Koninklijke DSM
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 40 days ago. More info.
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- Koninklijke DSM has significant price volatility in the past 3 months.
DSM Share Price and Events
7 Day Returns
1 Year Returns
DSM Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Koninklijke DSM (DSM) | 1.3% | 4% | 30.5% | 18% | 94.1% | 105.1% |
| NL Chemicals | 1.5% | 2.2% | 16.1% | 6.4% | 41.8% | 42% |
| NL Market | 0.6% | 2.6% | 12.5% | 2.5% | 22.9% | 30.9% |
1 Year Return vs Industry and Market
- DSM outperformed the Chemicals industry which returned 6.4% over the past year.
- DSM outperformed the Market in Netherlands which returned 2.5% over the past year.
Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Koninklijke DSM.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 23 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 6.5% |
| Perpetual Growth Rate | 10-Year NL Government Bond Rate | 0.4% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year NL Govt Bond Rate | 0.4% |
| 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%) (14.75%)) |
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)
= 0.37% + (1.023 * 5.96%) |
6.47% |
Discounted Cash Flow Calculation for ENXTAM:DSM 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.
| Levered FCF (EUR, Millions) | Source |
Present Value Discounted (@ 6.47%) |
|
|---|---|---|---|
| 2019 | 724.93 | Analyst x7 | 680.89 |
| 2020 | 734.03 | Analyst x11 | 647.56 |
| 2021 | 813.83 | Analyst x6 | 674.35 |
| 2022 | 824.00 | Analyst x1 | 641.29 |
| 2023 | 853.00 | Analyst x1 | 623.54 |
| 2024 | 874.61 | Est @ 2.53% | 600.50 |
| 2025 | 891.09 | Est @ 1.88% | 574.65 |
| 2026 | 903.84 | Est @ 1.43% | 547.46 |
| 2027 | 913.89 | Est @ 1.11% | 519.92 |
| 2028 | 922.02 | Est @ 0.89% | 492.68 |
| Present value of next 10 years cash flows | €6,002.83 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= €922.02 × (1 + 0.37%) ÷ (6.47% – 0.37%) |
€15,176.94 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= €15,176.94 ÷ (1 + 6.47%)10 |
€8,109.79 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= €6,002.83 + €8,109.79 |
€14,112.62 |
| Equity Value per Share (EUR) |
= Total value / Shares Outstanding
= €14,112.62 / 175.65 |
€80.34 |
| Calculation | Result | |
|---|---|---|
| Value per share (EUR) | From above. | €80.34 |
| Current discount | Discount to share price of
€102.55
= -1 x (€102.55 - €80.34) / €80.34 |
-27.6% |
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.
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?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in EUR | €6.10 |
| ENXTAM:DSM Share Price ** | ENXTAM (2019-04-17) in EUR | €102.55 |
| Netherlands Chemicals Industry PE Ratio | Median Figure of 5 Publicly-Listed Chemicals Companies | 16.85x |
| Netherlands Market PE Ratio | Median Figure of 81 Publicly-Listed Companies | 18.04x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Koninklijke DSM.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ENXTAM:DSM Share Price ÷ EPS (both in EUR) = 102.55 ÷ 6.10 |
16.82x |
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 NL Chemicals industry average.
- Koninklijke DSM is good value based on earnings compared to the Netherlands market.
Price based on expected Growth
Does
Koninklijke DSM's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 16.82x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts |
-1.9%per year |
| Europe Chemicals Industry PEG Ratio | Median Figure of 63 Publicly-Listed Chemicals Companies | 1.73x |
| Netherlands Market PEG Ratio | Median Figure of 66 Publicly-Listed Companies | 1.58x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 16.82x ÷ -1.9% |
-8.9x |
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?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in EUR | €44.30 |
| ENXTAM:DSM Share Price * | ENXTAM (2019-04-17) in EUR | €102.55 |
| Netherlands Chemicals Industry PB Ratio | Median Figure of 6 Publicly-Listed Chemicals Companies | 2.14x |
| Netherlands Market PB Ratio | Median Figure of 104 Publicly-Listed Companies | 2.01x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ENXTAM:DSM Share Price ÷ Book Value per Share (both in EUR) = 102.55 ÷ 44.30 |
2.31x |
* 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 NL Chemicals industry average.
