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Hold Bayer Cropscience; target of Rs 4050: Axis Direct

Axis Direct recommended hold rating on Bayer Cropscience with a target price of Rs 4050 in its research report dated February 17, 2017.

February 20, 2017 / 04:21 PM IST
 
 
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Axis Direct's research report on Bayer Cropscience

Bayer’s management expects CY17 to be a challenging year due to lower reservoir levels, high channel inventories and poor farmer liquidity; however, firm commodity prices and one goodagri-seasonare sufficient to address these issues.

Outlook

A possible buyback over next 18 months could be a trigger. However, current valuation at 30x FY18E EPS is rich given FY16-18E EPS CAGR at 28% and RoE of 20%. Maintain HOLD.
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first published: Feb 20, 2017 04:21 pm

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