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Corteva Inc CTVA

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Morningstar’s Analysis

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No Changes to Our Outlook as Activist Attempts to Take Control of Corteva Board and Replace CEO

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

On Jan. 21, activist investor Starboard Value announced it nominated eight directors to Corteva's board for election at the 2021 annual meeting. If successful, the investor would control a majority of the 12 seats. The goal of the activist is to replace current Corteva CEO Jim Collins due to what the activist cites as underperformance. After reviewing the nomination letter, we see no reason to change our outlook for the company. We maintain our $41 per share fair value estimate and wide-moat rating for Corteva. Shares were down roughly 5% at the time of writing and now trade around our fair value estimate. As such, we view the Corteva as fairly valued.

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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 Sep 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type Cyclical
Employees 21,000