Koninklijke DSM NV (DSM.AS) Fundamental Analysis & Valuation

AMS:DSM • NL0000009827

114.05 EUR
+0.15 (+0.13%)
Last: May 30, 2023, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This DSM.AS fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

Taking everything into account, DSM scores 5 out of 10 in our fundamental rating. DSM was compared to 66 industry peers in the Chemicals industry. DSM has an average financial health and profitability rating. DSM has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

4

1. DSM.AS Profitability Analysis

1.1 Basic Checks

  • DSM had positive earnings in the past year.
  • DSM had a positive operating cash flow in the past year.
DSM.AS Yearly Net Income VS EBIT VS OCF VS FCFDSM.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 500M 1B 1.5B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 9.73%, DSM is in the better half of the industry, outperforming 76.19% of the companies in the same industry.
  • With a decent Return On Equity value of 15.77%, DSM is doing good in the industry, outperforming 66.67% of the companies in the same industry.
  • DSM's Return On Invested Capital of 3.55% is in line compared to the rest of the industry. DSM outperforms 41.27% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for DSM is below the industry average of 6.96%.
Industry RankSector Rank
ROA 9.73%
ROE 15.77%
ROIC 3.55%
ROA(3y)7.88%
ROA(5y)7.41%
ROE(3y)13.48%
ROE(5y)12.77%
ROIC(3y)4.18%
ROIC(5y)5.44%
DSM.AS Yearly ROA, ROE, ROICDSM.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 5 10 15 20 25

1.3 Margins

  • DSM has a Profit Margin of 20.19%. This is amongst the best in the industry. DSM outperforms 93.65% of its industry peers.
  • DSM's Profit Margin has been stable in the last couple of years.
  • DSM has a Operating Margin (7.90%) which is comparable to the rest of the industry.
  • In the last couple of years the Operating Margin of DSM has declined.
  • DSM's Gross Margin of 32.06% is in line compared to the rest of the industry. DSM outperforms 50.79% of its industry peers.
  • In the last couple of years the Gross Margin of DSM has remained more or less at the same level.
Industry RankSector Rank
OM 7.9%
PM (TTM) 20.19%
GM 32.06%
OM growth 3Y-8.97%
OM growth 5Y-4.86%
PM growth 3Y29.13%
PM growth 5Y-0.21%
GM growth 3Y-2.47%
GM growth 5Y-1.41%
DSM.AS Yearly Profit, Operating, Gross MarginsDSM.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 10 20 30

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ROAROEROICOperating and Profit MarginShow most profitable peers

6

2. DSM.AS Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), DSM is creating some value.
  • Compared to 1 year ago, DSM has about the same amount of shares outstanding.
  • DSM has a better debt/assets ratio than last year.
DSM.AS Yearly Shares OutstandingDSM.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 50M 100M 150M
DSM.AS Yearly Total Debt VS Total AssetsDSM.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 5B 10B 15B

2.2 Solvency

  • An Altman-Z score of 1.83 indicates that DSM is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • With a Altman-Z score value of 1.83, DSM is not doing good in the industry: 68.25% of the companies in the same industry are doing better.
  • The Debt to FCF ratio of DSM is 9.76, which is on the high side as it means it would take DSM, 9.76 years of fcf income to pay off all of its debts.
  • With a decent Debt to FCF ratio value of 9.76, DSM is doing good in the industry, outperforming 63.49% of the companies in the same industry.
  • DSM has a Debt/Equity ratio of 0.28. This is a healthy value indicating a solid balance between debt and equity.
  • DSM has a Debt to Equity ratio (0.28) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.28
Debt/FCF 9.76
Altman-Z 1.83
ROIC/WACC1.05
WACC3.37%
DSM.AS Yearly LT Debt VS Equity VS FCFDSM.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2B 4B 6B 8B 10B

2.3 Liquidity

  • DSM has a Current Ratio of 3.15. This indicates that DSM is financially healthy and has no problem in meeting its short term obligations.
  • With an excellent Current ratio value of 3.15, DSM belongs to the best of the industry, outperforming 80.95% of the companies in the same industry.
  • DSM has a Quick Ratio of 2.24. This indicates that DSM is financially healthy and has no problem in meeting its short term obligations.
  • The Quick ratio of DSM (2.24) is better than 84.13% of its industry peers.
Industry RankSector Rank
Current Ratio 3.15
Quick Ratio 2.24
DSM.AS Yearly Current Assets VS Current LiabilitesDSM.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2B 4B 6B 8B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. DSM.AS Growth Analysis

