Bayer: Too many uncertainties to have a Buy rating (
Bayer: (NEUTRAL, Fair Value EUR100 vs. EUR106 (+27%))Too many uncertainties to have a Buy rating
We were waiting for Q2 2018 results to update our FV waiting for more accounting information to integrate Monsanto. Unfortunately, if Bayer gave some more details, we estimate they were not sufficient to make more precise forecasts. During the conference call following Q2 2018 results, most of the question were regarding accounting and a minority of them on the businesses. As we remain concern by the disappointing performance of Pharma & Consumer and lack of visibility on Crop Science, we keep our Neutral rating despite theoretical significant upside potential.
Bayer is a life sciences group based in Germany. Co.'s operations are organized along three divisions: Pharmaceuticals (engaged in prescription pharmaceuticals for cardiology and women's healthcare); Consumer Health (engaged in non-prescription products in dermatology, dietary supplement, analgesic, gastrointestinal, allergy, cold and flu, foot care, sun protection and cardiovascular risk prevention categories); and CropScience (engaged in the development of seeds and plant traits; crop protection; and for gardens, the green industry and non-agricultural pest control). Co. also maintains an Animal Health business unit engaged in the development of products for farm and companion animals.
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