Auto Shows Bayer shares collapse: Bayer also wants to save - poor outlook for 2021

12:10  01 october  2020
12:10  01 october  2020 Source:   finanzen.net

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Bayer AG NA News. Bayer resolves more Roundup cases, judge keeps pause on litigation By We encourage you to use comments to engage with users, share your perspective and ask questions of Bayer is not going up until the Monsanto overhang is resolved. This will eventually become political

Bayer shares rose as much as 3.9% Friday in Frankfurt, the most since October. They’re still down about 23% since the company acquired agricultural giant Monsanto Co. for billion, giving it Roundup. The collapse has wiped about billion off Bayer ’s market value.

Bayer has announced additional savings measures worth billions in the midst of the corona crisis and does not rule out further job cuts.

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"In order to further advance Bayer in a persistently challenging market environment, the Management Board has decided to make additional operational savings of more than 1.5 billion euros per year from 2024 on the way, "announced the pharmaceutical and agrochemical company on Wednesday evening. The Leverkusen company is fighting with "considerable headwinds" from the corona pandemic, especially in the agricultural business. Because of the gloomy prospects in the division, a special depreciation worth billions is due. Bayer confirmed the targets for 2020 that had already been lowered in August, but expects earnings to decline in the coming year.

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Bayer (OTC:BAYRY) said it expects 2021 sales to be about the same as in 2020, despite significant headwinds from COVID-19, especially in the agricultural market, and said it expects core earnings per share to be slightly lower at constant exchange rates.

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"We have to adapt our cost structures to the changed market conditions and at the same time provide funds for further investments in innovation and growth", said CEO Werner Baumann. This could also lead to further job cuts after Bayer decided to cut 12,000 jobs in 2018. At the end of the first half of the year, the group had around 101,200 employees. Bayer intends to adhere to the agreement to forego compulsory redundancies in Germany by the end of 2025. The details of the savings are currently being worked out in detail and are still at an early stage.

In the individual divisions, the Crop Science agricultural business, which Bayer had significantly expanded with the takeover of the US company Monsanto, is suffering from the pandemic. There the effects are "more profound" than initially expected. Bayer cited low prices for important crops, intense competition for soy and lower biofuel consumption as reasons. In addition, there would be massive negative currency effects, such as the Brazilian real.

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Bayer looks back on a history of more than 150 years. We aim to increase access to our products in the areas of medicine and agriculture, also for poorer parts of the world population. Bayer wants to contribute to good decisions by being transparent about its interactions with regulators and about the

Bayer (BAYGn.DE) shares jumped nearly 5 percent on Tuesday following a media report that the U.S. Justice Department will allow the German drugs and pesticides group to acquire Monsanto (MON.N) in a .5 billion deal.

"This situation is unlikely to change in the near future," said Bayer. Therefore, a special depreciation on assets of the agricultural business is assumed in the mid to upper single-digit billion euro range. The pharmaceutical business, on the other hand, is likely to grow again in 2021. Additional investments are planned there. The long-term business with over-the-counter health products has developed "strongly" and is likely to grow faster than the competition. Bayer is now considering even smaller acquisitions in this area.

Further businesses and brands under scrutiny

In addition to the new savings that will come in addition to the annual earnings contributions of 2.6 billion euros announced in 2018, Bayer is examining the possibility of moving away from "non-strategic businesses or brands below the divisional level" to separate. The group has already sold several brands in the Consumer Health division and parted ways with the veterinary medicine business this year. The dividend policy, however, is to be retained: 30 to 40 percent of the adjusted earnings per share are to be distributed every year. The distributions are expected to be at the lower end of the range in the coming years.

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FRANKFURT (Reuters) - Bayer (DE:BAYGn) shares rose as much as 3.5% on Monday, reaching their highest level in 14 months, after the United States government said that a million glyphosate decision against the company should be reversed. The U.S. Environmental Protection Agency and the

Bayer shares jumped on reports the German drugs and chemicals giants could settle thousands of lawsuits over Monsanto's weedkiller for billion.

Adjusted earnings per share should be slightly below the previous year's level in 2021 after adjusting for currency effects. Bayer expects sales to be around the level of 2020. This year, the Board of Management continues to expect currency-adjusted sales to increase by up to one percent to EUR 43 to 44 billion, and adjusted earnings per share to be between 6.70 and 6.90 Euros rise. Bayer announced a record loss for the second quarter in August due to provisions for the glyphosate settlement in the USA and lowered its targets due to the corona crisis.

Bayer shares in reverse gear

After the poor outlook for 2021, the shares of Bayer fell significantly on XETRA on Thursday morning. At times, the shares of the DAX group fall by 12.66 percent to 46.56 euros. This is the lowest level since March, when it went down to 44.86 euros in the Corona crash. The shares are currently in the red at EUR 48.30 with 9.41 percent.

With Stephen McGarry from the investment bank HSBC and Peter Verdult from Citigroup, two analysts have already canceled their buy recommendations and clearly stamped their price targets. In view of the significantly lower earnings and dividend estimates, the investment idea has deteriorated significantly, according to Verdult. Concerns about long-term growth and margin prospects are likely to increase.

McGarry also complained that long-term growth will probably be lower than previously assumed. Like Verdult and other experts, he sees the targets for the coming year well below market expectations. There are also clear cuts in the dividend.

From the point of view of Bernstein analyst Gunther Zechmann, the market's expectations for earnings per share should now fall significantly in 2021. Analyst Emily Field of the British investment bank Barclays attributed the fact that the targets mentioned for the first time were below the consensus estimates in particular to the lowered growth targets for the agricultural business.

With the double-digit discount on Thursday, the paper has lost 35 percent since the end of last year. This makes it the second weakest DAX stock this year after MTU . FRANKFURT (Reuters / dpa-AFX)

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