农业巨头Corteva(CTVA.US)“一拆为二”传闻遭华尔街质疑股价应声重挫超5%

智通财经网2025-09-16

智通财经APP获悉，来自华尔街顶级投资机构KeyBanc的一位分析师表示，全球农业平台领军者Corteva(CTVA.US)将种子和农药业务彻底分拆的潜在举措似乎是非常负面的，或者说“令投资者们感到非常困惑”。有媒体在上周五援引知情人士透露的消息报道称，Corteva正在评估将其种子和农药业务拆分为两家独立公司的潜在分拆方案，该公司可能很快宣布其计划。截至周一美股收盘，Corteva 股价周一下跌...

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股价周一下跌5.68%至70.07美元，盘中一度跌近7%，凸显出市场上的绝大多数投资者非常不看好该公司的业务分拆前景。Corteva 是一家全球“纯农业”龙头，主营分为种子(Seed)与聚焦农药的农作物保护(Crop Protection)两大业务板块;2024年该公司的整体净销售额大约169亿美元，其中种子占约 56.5%、作物保护占约 43.5%。Corteva 农业业务覆盖 110+ 国家，为农户提供商业种子、性状/抗性技术、除草剂/杀虫剂/杀菌剂以及生物解决方案。Corteva种子(Seed)品牌与业务渠道包括Pioneer、Brevant 等，聚焦于提供玉米/大豆/油菜/小麦等作物的优良种质 + 性状组合。此外，该公司近年来愈发聚焦于作物保护(Crop Protection)产品线，主要包括Zorvec active(恶噻菌胺/oxathiapiprolin)：针对霜霉/晚疫病等卵菌病害的首创作用机制杀菌剂，广泛用于马铃薯、葡萄、蔬菜等高价值作物;Rinskor active(氟吡草苯氧丙酸酯)：主打水稻田阔叶/禾本科/莎草难防杂草(代表制剂 Loyant)，具低剂量、高谱系特点;Spinosyns(Qalcova/spinosad、Jemvelva/spinetoram)：来源于天然放线菌的“生物源”高效杀虫技术，用于果蔬/特色作物(代表制剂 Entrust 等)。“我们最初的看法是，若这一消息确认属实，该消息对Corteva(CTVA)股价走势而言至多是负面或令人感到非常困惑，主要因为：1)在拆分估值法(SOTP)基准下几乎没有估值上行空间;2)管理层对潜在负债的担忧令人担心;以及 3)销售与成本的非协同效应。”KeyBanc资深股票分析师 Aleksey Yefremov 周日于一份报告中写道。分析师Aleksey 估计，创建两家独立上市公司的额外成本约为 5,000万至美元至大约6,000万美元。“尽管这仍属猜测，我们看不到财务或战略上的任何积极意义，”美国银行分析师 Matthew DeYoe 在一份报告中写道。“CTVA基于目前交易价格区间的13.4x的一致预期EBITDA估值并未显示通过SOTP分析法能够立即创造出潜在价值。此外，我们认为，如果分拆消息属实，离开了CTVA主体支撑，任何分拆都可能造就两家实力比现在更弱的实体。”更多港股重磅资讯，下载智通财经app更多港股及海外理财资讯，请点击www.zhitongcaijing.com（搜索“智通财经”）；欲加入智通港股投资群，请加智通客服微信(ztcjkf)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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农业巨头Corteva(CTVA.US)“一拆为二”传闻遭华尔街质疑 股价应声重挫超5%

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农业巨头Corteva(CTVA.US)“一拆为二”传闻遭华尔街质疑股价应声重挫超5%