Bayer: Mix between sales and margin

BUY, Fair Value EUR98 (+6%)

News published on October Thursday 31, 2013
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Bayer revealed this morning its Q3 earnings which are lower in sales but higher than expected for the bottom line. As expected, new pharma drugs drove EBITDA growth of the Healthcare franchise but the good surprise also concerned the EBITDA of the Chemical franchises. All in all, guidance is broadly maintained although Bayer underlined in Q2 that this appeared increasingly ambitious: Sales are today expected at around EUR40bn (previously EUR40-41bn with an increase in the BITDA by a mid single-digit percentage and an improvement in the core EPS by a high single-digit percentage. We maintain our BUY recommendation.


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