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Seth Goldstein ... (+2)
  • Seth Goldstein
  • CFA

Dropping Coverage of Syngenta

We are no longer providing equity research on Syngenta, as the company's acquisition by ChemChina is nearing completion. We provide broad coverage of more than 1,500 companies across more than 100 industries and adjust our coverage as necessary based on client demand and investor interest....

Seth Goldstein ... (+2)
  • Seth Goldstein
  • CFA

ChemChina Announces Completion of Syngenta Acquisition; We Expect to D...

ChemChina has announced that it has successfully completed the tender offers for Syngenta shares and will begin the process to delist Syngenta’s shares from both the New York Stock Exchange and SIX Swiss Exchange. Once ChemChina has delisted Syngenta, we will be discontinuing coverage. Our fair value estimates for Syngenta are unchanged at $93 per ADR share and CHF 452 per share....

Please Change Name Francois Lauras
  • Please Change Name Francois Lauras

Syngenta AG: Update Following Downgrade to Ba2 Stable

CORPORATES CREDIT OPINION 2 June 2017 Update RATINGS Syngenta AG Domicile Switzerland Long Term Rating Ba2 Type LT Corporate Family Ratings Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Francois Lauras 44-20-7772-5397 VP-Sr Credit Officer [email protected]

Seth Goldstein ... (+2)
  • Seth Goldstein
  • CFA

ChemChina's offer for Syngenta looks like a more than fair price.

ChemChina announced it has tendered around 95% of Syngenta’s total shares outstanding. The settlement date for the tendered shares is June 7, 2017, at which point, we would expect to discontinue our coverage of Syngenta. Until then, ChemChina will attempt to increase its total holdings to 98% of shares outstanding, at which point it can effectively cancel the remaining shares and complete its acquisition of Syngenta. Our fair value estimate remains at $93 per ADR share, which reflects the Chem...

Seth Goldstein ... (+2)
  • Seth Goldstein
  • CFA

ChemChina's offer for Syngenta looks like a more than fair price.

Narrow-moat Syngenta reported first-quarter sales numbers that were generally in line with our expectations. Sales were 1% lower year over year, with volumes flat and pricing down a tick. Management also reiterated its 2017 guidance for low-single-digit sales growth and improvement in EBITDA margin. We've maintained our forecast for 2.3% sales growth in 2017 and EBITDA margin expansion of nearly 100 basis points versus 2016. Our fair value estimates for Syngenta change to $93 per ADR from $92 du...

Jeffrey Stafford
  • Jeffrey Stafford

Syngenta Reports Unsurprising 1Q Sales; Sale to ChemChina On Track for...

Narrow-moat Syngenta reported first-quarter sales numbers that were generally in line with our expectations. Sales were 1% lower year over year, with volumes flat and pricing down a tick. Management also reiterated its 2017 guidance for low-single-digit sales growth and improvement in EBITDA margin. We've maintained our forecast for 2.3% sales growth in 2017 and EBITDA margin expansion of nearly 100 basis points versus 2016. Our fair value estimates for Syngenta change to $93 per ADR from $92 du...

Jeffrey Stafford
  • Jeffrey Stafford

The GMO Growth Story Is Not Over Yet

The GMO growth story has stalled, but it is far from over. Following the introduction of GMOs in 1996, GMO sales grew at a 35% average annual pace to 2013. Over the past few years, growth has ground to a halt, with major markets in North and South America reaching saturation and crop prices sinking from elevated levels. Reputational challenges haven't helped. More food companies are proudly labeling their products "GMO-free," more than half of EU members ban GMO planting, and some research casts...

 PRESS RELEASE

Syngenta expands digital agriculture capability, names new global and ...

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)-- Digital agriculture — a term that’s used increasingly — means something different depending on which agricultural company or employee is asked. Some say it’s all about data. Others say it’s about precision agriculture. At Syngenta, digital agriculture means turning data into meaningful information that farmers use to run their operations more productively and profitably, provide sustainability performance downstream, and protect their resources including soil, water and biodiversity. ...

Jeffrey Stafford
  • Jeffrey Stafford

ChemChina's offer for Syngenta looks like a more than fair price.

Reuters has reported that the European Commission is set to approve state-owned ChemChina's purchase of Syngenta. The report noted minor divestitures from both ChemChina and Syngenta will be required to secure approval. We think this increases the likelihood the deal will eventually close, and we've raised the deal probability in our Syngenta model to 90% from 75%. As such, our Syngenta fair value estimate climbs to CHF 458 per share ($93 per ADR) from CHF 448 per share ($90 per ADR). The deal a...

