Corteva Inc "In the Weeds: Vylor & New Corteva Deep Dives" (Neutral) Spector

研报英文原文证据摘录

Corteva Inc "In the Weeds: Vylor & New Corteva Deep Dives" (Neutral) Spector

Global Research

8 June 2026ab

Corteva Inc Equities

United StatesIn the Weeds: Vylor & New Corteva Deep Dives

Chemicals, Specialty

12-month rating Neutral

Our first look at detailed financials for the split up of Corteva

In this note we provide a deep dive overview of the Corteva split, including full 12m price target US$86.00

income statements and FCF builds for Vylor (Seeds) and New Corteva (Crop Chems Prior : US$90.00

+ Biologicals).

Price (08 Jun 2026) US$75.86

Corteva announced the split back in Oct. 2025, is targeting investor days in mid- RIC: CTVA.N BBG: CTVA US

September, and separation of the 2 NewCos in 4Q26. We’ve been more positive

on Seed/Vylor as we see a more solid growth outlook led by pricing, increased out- Trading data and key metrics

licensing, and potential new growth vectors in gene editing, hybrid wheat, and 52-wk range US$85.46-61.00

biofuel/cover crops. Crop chems/New Corteva remains much more debated as Market cap. US$51.1b

there are positives from growth in new active ingredients, but earnings have been Shares o/s 674m (COM)

pressured from several years of lower pricing and increased generics pressure. We Free float 100%

estimate Vylor/Seed reflects ~80%+ of the equity value of CTVA today. Avg. daily volume ('000) 1,245

We’re Neutral on CTVA stock today as we think upside to CTVA’s 2026 EBITDA Avg. daily value (m) US$100

guidance is expected by the market, and see some downside risks for Crop Chem Common s/h equity (12/26E) US$24.5b

sales in a separation. This is balanced by upside risk linked to further re-rating P/BV (12/26E) 2.1x

potential for Seed/Vylor. Trading could be choppy post 2Q and through the spin as Net debt to EBITDA (12/26E) 0.1x