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Morningstar’s Analysis

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Bayer Posts Strong Q3 Partly Aided by One-Time Events, and the Stock Continues to Look Undervalued

Damien Conover, CFA Sector Director

Analyst Note

| Damien Conover, CFA |

Bayer reported strong third-quarter results ahead of our expectations, but we don’t expect any major changes to our fair value estimate. Despite the strong quarterly performance (sales up 14%), the stock continues to trade at depressed valuation metrics and well below our fair value estimate. We believe the market is overly concerned about ongoing glyphosate litigation and upcoming patent losses.

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Company Profile

Business Description

Bayer is a German healthcare and agriculture conglomerate. Healthcare provides close to 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.

Contact
Kaiser-Wilhelm-Allee 1
Leverkusen, 51368, Germany
T +49 214301
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 99,439

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