Financials Bayer AG

Equities

BAYN

DE000BAY0017

Pharmaceuticals

Market Closed - Xetra Other stock markets 11:35:10 2024-09-13 am EDT			5-day change	1st Jan Change
26.98 ^EUR	+0.71%		-6.68%	-19.77%

Sep. 13	RTW Biotech half-year net asset value rises amid "challenging markets"	AN
Sep. 12	German Shares Advance as ECB Delivers Widely Expected Rate Cut	MT

Projected Income Statement: Bayer AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	43,545	41,400	44,081	50,739	47,637	47,012	47,675	48,402
Change	-	-4.93%	6.48%	15.1%	-6.11%	-1.31%	1.41%	1.52%
EBITDA ¹	11,503	11,461	11,179	13,513	11,706	10,439	10,758	10,916
Change	-	-0.37%	-2.46%	20.88%	-13.37%	-10.82%	3.05%	1.48%
EBIT ¹	7,007	7,095	7,295	9,257	7,589	6,598	6,876	7,023
Change	-	1.26%	2.82%	26.9%	-18.02%	-13.06%	4.21%	2.14%
Interest Paid ¹	-1,309	-1,081	-1,307	-2,342	-2,233	-2,166	-2,057	-1,892
Earnings before Tax (EBT) ¹	2,880	-17,250	2,046	4,670	-1,621	3,185	3,890	4,224
Change	-	-	-	128.25%	-	-	22.13%	8.59%
Net income ¹	4,091	-10,495	1,000	4,150	-2,941	2,277	3,015	3,426
Change	-	-	-	315%	-	-	32.44%	13.62%
Announcement Date	2/27/20	2/25/21	3/1/22	2/28/23	3/5/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	9,830	10,750	12,845	10,054	8,506	9,995	12,328	10,854	9,781	11,118	14,639	12,819	11,281	12,000	14,389	11,044	10,342	11,862	13,765	11,144	10,290	11,790
Change	-	9.36%	19.49%	-21.73%	-15.4%	17.51%	23.34%	-11.96%	-9.89%	13.67%	31.67%	-12.43%	-12%	6.37%	19.91%	-23.25%	-6.36%	14.7%	16.04%	-19.04%	-7.66%	14.57%
EBITDA ¹	2,291	2,483	4,391	2,883	1,795	2,392	4,118	2,577	2,089	2,395	5,251	3,349	2,451	2,462	4,471	2,527	1,685	3,023	4,412	2,111	1,482	2,273
Change	-	8.38%	76.84%	-34.34%	-37.74%	33.26%	72.16%	-37.42%	-18.94%	14.65%	119.25%	-36.22%	-26.81%	0.45%	81.6%	-43.48%	-33.32%	79.41%	45.95%	-52.15%	-29.82%	53.41%
EBIT ¹	1,228	1,319	3,138	1,727	782	1,448	3,068	1,620	1,224	1,383	4,172	2,280	1,352	1,453	3,404	1,534	709	1,942	3,299	1,015	622.2	1,464
Change	-	7.41%	137.91%	-44.96%	-54.72%	85.17%	111.88%	-47.2%	-24.44%	12.99%	201.66%	-45.35%	-40.7%	7.47%	134.27%	-54.94%	-53.78%	173.91%	69.88%	-69.23%	-38.7%	135.35%
Charge d'intérêts ¹	-179	-378	-652	-	-11	-142	-348	-99	-336	-524	-490	-692	-598	-562	-327	-327	-703	-545	-501	-411	-584	-539
Earnings before Tax (EBT)	1,036	18	1,847	-11,060	-9,410	1,373	2,735	-2,380	194	1,497	3,722	-523	601	870	2,606	-1,574	-4,297	1,644	-	-	-	-
Change	-	-98.26%	10,161.11%	-	-14.92%	-	99.2%	-	-	671.65%	148.63%	-	-	44.76%	199.54%	-	173%	-	-100%	-	-	-
Net income ¹	1,036	1,414	1,489	-9,548	-2,744	308	2,089	-2,335	85	1,161	3,291	-298	546	611	2,178	-1,887	-4,569	1,337	2,000	-34	-159.7	168.2
Change	-	36.49%	5.3%	-	-71.26%	-	578.25%	-	-	1,265.88%	183.46%	-	-	11.9%	256.46%	-	142.13%	-	49.59%	-	-369.68%	-
