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Bayer Posts Weak Q3, as Crop Science Weighs on Overall Results; Shares Look Undervalued

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

Bayer reported third-quarter results below our and consensus S&P Cap IQ expectations, and while we expect a slight reduction in our fair value estimate due to the weak quarter, we continue to view the stock as undervalued. We believe the market is ascribing too much value destruction to the ongoing glyphosate litigation and not enough value to the pipeline, which also helps support our wide moat rating for the firm.

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Company Profile

Business Description

Bayer is a German healthcare and agriculture conglomerate. Healthcare provides just over half of the company's sales and includes pharmaceutical drugs as well as vitamins. The company has a crop science business that includes seeds, pesticides, herbicides, and fungicides, which was expanded through the acquisition of Monsanto.

Kaiser-Wilhelm-Allee 1
Leverkusen, 51368, Germany
T +49 214301
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 100,618