Bayer AG

BAYN: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€26.00	Ckbsydg	Vpq

Bayer Earnings: Solid Results Aided by Litigation Win, Cost-Cutting, and Innovation Advancements

Damien Conover

May 14, 2024

Bayer reported first-quarter results slightly above our expectations, but we are not making any changes to the firm’s fair value estimate. We continue to view Bayer as undervalued with the market overly concerned about litigation pressures and underappreciating the firm’s cost-cutting plan and growth potential from innovative products.

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