Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BAYER AG-REG. We currently have 13 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
Suffering CropScience, operating CF’s tide is high
22 Feb 17
Bayer reported +2% (organic: +4%) higher sales at €46,769m and the gross profit margin improved from 54.4% to 56.6% in 2016. EBITDA rose +13% to €10,785m and net profit attributable to shareholders came in at €4,531m, up by +10%. Operating CF (+32% to €9,089m) benefited from the good operating basis and higher D/A (+12%), but the significantly lower NWC outflow (€-149m after €-817m) and the contribution from discontinued operations (Diabetes Care and CS Consumer) were the afterburner. Investing CF reflects the company’s willingness to hoard cash for the Monsanto takeover as it moved from €-2,762m to €-8,729m, primarily due to the outflows for current financial assets (€-5,645m after €-344m). Financing CF (€-350m after €-3,974m) saw a strong inflow from capital contributions and lower net gross debt repayments (€-730m after €-2,929m). Management will propose a +8% higher dividend of €2.70 (€2.50) per share at the AGM on 28 April 2017. Management gave a detailed 2017 guidance and expects sales to increase to over €49bn. EBITDA before one-offs is seen to increase by a mid single-digit percentage and core earnings per share from continuing operations by a mid single-digit percentage as well.
Higher volumes, but lower FCF
26 Oct 16
Q3 sales slightly increased by +2% to €11,262m (volumes: +4%; price: 0%, FX: -1%, portfolio: 0%) and the gross profit margin strongly rose from 55.1% to 57.1%. EBITDA increased +10% to €2,560m and net profit attributable to shareholders improved +19% to €1,187m. Operating CF came in at €3,053m (€2,330m), driven by the higher operating performance and additionally helped by a higher NWC inflow (€1,086m after €798m) due to a more moderate inventory increase and stronger decrease in receivables. Investing CF heavily suffered from higher outflows for net financial assets (€-1,435m after €-252m) moving from €-965m to €-2,039m). FCF was €998m after €1,365m. Lower net cross debt repayments (€-554m after €-1,938m) helped financing CF (€-846m after €-2,162m). Due to the signed divestment of the Consumer business of Environmental Science, management marginally adjusted the detailed 2016 guidance. It is still expecting sales of €46-47bn, EBITDA before one-offs increasing at a high single-digit percentage and core earnings per share from continuing operations increasing by a high single-digit percentage (previously: mid-to-high single-digit percentage).
Pharmaceuticals made the pace
28 Jul 16
Management lifted FY guidance after another strong quarter. Sales weakened 1% to €11,883m (volumes: +4%; prices: -2%; FX: -4%) in Q2, but the gross profit margin improved further (57.5% after 56.1%). EBITDA grew +12% to €2,952m and net profit attributable to shareholders rose +19% to €1,448m. Despite the stronger operating performance, operating CF stood fairly unchanged at €1,982m as NWC outflow strongly moved up from €-205m to €-374m, hit by significantly higher other changes in working capital (€-773m after €-51m). Investing CF moved from €-527m to €-1,245m driven by higher outflows for current and non-current financial assets. Financing CF swung from €334m to €-3,235m primarily due to the more than €3bn swing in debt moving from net gross debt proceeds of €2,349m to net gross debt repayments of €-950m. Management adjusted the detailed 2016 guidance, now expecting sales of €46-47bn (above €47bn) and EBITDA before one-offs is seen to increase at a high single-digit (mid-single) percentage.
Mad German money
23 May 16
Bayer has made a 37% premium offer (on 9 May closing price), bidding USD122 per Monsanto share, to acquire fully the agrochem giant. In absolute terms, Monsanto is valued at USD62bn (~€55bn) and the transaction is intended to be financed by an expected equity portion of c.25% of the enterprise value. Backed by the expected strong cash flow generation, Bayer sees its single ‘A’ credit rating not at risk in the long term.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - Morning Song 14-03-2017
14 Mar 17
Advanced Medical Solutions (AMS LN) Prelims slightly ahead, still no deals | Brady (BRY LN) Investment will impact profits, but provide a platform for stronger growth | Burford Capital (BUR LN) Strong growth, many opportunities | First Derivatives (FDP LN) Collaboration agreement | Gresham Technologies (GHT LN) A milestone year | Gym Group (GYM LN) In line finals | Horizon Discovery Group (HZD LN) Agreement in pre-natal diagnostics | Kalibrate Technologies (KLBT LN) Near-term challenges, building long-term value | Stadium Group (SDM LN) Strong current trading; Strategic US investment | Zotefoams (ZTF LN) Currency tailwind underpins strong PBT growth; promising HPP progress
21 Aug 15
Wentworth Resources: Operational update (BUY) | PhotonStar*: Interim results (CORP) | Rose Petroleum^: Operational update (BUY) | Byotrol*: Conditional placing to raise £1.4m; forecast revisions (CORP) | H&T Group: Approaching an inflexion point? (HOLD) | Robinson*: Analyst interview (CORP)
Small Cap Breakfast
03 Feb 17
Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Eco (Atlantic) Oil & Gas—Schedule One Update. Now expects admission ‘early February’. Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.