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Corteva Inc CTVA Stock Quote

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Morningstar‘s Stock Analysis CTVA

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Maintaining $70 FVE With Few Surprises in Corteva's Results; Shares Slightly Undervalued

Analyst Note

| Seth Goldstein, CFA |

We are maintaining our $70 per share fair value estimate as Corteva's third-quarter results were in line with our outlook for the cadence of the year. Corteva's results in the quarter demonstrated the company's strong pricing power, which underpins our wide-moat rating. During the quarter, which has historically featured operating losses, Corteva generated nearly $100 million in operating EBITDA and positive operating earnings per share as higher prices more than offset cost inflation. The results are also in line with our long-term thesis that Corteva's expanding portfolio of premium products will lead to profit growth over time.

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Key Statistics CTVA

Company Profile CTVA

Business Description

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 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
Industry Agricultural Inputs
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 21,000

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