Bayer: Litigation overhang lifts, focus shifts to fundamentals & value unlock, Buy.

研报英文原文证据摘录

Bayer: Litigation overhang lifts, focus shifts to fundamentals & value unlock, Buy.

Deutsche Bank

Research

Rating Company Date

Buy Bayer 2 July 2026

Recommendation

Europe Change Germany

Reuters Bloomberg Exchange Ticker Price at 30 Jun 2026 (EUR) 46.03

BAYGn.DE BAYN GR GER BAYGn

Price Target (EUR) 60.00

Pharmaceuticals

ADR ISIN 52-week range (EUR) 49.32 - 24.98

BAYRY US0727303028

Litigation overhang lifts, focus shifts to

Valuation & Risks fundamentals & value unlock, Buy.

Virginie Boucher-Ferte

Litigation overhang lifts, focus shifts to fundamentals (and value unlock) Research Analyst

Last week's Supreme Court ruling is pivotal to Bayer's multi-pronged approach to +33-1-4495-5934

draw a line under its glyphosate liability. The ruling has been one of the two key

Tristan Lamotte

pillars Bayer has been focusing on to contain its glyphosate litigation, alongside the Research Analyst

class settlement. This ruling makes the settlement considerably more likely to hold. +44-20-7547-1862

All in all, we believe it should effectively cap the glyphosate exposure within existing

Rajiv Dalal

provisions. With this major overhang lifting, the focus should start shifting to the

Research Associate

fundamentals: a compelling growth story in both Crop & Pharma, further bolstered

by mid-term portfolio optionality likely to unlock substantial value. The stock trades

at 7.6x 27E EV/EBITDA and 9.2x 27E P/E, materially below the Crop & Pharma peers. Saurabh Mehndiratta

We upgrade the stock from Hold to Buy with a new €60 TP. Research Associate

2027: back in growth mode Key changes

After four years of gradual decline, we expect EBITDA to return to growth in ‘27, as TP 45.00 to 60.00 ↑ 33.3%

the Pharma OSG & EBITDA margin improve, supported by the launch of new

Rating Hold to Buy ↑