Value checks
We assess Koninklijke DSM's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Chemicals industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Chemicals industry average (and greater than 0)? (1 check) Koninklijke DSM has a total score of 2/6, 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.
Future Performance
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!
Earnings growth vs Low Risk Savings
- Koninklijke DSM's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.4%.
Growth vs Market Checks
- Koninklijke DSM's earnings are expected to decrease over the next 1-3 years, this is below the Netherlands market average.
- Koninklijke DSM's revenue growth is expected to exceed the Netherlands market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ENXTAM:DSM Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts | -1.9% |
| ENXTAM:DSM Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 23 Analysts | 3.6% |
| Netherlands Chemicals Industry Earnings Growth Rate | Market Cap Weighted Average | 13.6% |
| Europe Chemicals Industry Revenue Growth Rate | Market Cap Weighted Average | 3.5% |
| Netherlands Market Earnings Growth Rate | Market Cap Weighted Average | 7.6% |
| Netherlands Market Revenue Growth Rate | Market Cap Weighted Average | 2% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 23 Analyst Estimates (S&P Global) | See Below |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 11,169 | 1,603 | 3 | |
| 2022-12-31 | 10,712 | 1,542 | 5 | |
| 2021-12-31 | 10,217 | 1,484 | 999 | 18 |
| 2020-12-31 | 9,733 | 1,378 | 916 | 23 |
| 2019-12-31 | 9,275 | 1,319 | 851 | 23 |
| 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.
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 23 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.
| 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 | 12.00 |
| 2020-12-31 | 5.55 | 6.80 | 4.80 | 15.00 |
| 2019-12-31 | 4.92 | 5.13 | 4.65 | 13.00 |
| 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.
Future performance checks
We assess Koninklijke DSM's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Netherlands market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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.
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
Past Earnings growth analysis
- 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 NL Chemicals industry average.
Earnings and Revenue History
All data from Koninklijke DSM Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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 NL 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).
Past performance checks
We assess Koninklijke DSM's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Chemicals industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Koninklijke DSM Company Filings, last reported 3 months ago.
| 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).
Financial health checks
We assess Koninklijke DSM's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Koninklijke DSM has a total score of 6/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
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
If you bought
€2,000 of
Koninklijke DSM
shares you are expected to receive
€45
in your first year as a dividend.
Dividend Amount
- Koninklijke DSM's pays a higher dividend yield than the bottom 25% of dividend payers in Netherlands (2.22%).
- Koninklijke DSM's dividend is below the markets top 25% of dividend payers in Netherlands (5.56%).
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.
| 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 23 Analyst Estimates (S&P Global) | See Below |
| Netherlands Chemicals Industry Average Dividend Yield | Market Cap Weighted Average of 5 Stocks | 2.5% |
| Netherlands Market Average Dividend Yield | Market Cap Weighted Average of 68 Stocks | 3.9% |
| Netherlands Minimum Threshold Dividend Yield | 10th Percentile | 1.7% |
| Netherlands Bottom 25% Dividend Yield | 25th Percentile | 2.2% |
| Netherlands Top 25% Dividend Yield | 75th Percentile | 5.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| 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 | 2.86 | 18.00 |
| 2020-12-31 | 2.66 | 22.00 |
| 2019-12-31 | 2.43 | 22.00 |
| Date (Data in €) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-03-08 | 2.300 | 2.330 |
| 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).
- Dividends after 3 years are expected to be well covered by earnings (2.2x coverage).
Income/ dividend checks
We assess Koninklijke DSM's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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.
Management
CEO
| 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.
- Feike's remuneration is about average for companies of similar size in Netherlands.
Management Team Tenure
Average tenure and age of the Koninklijke DSM management team in years:
- 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
Chairman of the Managing Board & CEO
€3M
59
11.9 yrs
Geraldine Matchett
CFO & Member of the Managing Board
€2M
46
4.3 yrs
Dimitri de Vreeze
Member of the Managing Board
€2M
51
5.6 yrs
Rob van Leen
Chief Innovation Officer & Member of the Managing Board
60
Chris Goppelsroeder
President & CEO of Nutritional Products and Member of the Managing Board
€88K
59
Philip Eykerman
Executive VP of Strategy and M&A and Member of Managing Board
49
Judith Wiese
Head of Group People & Organization and Member of the Managing Board
Jos Heij
Senior VP of Corporate Control & Accounting and Group Controller
6.7 yrs
Marcus Remmers
Chief Technology Officer
2 yrs
Dave Huizing
Vice President of Investor Relations
6.8 yrs
Board of Directors Tenure
Average tenure and age of the Koninklijke DSM board of directors in years:
- The tenure for the Koninklijke DSM board of directors is about average.
