Corteva Inc

CTVA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$32.00	Nqnc	Jqvvrfzw

Maintaining $70 FVE as Corteva Expands Biologicals Portfolio With Stoller Deal; Shares Fairly Valued

Seth Goldstein

Dec 5, 2022

Having updated our model to include the Stoller acquisition, we maintain our $70 per share fair value estimate for Corteva as the deal is value neutral. Our wide-moat rating is also unchanged. The $1.2 billion cash acquisition deal values Stoller at a 12 times enterprise value/EBITDA multiple. Based on PitchBook data for comparable deals, we view this multiple as in line with the average of other deals.

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