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Bayer FY23 Earnings

HEALTHCARE

Bayer beats on Q4/FY23 results, leverage moves below 3*, turns down any prospect of business sales in near term

  • Beats on FY23 results; Adj. EBITDA at €11.7b (c€10.6b) - the strong beat driving FCF of €1.3b (it also had ~€200m less Capex). Net debt up from €31.8b to €34.5b (c€36.5), leaving leverage at 2.95. Provisions fell from €7b to €5.5b.
  • Continues committed to debt reduction; "aims to advance toward an A rating through profitable growth as well as a planned amendment to its dividend policy."* And as expected on possible break-up says "our answer is not now" but will keep an open mind.
  • FY24 Guidance; FCF €2-3b (c€3.92), EBITDA of €10.7-11.3b (c€10.6b), Revenue €47-49b (c47.8b), Net Debt (YE) €32.5-33.5b (vs. €34.2b). That's implied leverage of 3* at the midpoint of guidance.

    • Press Conference at 8:30am London;

    https://vimeo.com/event/4073476/89b8a3ec86

    CMD at 1pm London; https://vimeo.com/event/4089748/embed/e602ba7cf2/i...

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