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Corteva Inc CTVA

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Morningstar’s Analysis

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Corteva Faces Challenges in 2020, but Long-Term Future Remains Bright; Shares Undervalued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

When looking at Corteva’s second-quarter results in isolation, a 15% year-on-year operating EBITDA decline may seem puzzling. However, Corteva’s sales tend to fluctuate with farmer planting activity, which was accelerated during the first quarter. As such, we point to 3% operating EBITDA growth year on year in the first half of 2020 as a sign that Corteva’s 2020 is off to a good start.

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Company Profile

Business Description

Corteva was formed in 2019 as the agriculture division of the DowDuPont merger and subsequent separation. The company is a leader in the development of new seed and crop chemicals products. Seeds and crop protection chemicals each generate roughly half of total company profits. Although Corteva operates globally, around half of revenue comes from North America.

974 Centre Road
Wilmington, DE, 19805
T +1 302 774-1000
Sector Basic Materials
Industry Agricultural Inputs
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type Cyclical
Employees 21,000