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Corteva Inc CTVA

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Stock XNYS Rating as of
$56.00 −1.13 (1.98%)
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As of Delayed Price Closed
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Company Report

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Corteva Earnings: Seeds Pricing Power Should Drive Profit Growth

Seth Goldstein

Corteva's first-quarter earnings showed the pricing power of the company's seed portfolio, which underpins our wide moat rating. During the quarter, seed segment operating EBITDA was up 15% versus the prior-year quarter as higher prices were partially offset by lower volumes and higher unit production costs. Companywide operating EBITDA was down 16% year on year, however, due to a decline in the crop protection segment. Following crop protection's 18% decline in 2023 due to inventory destocking, this effect continued in key markets such as Brazil, weighing on first-quarter results.

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Price vs Fair Value

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CTVA is trading at a 180% premium.
Price
$56.00
Fair Value
$78.00
Uncertainty
Medium
1-Star Price
$21.80
5-Star Price
$67.00
Economic Moat
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Capital Allocation
Gsknfzlh

Bulls Say, Bears Say

Bulls

Corteva's profits will see a boost from the expiration of a $1 billion annual royalty payment to Bayer in 2023.

Bears

Negative sentiment around genetically modified seeds could diminish Corteva's ability to penetrate new markets.

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News

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Trading Information

Previous Close Price
$57.13
Day Range
$55.89–57.14
52-Week Range
$43.22–58.81
Bid/Ask
$55.00 / $57.00
Market Cap
$39.03 Bil
Volume/Avg
5.1 Mil / 3.3 Mil

Key Statistics

Price/Earnings (Normalized)
28.01
Price/Sales
2.40
Dividend Yield (Trailing)
1.09%
Dividend Yield (Forward)
1.11%
Total Yield
3.00%

Company Profile

Corteva is an agriculture pure play that was formed in 2019 when it was spun off from DowDuPont. The company is a leader in the development of new seed and crop chemicals products. Seeds generate a little over half of profits with the remainder coming from crop protection chemicals. Although Corteva operates globally, around half of revenue comes from North America.
Sector
Basic Materials
Industry
Agricultural Inputs
Stock Style Box
Mid Core
Total Number of Employees
22,500
Website
https://www.corteva.com

Competitors

Valuation

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Metric
CTVA
NTR
FMC
Price/Earnings (Normalized)
 28.019.8627.02
Price/Book Value
 1.611.151.86
Price/Sales
 2.401.021.98
Price/Cash Flow
 16.426.7433.05
Price/Earnings
CTVA
NTR
FMC

Financial Strength

Metric
CTVA
NTR
FMC
Quick Ratio
 0.840.460.91
Current Ratio
 1.511.151.46
Interest Coverage
 3.142.801.24
Quick Ratio
CTVA
NTR
FMC

Profitability

Metric
CTVA
NTR
FMC
Return on Assets (Normalized)
 3.89%3.42%2.53%
Return on Equity (Normalized)
 6.72%7.31%7.88%
Return on Invested Capital (Normalized)
 5.53%5.84%6.09%
Return on Assets
CTVA
NTR
FMC
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