Meeting with CEO: Seeds Valuation is Growing: Vylor (Seed) could trade at 18-20x EBITDA. Reiterate Buy

Research evidence excerpt

Meeting with CEO: Seeds Valuation is Growing: Vylor (Seed) could trade at 18-20x EBITDA. Reiterate Buy

Deutsche Bank

Research

Rating Company Date

Buy Corteva 22 June 2026

North America Reuters Bloomberg Rating Buy

United States CTVA.N CTVA US Price target (USD) 100.00 Price at 18 Jun 26 78.59

52-week range 85.46 – 61.00

Industrials

Chemicals/ Agriculture Valuation & Risks

Meeting with CEO: Seeds Valuation is

Growing DavidResearchBegleiterAnalyst

+1-212-250-5473

Vylor (Seed) could trade at 18-20x EBITDA. Reiterate Buy

Emily Fusco Our meetings with CEO Chuck Magro increased our confidence that the soon-to- Research Associate

be separated Seed business – Vylor – should trade at 18-20x EBITDA, in-line with +1-212-250-5162

other applied biotech platform companies (like Vertex) and industry/market

leaders (like Ecolab, Linde and Sherwin). This compares to Seed’s current

valuation of ~15x ‘26E EBITDA (assuming Crop Protection is trading at 9x ‘26E

EBITDA). This 3-5x discount is worth $12-$20/share, or upside of 15-26%.

To close the valuation discount, we see a 2-step process. First is a catalyst driven

pathway over the next few months including: i) the public filing of the Form 10 by

June 30, ii) an investor day event on September 15 where Vylor (Seeds) and New

Corteva (Crop Protection) will lay out their multi-year financial and strategic plans

and iii) the separation of Vylor from New Coreva early in Q4.

Thereafter, we believe Vylor’s scarcity value as the world’s largest pure-play seed

business, compounding organic growth, expertise in advanced genetics and

future value drivers in gene editing, hybrid wheat and biofuels will close the

remaining valuation discount – with the potential to drive valuation above 20x

EBITDA over an extended period of time.