Bayer: Guidance is either in line or at the low-end of expectations
BUY, Fair Value EUR75 (+2%)
Bayer has just
published its Q4 numbers with sales of EUR9,862m, slightly above consensus.
However Core EPS was in line to marginally below expectations (EUR1.00 vs
EUR1.05) specifically due to a margin in CropScience that fell short of
expectations. Looking forward into 2013 and 2015, the company is guiding the
market towards targets that are already well captured by the street or are at
the bottom part of the range.
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Full report available to subscribers
Please contact marketing@bryangarnier.fr