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Corteva Inc CTVA

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Raising Corteva's Fair Value Estimate to $50 on Improved Near-Term Outlook; Shares Fairly Valued

Seth Goldstein, CFA Senior Equity Analyst

Analyst Note

| Seth Goldstein, CFA |

Corteva reported third-quarter results that were generally in line with our expectations of the cadence for the year. In what is a seasonally unprofitable quarter due to seed costs usually exceeding sales and lower crop protection revenue, adjusted EBITDA was a loss of $51 million versus a $180 million loss in the prior-year quarter. The improved results were driven by higher prices and an increased portion of sales coming from new, higher-margin premium products, partially offset by rising costs.

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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 generate a little over half of total company profits and crop protection chemicals make up the remainder. 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, 2021
Fiscal Year End Dec 31, 2019
Stock Type Cyclical
Employees 21,000