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    BAYN   DE000BAY0017

BAYER AG

(BAYN)
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Delayed Quote. Delayed Xetra - 10/15 11:35:07 am
47.885 EUR   +0.22%
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Bayer : Syngenta Group benefits from farmers restocking as Q2 sales rise 28%

08/26/2021 | 03:20am EDT
The logo of Swiss agrochemicals maker Syngenta is seen at its headquarters in Basel

ZURICH (Reuters) - Syngenta Group, the Swiss agrochemicals company which aims to raise $10 billion from an initial public offering later this year, increased its second quarter sales by 28%, the Chinese-owned company said on Thursday.

Sales rose 28% to $7.4 billion during the three months to June 30, helped by farmers restocking their inventories of seeds and pesticides after reducing their spending last year as well as booming demand in China.

Earnings before interest, depreciation, tax and amortisation (EBITDA), increased 25% to $1.2 billion, as Syngenta also sold more of its biological products which boast higher profit margins than conventional chemical sprays.

Syngenta, which competes with Germany's Bayer and U.S. agrochemicals company Corteva said it had seen strong demand from farmers buying products to deal with climate change.

"We are focused on developing and launching products and services that enable farmers to grow good crops despite drought, heat, flooding, and high wind or other weather extremes," said Chief Executive Erik Fyrwald.

"Our results demonstrate that we are meeting the needs of local growers not only with our sustainable products, but also with our digitally enabled services."

Among Syngenta's products is a spray to coat grapes and protect them against cold weather snaps, while in China the company has used satellite images to identify where the worst flood damage occurred and then send in targeted drones to spray fungicides.

Sales in China increased by 46% as Syngenta added more Modern Agricultural Platform (MAP) centres, which sell products and provide training, by 87 to 413.

Syngenta, which was bought by state-owned ChemChina for $43 billion in 2017, did not give further details on its planned IPO, which is set to be the biggest flotation in the world this year.

The parent company posted its prospectus on Shanghai's Nasdaq-style STAR market in June, with the intention of floating by the end of 2021. The flotation will value Syngenta Group at around $60 billion including debt, or $50 billion without debt.

(Reporting by John Revill, editing by Silke Koltrowitz and Brenna Hughes Neghaiwi)


ę Reuters 2021
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Financials
Sales 2021 42 602 M 49 418 M 49 418 M
Net income 2021 860 M 998 M 998 M
Net Debt 2021 39 369 M 45 668 M 45 668 M
P/E ratio 2021 28,4x
Yield 2021 4,25%
Capitalization 47 043 M 54 575 M 54 570 M
EV / Sales 2021 2,03x
EV / Sales 2022 1,93x
Nbr of Employees 99 439
Free-Float 100,0%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 47,89 €
Average target price 61,32 €
Spread / Average Target 28,1%
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Managers and Directors
Werner Baumann Chairman-Management Board & CEO
Wolfgang U. Nickl Chief Financial Officer
Norbert Winkeljohann Chairman-Supervisory Board
Bijoy Sagar Chief Information Technology Officer
Paul Achleitner Member-Supervisory Board
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