Jeffrey Stafford
  • Jeffrey Stafford

Syngenta Reports Solid 4Q Results; We See a High Probability the Deal ...

Syngenta reported fourth-quarter and full-year results that generally matched our expectations, and we're standing pat on our fair value estimate of CHF 458 per share ($93 per ADR). Our narrow moat rating, based on intangible assets in the company's leading crop chemicals business, is also intact. Like its agrochemical peers, Syngenta was affected by a challenging operating environment in 2016, characterized by weak crop prices, high crop spray inventory levels, and lower farmer incomes. But w.....

Jeffrey Stafford
  • Jeffrey Stafford

EU Reportedly Set to Approve ChemChina's Purchase of Syngenta; Raising...

Reuters has reported that the European Commission is set to approve state-owned ChemChina's purchase of Syngenta. The report noted minor divestitures from both ChemChina and Syngenta will be required to secure approval. We think this increases the likelihood the deal will eventually close, and we've raised the deal probability in our Syngenta model to 90% from 75%. As such, our Syngenta fair value estimate climbs to CHF 458 per share ($93 per ADR) from CHF 448 per share ($90 per ADR). The deal a...

Jeffrey Stafford
  • Jeffrey Stafford

ChemChina's offer for Syngenta looks like a more than fair price.

In addition to releasing third-quarter sales figures that generally matched our expectations, Syngenta admitted on Oct. 25 that ChemChina's deal to purchase Syngenta is unlikely to receive full regulatory approval by the end of 2016, the companies' prior target date. This follows news that European regulators have requested more information from Syngenta and ChemChina related to the deal. As we wrote on Sept. 15, we expected heightened regulatory scrutiny on all the seed and crop chemical deals ...

Ford Equity US Rating and Forecast Report

Ford Equity Research covers more than 4,000 stocks using a proprietary quantitative model that evaluates a company’s earnings strength, its relative valuation and recent price movement. Ford’s five recommendation ratings include strong buy, buy, hold, sell, strong sell. For all stocks in our coverage universe, ratings are generated each week and reflect the fundamental and price data as of the last trading day of the week.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...

Jeffrey Stafford
  • Jeffrey Stafford

Despite a Delay, We Still Place a 75% Probability on the Syngenta-Chem...

In addition to releasing third-quarter sales figures that generally matched our expectations, Syngenta admitted on Oct. 25 that ChemChina's deal to purchase Syngenta is unlikely to receive full regulatory approval by the end of 2016, the companies' prior target date. This follows news that European regulators have requested more information from Syngenta and ChemChina related to the deal. As we wrote on Sept. 15, we expected heightened regulatory scrutiny on all the seed and crop chemical deals ...

Jeffrey Stafford
  • Jeffrey Stafford

ChemChina's offer for Syngenta looks like a more than fair price.

With Monsanto finally accepting Bayer's purchase offer, antitrust regulators have a full plate of seed and crop chemical tie-ups to review. With several potential deals being considered together, we think the probability that each of the deals will be approved has decreased compared with a scenario where each deal faces the regulatory bodies on its own. Still, we think it's more likely than not that all of the deals currently on the table--Bayer's purchase of Monsanto, the merger between Dow Che...

Jeffrey Stafford
  • Jeffrey Stafford

ChemChina's offer for Syngenta looks like a more than fair price.

With Monsanto finally accepting Bayer's purchase offer, antitrust regulators have a full plate of seed and crop chemical tie-ups to review. With several potential deals being considered together, we think the probability that each of the deals will be approved has decreased compared with a scenario where each deal faces the regulatory bodies on its own. Still, we think it's more likely than not that all of the deals currently on the table--Bayer's purchase of Monsanto, the merger between Dow Che...

Jeffrey Stafford
  • Jeffrey Stafford

Tweaking Our Fair Value Estimate for Syngenta; ChemChina Deal Likely t...

After tweaking our valuation model for Syngenta, we've reduced our fair value estimates for the company by marginal amounts. Our U.S.-dollar-denominated fair value moves to $92 per ADR from $97 and our Swiss-franc-denominated fair value moves to CHF 445 per share from CHF 469. The primary change in our model concerns franc/dollar exchange rate assumptions used for the ChemChina acquisition closing price. The adjustments to our model do not change our overall opinion of Syngenta. We continue to b...

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