3.1 Past

  • DSM shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 1.34%.
  • DSM shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -0.46% yearly.
  • DSM shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 15.42%.
  • Measured over the past years, DSM shows a decrease in Revenue. The Revenue has been decreasing by -0.57% on average per year.
EPS 1Y (TTM)1.34%
EPS 3Y32.22%
EPS 5Y-0.46%
EPS Q2Q%86.75%
Revenue 1Y (TTM)15.42%
Revenue growth 3Y1.61%
Revenue growth 5Y-0.57%
Sales Q2Q%13.94%

3.2 Future

  • The Earnings Per Share is expected to grow by 8.32% on average over the next years. This is quite good.
  • DSM is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.55% yearly.
EPS Next Y-17.84%
EPS Next 2Y-0.19%
EPS Next 3Y4.44%
EPS Next 5Y8.32%
Revenue Next Year9.64%
Revenue Next 2Y8.55%
Revenue Next 3Y7.11%
Revenue Next 5Y3.55%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
DSM.AS Yearly Revenue VS EstimatesDSM.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2B 4B 6B 8B 10B
DSM.AS Yearly EPS VS EstimatesDSM.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2 4 6

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4

4. DSM.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 11.64, the valuation of DSM can be described as very reasonable.
  • Compared to the rest of the industry, the Price/Earnings ratio of DSM indicates a somewhat cheap valuation: DSM is cheaper than 61.90% of the companies listed in the same industry.
  • When comparing the Price/Earnings ratio of DSM to the average of the S&P500 Index (26.83), we can say DSM is valued rather cheaply.
  • A Price/Forward Earnings ratio of 33.15 indicates a quite expensive valuation of DSM.
  • Based on the Price/Forward Earnings ratio, DSM is valued a bit more expensive than the industry average as 65.08% of the companies are valued more cheaply.
  • DSM is valuated rather expensively when we compare the Price/Forward Earnings ratio to 24.95, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 11.64
Fwd PE 33.15
DSM.AS Price Earnings VS Forward Price EarningsDSM.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, DSM is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of DSM indicates a rather cheap valuation: DSM is cheaper than 98.41% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 1.81
EV/EBITDA 0.46
DSM.AS Per share dataDSM.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 500 1K 1.5K 2K

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-0.19%
EPS Next 3Y4.44%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. DSM.AS Dividend Analysis

5.1 Amount

  • DSM has a Yearly Dividend Yield of 2.31%.
  • Compared to an average industry Dividend Yield of 2.21, DSM pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, DSM pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.31%

5.2 History

  • On average, the dividend of DSM grows each year by 11.78%, which is quite nice.
Dividend Growth(5Y)11.78%
Div Incr Years0
Div Non Decr Years0
DSM.AS Yearly Dividends per shareDSM.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 0.5 1 1.5 2 2.5

5.3 Sustainability

  • DSM pays out 20.37% of its income as dividend. This is a sustainable payout ratio.
  • DSM's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP20.37%
EPS Next 2Y-0.19%
EPS Next 3Y4.44%
DSM.AS Yearly Income VS Free CF VS DividendDSM.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 500M 1B 1.5B
DSM.AS Dividend Payout.DSM.AS Dividend Payout, showing the Payout Ratio.DSM.AS Dividend Payout.PayoutRetained Earnings

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DSM.AS Fundamentals: All Metrics, Ratios and Statistics

Koninklijke DSM NV

AMS:DSM (5/30/2023, 7:00:00 PM)

