Bayer: Stifel still on hold
(CercleFinance.com) - Stifel maintains its 'hold' rating on Bayer shares, with an unchanged target price of E36.
The analyst reports that Bayer reported Q3 adjusted EBITDA of E1.25bn, 10% below the consensus of E1.386bn (-16.5% y-o-y, Stifel estimate: E1.39bn), due to the performance of the Pharma division, while Crop Science was as weak as expected.
EBITDA guidance for FY 2024 in local currencies remains unchanged, but the impact of exchange rates is greater than expected.
Thus, the EBITDA target is now E10.4bn to E10.7bn (vs. E10.7bn to E11.3bn, Stifel estimate: E10bn, consensus: E10.4bn), which requires E2.6bn for Q4 (consensus: E2.4bn).
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
The analyst reports that Bayer reported Q3 adjusted EBITDA of E1.25bn, 10% below the consensus of E1.386bn (-16.5% y-o-y, Stifel estimate: E1.39bn), due to the performance of the Pharma division, while Crop Science was as weak as expected.
EBITDA guidance for FY 2024 in local currencies remains unchanged, but the impact of exchange rates is greater than expected.
Thus, the EBITDA target is now E10.4bn to E10.7bn (vs. E10.7bn to E11.3bn, Stifel estimate: E10bn, consensus: E10.4bn), which requires E2.6bn for Q4 (consensus: E2.4bn).
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.