Bayer AG

BAYN: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€24.00	Lhwby	Mghq

Bayer Earnings: Below Projections, but Long-Term Operational Changes Underway to Improve Business

Damien Conover

Nov 8, 2023

Bayer reported third-quarter results below our projections, but we are holding firm to our fair value estimate, as the third quarter contributes a less meaningful amount to total full-year earnings due to the seasonality of the business. Management remains confident in the full-year 2023 guidance, which we expect Bayer to meet, but on the low side of the guidance range.

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