114.05

+0.15 (+0.13%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryChemicals
Earnings (Last)N/A
Earnings (Next)N/A
Inst OwnersN/A
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap568.64M
Revenue(TTM)8.39B
Net Income(TTM)1.69B
Analysts77.5
Price Target151.14 (32.52%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.31%
Yearly Dividend1.99
Dividend Growth(5Y)11.78%
DP20.37%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)97.46%
Min Revenue beat(2)97.46%
Max Revenue beat(2)97.46%
Revenue beat(4)2
Avg Revenue beat(4)82.78%
Min Revenue beat(4)68.1%
Max Revenue beat(4)97.46%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-0.38%
PT rev (3m)-4.24%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-16.28%
EPS NY rev (1m)0%
EPS NY rev (3m)-10.83%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.2%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.4%
Valuation
Industry RankSector Rank
PE 11.64
Fwd PE 33.15
P/S 0.07
P/FCF 1.81
P/OCF 0.59
P/B 0.05
P/tB 0.1
EV/EBITDA 0.46
EPS(TTM)9.8
EY8.59%
EPS(NY)3.44
Fwd EY3.02%
FCF(TTM)62.98
FCFY55.22%
OCF(TTM)193.55
OCFY169.7%
SpS1682.76
BVpS2154.7
TBVpS1122.38
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA 9.73%
ROE 15.77%
ROCE N/A
ROIC 3.55%
ROICexc 4.4%
ROICexgc 7.72%
OM 7.9%
PM (TTM) 20.19%
GM 32.06%
FCFM N/A
ROA(3y)7.88%
ROA(5y)7.41%
ROE(3y)13.48%
ROE(5y)12.77%
ROIC(3y)4.18%
ROIC(5y)5.44%
ROICexc(3y)4.84%
ROICexc(5y)6.53%
ROICexgc(3y)8.47%
ROICexgc(5y)10.73%
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3Y-9.43%
ROICexgc growth 5Y-8.64%
ROICexc growth 3Y-13.12%
ROICexc growth 5Y-11.06%
OM growth 3Y-8.97%
OM growth 5Y-4.86%
PM growth 3Y29.13%
PM growth 5Y-0.21%
GM growth 3Y-2.47%
GM growth 5Y-1.41%
F-Score6
Asset Turnover0.48
Health
Industry RankSector Rank
Debt/Equity 0.28
Debt/FCF 9.76
Debt/EBITDA 2.33
Cap/Depr 99.85%
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 18.54%
Current Ratio 3.15
Quick Ratio 2.24
Altman-Z 1.83
F-Score6
WACC3.37%
ROIC/WACC1.05
Cap/Depr(3y)89.72%
Cap/Depr(5y)101.35%
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)81.13%
Profit Quality(5y)81.58%
High Growth Momentum
Growth
EPS 1Y (TTM)1.34%
EPS 3Y32.22%
EPS 5Y-0.46%
EPS Q2Q%86.75%
EPS Next Y-17.84%
EPS Next 2Y-0.19%
EPS Next 3Y4.44%
EPS Next 5Y8.32%
Revenue 1Y (TTM)15.42%
Revenue growth 3Y1.61%
Revenue growth 5Y-0.57%
Sales Q2Q%13.94%
Revenue Next Year9.64%
Revenue Next 2Y8.55%
Revenue Next 3Y7.11%
Revenue Next 5Y3.55%
EBIT growth 1Y-8.43%
EBIT growth 3Y-7.51%
EBIT growth 5Y-5.4%
EBIT Next Year75.39%
EBIT Next 3Y31.75%
EBIT Next 5Y18.88%
FCF growth 1Y-63.06%
FCF growth 3Y-24.99%
FCF growth 5Y-6.57%
OCF growth 1Y-32.38%
OCF growth 3Y-11.35%
OCF growth 5Y-0.63%

Koninklijke DSM NV / DSM.AS FAQ

What is the ChartMill fundamental rating of Koninklijke DSM NV (DSM.AS) stock?

ChartMill assigns a fundamental rating of 5 / 10 to DSM.AS.


What is the valuation status of Koninklijke DSM NV (DSM.AS) stock?

ChartMill assigns a valuation rating of 5 / 10 to Koninklijke DSM NV (DSM.AS). This can be considered as Fairly Valued.


Can you provide the profitability details for Koninklijke DSM NV?

Koninklijke DSM NV (DSM.AS) has a profitability rating of 5 / 10.


What is the valuation of Koninklijke DSM NV based on its PE and PB ratios?

The Price/Earnings (PE) ratio for Koninklijke DSM NV (DSM.AS) is 11.64 and the Price/Book (PB) ratio is 0.05.


Can you provide the dividend sustainability for DSM stock?

The dividend rating of Koninklijke DSM NV (DSM.AS) is 5 / 10 and the dividend payout ratio is 20.37%.