Bayer : Headwinds in Pharma and CropScience lead us to confirm our Neutral recommendation despite appealing valuation multiples
>CropScience was weak as expected – Pharma’s weakness came as a surprise - Bayer’s Q1 2023 operating results came in significantly below the prior year level (adj. EBITDA -15%) and below market expectations (-3.5%). While the strong earnings decline in CropScience (adj. EBITDA -11) was broadly expected due to declining glyphosate prices and actual results even surpassed our estimates (+4.4%) and the consensus (+2.2), the sharp EBITDA decline in the Pharma division cam...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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