Board of Directors
Rob Routs
Chairman of Supervisory Board
€107K
72
8 yrs
Pauline Françoise van der Meer Mohr
Deputy Chairwoman of Supervisory Board
€82K
58
John Ramsay
Member of Supervisory Board
€82K
61
1.9 yrs
Eileen Kennedy
Member of Supervisory Board
€90K
71
6.9 yrs
Victoria Haynes
Member of Supervisory Board
€94K
71
6.9 yrs
Paul Gilding
Member of External Sustainability Advisory Board
David King
Member of External Sustainability Advisory Board
79
Ye Qi
Member of External Sustainability Advisory Board
Ndidi Nwuneli
Member of Sustainability Advisory Board
43
3.2 yrs
Pradeep Pant
Member of Supervisory Board
€98K
65
3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (€) | Value (€) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Koninklijke DSM's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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.
News
Simply Wall St News
Why Koninklijke DSM N.V. (AMS:DSM) Is A Financially Healthy Company
Investors looking for stocks with high market liquidity and little debt on the balance sheet should consider Koninklijke DSM N.V. … With a market valuation of €17b, DSM is a safe haven in times of market uncertainty due to its strong balance sheet. … These companies are resilient in times of low liquidity and are not as strongly impacted by interest rate hikes as companies with lots of debt.
Simply Wall St - – Full articleKoninklijke DSM N.V. (AMS:DSM): Earnings Expected To Remain Subdued
The latest earnings release Koninklijke DSM N.V.'s (AMS:DSM) announced in December 2018a … suggested
Simply Wall St - – Full articleWhat We Think Of Koninklijke DSM N.V.’s (AMS:DSM) Investment Potential
In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Return On Capital Employed (ROCE): What is it? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.
Simply Wall St - – Full articleDid You Miss Koninklijke DSM's Impressive 106% Share Price Gain?
It might seem bad, but the worst that can happen when you buy a stock (without leverage) is that its share price goes to zero. … (AMS:DSM) share price has soared 106% in the last three years. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
Simply Wall St - – Full articleRead This Before You Buy Koninklijke DSM N.V. (AMS:DSM) Because Of Its P/E Ratio
This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … How Do I Calculate Koninklijke DSM's Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleIs Now The Time To Look At Buying Koninklijke DSM N.V. (AMS:DSM)?
Want to participate in a short research study? … saw a significant share price rise of over 20% in the past couple of months on the ENXTAM … With many analysts covering the large-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price.
Simply Wall St - – Full articleIs Koninklijke DSM N.V. (AMS:DSM) Expensive For A Reason? A Look At The Intrinsic Value
by projecting its future cash flows and then discounting them to today's value. … Discounted Cash Flows (DCF) … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model.
Simply Wall St - – Full articleWhat Should Investors Know About The Future Of Koninklijke DSM N.V.'s (AMS:DSM)?
(AMS:DSM) released its earnings update. … analyst consensus outlook appear … with earnings expected to decline by -13% in the upcoming year
Simply Wall St - – Full articleKoninklijke DSM N.V. (AMS:DSM): A Fundamentally Attractive Investment
Building up an investment case requires looking at a stock holistically. … that has been able to sustain great financial health over the past … For those interested in understanding where the figures come from and want to see the analysis,
Simply Wall St - – Full articleThere's An Opportunity With Koninklijke DSM N.V. (AMS:DSM)
has fared well over time in a volatile stock market, which is why it’s my top pick to invest in. … Below I take a look at three key characteristics of what makes a strong defensive stock investment: its size, financial health and track record. … Koninklijke DSM N.V., a science-based company, engages in health, nutrition, and materials businesses worldwide
Simply Wall St - – Full articleCompany 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. |
| DSM | |
| Exchange: | ENXTAM |
| Founded: | 1902 |
| €18,012,966,466 | |
| 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
Industry
| Specialty Chemicals | |
| Materials |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/17 21:13 |
| End of day share price update: | 2019/04/17 00:00 |
| Last estimates confirmation: | 2019/04/16 |
| 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.
