DSM-Firmenich AG

BATS-CHIXE:DSFIRA Stock Report

Market Cap: €28.5b

DSM-Firmenich Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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 DSFIRA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DSFIRA (€106.85) is trading below our estimate of fair value (€110.24)

Significantly Below Fair Value: DSFIRA is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for DSFIRA. This is calculated by dividing DSFIRA's market cap by their current revenue.
What is DSFIRA's PS Ratio?
PS Ratio2.3x
Sales€12.46b
Market Cap€28.45b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for DSFIRA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.8x
CRDA Croda International
3x5.1%UK£4.9b
JMAT Johnson Matthey
0.2x-50.4%UK£2.6b
VCT Victrex
2.7x5.8%UK£763.5m
ELM Elementis
1.4x3.4%UK£796.9m
DSFIRA DSM-Firmenich
2.3x4.1%€28.5b

Price-To-Sales vs Peers: DSFIRA is expensive based on its Price-To-Sales Ratio (2.3x) compared to the peer average (1.8x).

Price to Sales Ratio vs Industry

How does DSFIRA's PS Ratio compare vs other companies in the GB Chemicals Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
JMAT Johnson Matthey
0.2x-50.4%US$3.22b
SYNT Synthomer
0.1x5.0%US$336.13m
CAR Carclo
0.2x7.0%US$29.99m
HEIQ HeiQ
0.2xn/aUS$9.61m
No. of Companies6PS01.22.43.64.86+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: DSFIRA is expensive based on its Price-To-Sales Ratio (2.3x) compared to the UK Chemicals industry average (1.2x).

Price to Sales Ratio vs Fair Ratio

What is DSFIRA'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.

DSFIRA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.3x
Fair PS Ratio1.6x

Price-To-Sales vs Fair Ratio: DSFIRA is expensive based on its Price-To-Sales Ratio (2.3x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).

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 DSFIRA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€106.85
€128.96
+20.7%
11.2%€146.00€78.00n/a20
Nov ’25€108.30
€129.91
+20.0%
11.6%€158.00€78.00n/a21
Oct ’25€122.05
€127.46
+4.4%
12.1%€158.00€78.00n/a22
Sep ’25€122.95
€126.78
+3.1%
12.0%€158.00€78.00n/a22
Aug ’25€117.85
€124.96
+6.0%
12.0%€158.00€78.00n/a22
Jul ’25€106.05
€122.92
+15.9%
12.7%€158.00€75.00n/a22
Jun ’25€105.20
€121.87
+15.8%
12.7%€158.00€75.00n/a22
May ’25€105.90
€119.49
+12.8%
13.3%€158.00€75.00n/a22
Apr ’25€105.52
€118.08
+11.9%
14.7%€158.00€70.00n/a22
Mar ’25€100.20
€118.26
+18.0%
15.0%€158.00€70.00n/a22
Feb ’25€98.06
€111.55
+13.8%
17.5%€158.00€70.00n/a22
Jan ’25€91.94
€112.78
+22.7%
18.3%€158.00€70.00n/a22
Dec ’24€85.96
€114.69
+33.4%
20.5%€182.00€70.00n/a22
Nov ’24€86.75
€116.42
+34.2%
19.9%€182.00€70.00€108.3022
Oct ’24€80.71
€123.35
+52.8%
18.7%€182.00€80.00€122.0522
Sep ’24€85.10
€124.90
+46.8%
17.4%€182.00€80.00€122.9522
Aug ’24€98.41
€129.48
+31.6%
14.9%€175.00€88.00€117.8518
Jul ’24€99.57
€141.10
+41.7%
12.8%€175.00€114.00€106.0517
Jun ’24€101.86
€144.87
+42.2%
9.7%€175.00€126.00€105.2010
May ’24€118.84
€134.25
+13.0%
1.9%€137.00€130.00€105.904

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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