DSM stock seen through Benjamin Graham Defensive perspective

I was wrong: 
Conclusion 2019: The DSM stock price seems to have increased more quickly than value. Might be good to take some profits if you own the stock.  

SECTOR: [PASS] DSM is neither a technology nor financial Company, and therefore this methodology is applicable. 

SALES: [PASS] The investor must select companies of "adequate size". This includes companies with annual sales greater than €260 million. DSM's sales of €9 204 million, based on 2021 sales, pass this test. Sales have been flat.

CURRENT RATIO: [PASS] The current ratio must be greater than or equal to 2. Companies that meet this criterion are typically financially secure and defensive. DSM's current ratio €6 129m/€2 431m of 2.5 easily passes this test.

LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS: [PASS]  [FAIL] For industrial companies, long-term debt must not exceed net current assets (current assets minus current liabilities). Companies that meet this criterion display one of the attributes of a financially secure organization. The long-term debt for DSM is €4 185 million, while the net current assets are $3 700 million. DSM just fails this test.

LONG-TERM EPS GROWTH: [PASS] Companies must increase their EPS by at least 30% over a ten-year period and EPS must not have been negative for any year within the last 5 years. Companies with this type of growth tend to be financially secure and have proven themselves over time. DSM's EPS growth of 100% passes this test.

Earnings Yield: [FAIL] The Earnings/Price (inverse P/E) %, based on the lesser of the current Earnings Yield or the Yield using average earnings over the last 3 fiscal years, must be "acceptable", which this methodology states is greater than 6,5%. Stocks with higher earnings yields are more defensive by nature. DSM's E/P of 4% (using last years earnings) fails this test.

Graham Number value: [FAIL] The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. DSM has a Graham number of √(15 x €5,2 EPS x 1,5 x €49 Book Value) = €76 and fails this test.

Dividend: DSM pays a dividend of 2,5/166 = 1,5%

Conclusion 2021: Price at EUR 166 seems high.

Note May 31st 2022 merging with Firmenich https://www.creator-innovator.com/en/home/ stock price: EUR 156