Price-To-Sales Ratio (0.3x) compared to the estimated Fair Price-To-Sales Ratio (0.3x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst DPN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€21.00
€22.62
+7.7%
8.9%€24.34€19.78n/a3
Nov ’25€19.40
€22.88
+18.0%
8.9%€24.63€20.01n/a3
Oct ’25€20.40
€22.08
+8.2%
9.1%€24.88€20.21n/a3
Sep ’25€19.30
€21.43
+11.0%
5.4%€22.98€20.18n/a3
Aug ’25€18.40
€19.80
+7.6%
5.4%€21.23€18.65n/a3
Jul ’25€17.60
€19.65
+11.7%
9.9%€21.82€17.10n/a3
Jun ’25€18.90
€19.65
+4.0%
9.9%€21.82€17.10n/a3
May ’25€17.40
€18.99
+9.2%
7.0%€20.83€17.77n/a3
Apr ’25€17.40
€17.70
+1.7%
14.2%€20.78€14.61n/a3
Mar ’25€17.80
€16.29
-8.5%
8.0%€17.96€14.80n/a3
Feb ’25€17.10
€16.43
-3.9%
8.0%€18.12€14.93n/a3
Jan ’25€17.50
€15.53
-11.3%
3.6%€16.28€14.96n/a3
Dec ’24€14.80
€15.53
+4.9%
3.6%€16.28€14.96€20.403
Nov ’24€14.90
€16.54
+11.0%
5.6%€17.72€15.44€19.403
Oct ’24€15.20
€16.82
+10.7%
6.3%€17.57€15.31€20.403
Sep ’24€15.80
€16.82
+6.5%
6.3%€17.57€15.31€19.303
Aug ’24€17.80
€17.45
-2.0%
8.4%€19.06€15.50€18.403
Jul ’24€16.20
€17.45
+7.7%
8.4%€19.06€15.50€17.603
Jun ’24€16.20
€18.30
+12.9%
7.8%€20.27€16.49€18.904
May ’24€16.40
€18.25
+11.3%
7.8%€20.23€16.45€17.404
Apr ’24€16.00
€18.92
+18.3%
7.8%€20.97€17.05€17.404
Mar ’24€16.40
€20.41
+24.5%
10.8%€23.05€16.94€17.804
Feb ’24€16.50
€20.99
+27.2%
8.4%€23.15€18.27€17.104
Jan ’24€16.10
€20.99
+30.4%
8.4%€23.15€18.27€17.504
Dec ’23€17.10
€21.72
+27.0%
8.0%€23.89€19.07€14.804

Analyst Forecast: Target price is less than 20% higher than the current share price.


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