Announcement Date	10/30/19	2/27/20	4/27/20	8/4/20	11/3/20	2/25/21	5/12/21	8/5/21	11/9/21	3/1/22	5/10/22	8/4/22	11/8/22	2/28/23	5/11/23	8/8/23	11/8/23	3/5/24	5/13/24	8/6/24	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S1	2020 S2	2023 S1	2024 S1	2024 S2
Net sales ¹	22,899	18,501	-	-	22,208
Change	-	-19.21%	-100%	-	-
EBITDA ¹	7,274	-	-	-	3,902
Change	-	-100%	-	-	-
EBIT	-	-	-	-	-
Change	-	-	-	-	-
Charge d'intérêts ¹	-	-	-540	-717	-1,261
Earnings before Tax (EBT)	-	-	-	-	-
Change	-	-	-	-	-
Net income	-	-	-	-	-
Change	-	-	-	-	-
Announcement Date	8/4/20	2/25/21	8/8/23	8/6/24	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Bayer AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	34,068	37,575	32,966	31,273	34,263	33,883	30,441	26,975
Change	-	10.29%	-12.27%	-5.14%	9.56%	-1.11%	-10.16%	-11.39%
Announcement Date	2/27/20	2/25/21	3/1/22	2/28/23	3/5/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Bayer AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	2,650	2,418	2,611	2,949	2,751	2,806	2,937	2,971
Change	-	-8.75%	7.98%	12.95%	-6.71%	2.01%	4.66%	1.15%
Free Cash Flow (FCF) ¹	5,557	2,485	2,478	4,144	2,366	3,290	4,208	3,898
Change	-	-55.28%	-0.28%	67.23%	-42.91%	39.07%	27.89%	-7.36%
Announcement Date	2/27/20	2/25/21	3/1/22	2/28/23	3/5/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Bayer AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	26.42%	27.68%	25.36%	26.63%	24.57%	22.21%	22.56%	22.55%
EBIT Margin (%)	16.09%	17.14%	16.55%	18.24%	15.93%	14.03%	14.42%	14.51%
EBT Margin (%)	6.61%	-41.67%	4.64%	9.2%	-3.4%	6.78%	8.16%	8.73%
Net margin (%)	9.39%	-25.35%	2.27%	8.18%	-6.17%	4.84%	6.32%	7.08%
FCF margin (%)	12.76%	6%	5.62%	8.17%	4.97%	7%	8.83%	8.05%
FCF / Net Income (%)	135.83%	-23.68%	247.8%	99.86%	-80.45%	144.52%	139.55%	113.78%
Profitability
ROA	3.23%	-8.63%	0.84%	3.39%	-2.44%	0.54%	1.56%	2.62%
ROE	13.47%	16.15%	20.14%	8.65%	17.52%	14.67%	14.5%	13.54%
Financial Health
Leverage (Debt/EBITDA)	2.96x	3.28x	2.95x	2.31x	2.93x	3.25x	2.83x	2.47x
Debt / Free cash flow	6.13x	15.12x	13.3x	7.55x	14.48x	10.3x	7.23x	6.92x
Capital Intensity
CAPEX / Current Assets (%)	6.09%	5.84%	5.92%	5.81%	5.77%	5.97%	6.16%	6.14%
CAPEX / EBITDA (%)	23.04%	21.1%	23.36%	21.82%	23.5%	26.88%	27.3%	27.22%
CAPEX / FCF (%)	47.69%	97.3%	105.37%	71.16%	116.27%	85.29%	69.8%	76.22%
Items per share
Cash flow per share ¹	8.36	4.991	5.18	7.22	5.209	6.782	8.224	8.218
Change	-	-40.3%	3.79%	39.38%	-27.86%	30.21%	21.25%	-0.06%
Dividend per Share ¹	2.8	2	2	2.4	0.11	0.1103	0.1103	1.118
Change	-	-28.57%	0%	20%	-95.42%	0.24%	0.01%	913.73%
Book Value Per Share ¹	48.18	31.07	33.61	39.47	33.52	35.22	38.84	42.37
Change	-	-35.52%	8.18%	17.42%	-15.08%	5.09%	10.28%	9.07%
EPS ¹	4.17	-10.68	1.02	4.22	-2.99	2.373	3.032	3.4
Change	-	-356.12%	-109.55%	313.73%	-170.85%	-179.35%	27.77%	12.16%
Nbr of stocks (in thousands)	982,424	982,424	982,424	982,424	982,424	982,424	982,424	982,424
Announcement Date	2/27/20	2/25/21	3/1/22	2/28/23	3/5/24	-	-	-