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Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>Corteva will spin off its larger, higher-margin Seed business as Vylor Inc. in Q4 2026, retaining Crop Protection under CTVA.</li>
<li>Vylor is the more attractive entity: 25%+ margins, 16% EBITDA CAGR since 2020, and royalty positive licensing; New Corteva retains legacy DuPont pension, PFAS, and product-liability obligations</li>
<li>Our SOTP pegs consolidated fair value at $88/share: Vylor at 16.0x FY2027E EBITDA (~$45.2B EV), Corteva ex-Vylor at 10.0x (~$15.3B EV).</li>
</ul>


Corteva will spin off its larger, higher-margin Seed business as Vylor Inc. in Q4 2026, retaining Crop Protection under CTVA.
Vylor is the more attractive entity: 25%+ margins, 16% EBITDA CAGR since 2020, and royalty positive licensing; New Corteva retains legacy DuPont pension, PFAS, and product-liability obligations
Our SOTP pegs consolidated fair value at $88/share: Vylor at 16.0x FY2027E EBITDA (~$45.2B EV), Corteva ex-Vylor at 10.0x (~$15.3B EV).


Corteva (NYSE: CTVA) To Spin-Off Seed Business as Vylor Inc.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Corteva Agriscience reported a strong first quarter in 2026, with both its Seed and Crop Protection segments delivering double-digit EBITDA growth and over 200 basis points of margin expansion.</li><li>Organic sales increased by 7%, comprised of a 9% rise in Seed and 4% in Crop Protection.</li><li>This performance was supported by a favorable timing shift in North America, an early start to the planting season due to cooperative weather, and volume growth across all regions.</li></ul>

Corteva Agriscience reported a strong first quarter in 2026, with both its Seed and Crop Protection segments delivering double-digit EBITDA growth and over 200 basis points of margin expansion.Organic sales increased by 7%, comprised of a 9% rise in Seed and 4% in Crop Protection.This performance was supported by a favorable timing shift in North America, an early start to the planting season due to cooperative weather, and volume growth across all regions.

Corteva: Why Its Separation Timing Matters MORE Than First Quarter Strength!

<ul><li>Corteva Agriscience's recent earnings update reveals a nuanced picture of the company's performance and future outlook.</li><li>For 2025, Corteva reported sales growth and a notable increase in operating EBITDA, which reflected margin expansion.</li><li>The positive results were driven by strong demand for Corteva's differentiated agricultural technologies, alongside effective cost management strategies in both the Seed and Crop Protection segments.</li></ul>

Corteva Agriscience's recent earnings update reveals a nuanced picture of the company's performance and future outlook.For 2025, Corteva reported sales growth and a notable increase in operating EBITDA, which reflected margin expansion.The positive results were driven by strong demand for Corteva's differentiated agricultural technologies, alongside effective cost management strategies in both the Seed and Crop Protection segments.

Corteva Is Quietly Building a Seed Powerhouse—Here’s What the Market Is Missing!

<ul><li>Corteva Agriscience has reported its performance for the third quarter of 2025, showcasing a blend of strategic realignment and solid financial results.</li><li>The company is planning a strategic separation into two independent public companies by the second half of 2026, dividing its Seed and Crop Protection businesses.</li><li>The rationale behind this move is to enable each unit to optimize their individual growth trajectories amid evolving agricultural market conditions.</li></ul>

Corteva Agriscience has reported its performance for the third quarter of 2025, showcasing a blend of strategic realignment and solid financial results.The company is planning a strategic separation into two independent public companies by the second half of 2026, dividing its Seed and Crop Protection businesses.The rationale behind this move is to enable each unit to optimize their individual growth trajectories amid evolving agricultural market conditions.

Corteva Inside: How a Bold Barter Strategy Is Reinventing Its Power in Latin America!

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Stock Spin-offs

<ul><li>IDT reported record Q4 and full-year fiscal 2026 results this week, and the numbers were strong across the board.</li><li>FY2026 revenue rose 5% to $1.30BN and adjusted EBITDA grew 17% to $154.6MM, beating the raised $150-152MM guide, while non-GAAP EPS climbed 20% to $3.82.</li><li>The three growth businesses did the heavy lifting again, with full-year adjusted EBITDA up 30% at NRS, 41% at Fintech (BOSS Money), and 33% at net2phone.</li></ul>

IDT reported record Q4 and full-year fiscal 2026 results this week, and the numbers were strong across the board.FY2026 revenue rose 5% to $1.30BN and adjusted EBITDA grew 17% to $154.6MM, beating the raised $150-152MM guide, while non-GAAP EPS climbed 20% to $3.82.The three growth businesses did the heavy lifting again, with full-year adjusted EBITDA up 30% at NRS, 41% at Fintech (BOSS Money), and 33% at net2phone.

United States

Corteva, Inc. provides agricultural products. The Company offers seeds and crop protection products, as well as software solutions and digital services. Corteva serves customers worldwide.

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Corteva (CTVA US)

Corteva (NYSE: CTVA) To Spin-Off Seed Business as Vylor Inc.

Corteva to spin off higher-margin Seed business as Vylor Inc. in Q4 2026, retaining Crop Protection under CTVA. CTVA (consolidated) Fair value...

GSBR Research

Corteva: Why Its Separation Timing Matters MORE Than First Quarter Strength!

Corteva Agriscience reported a strong first quarter in 2026, with both its Seed and Crop Protection segments delivering double-digit EBITDA growth...

Baptista Research

Corteva Is Quietly Building a Seed Powerhouse—Here’s What the Market Is Missing!

Corteva Agriscience's recent earnings update reveals a nuanced picture of the company's performance and future outlook. For 2025, Corteva reported...

Baptista Research

Corteva Inside: How a Bold Barter Strategy Is Reinventing Its Power in Latin America!

Corteva Agriscience has reported its performance for the third quarter of 2025, showcasing a blend of strategic realignment and solid financial...

Baptista Research

Weekly Update (IDT, VYLR, CTVA)

IDT reported record Q4 and full-year fiscal 2026 results this week, and the numbers were strong across the board. FY2026 revenue rose...

Richard Howe

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Corteva (NYSE: CTVA) To Spin-Off Seed Business as Vylor Inc.

​Corteva to spin off higher-margin Seed business as Vylor Inc. in Q4 2026, retaining Crop Protection under CTVA. CTVA (consolidated) Fair value...

GSBR Research

Corteva: Why Its Separation Timing Matters MORE Than First Quarter Strength!

Corteva Agriscience reported a strong first quarter in 2026, with both its Seed and Crop Protection segments delivering double-digit EBITDA growth...

Baptista Research

Corteva Is Quietly Building a Seed Powerhouse—Here’s What the Market Is Missing!

Corteva Agriscience's recent earnings update reveals a nuanced picture of the company's performance and future outlook. For 2025, Corteva reported...

Baptista Research

Corteva Inside: How a Bold Barter Strategy Is Reinventing Its Power in Latin America!

Corteva Agriscience has reported its performance for the third quarter of 2025, showcasing a blend of strategic realignment and solid financial...

Baptista Research

Weekly Update (IDT, VYLR, CTVA)

IDT reported record Q4 and full-year fiscal 2026 results this week, and the numbers were strong across the board. FY2026 revenue rose...

Richard Howe

Corteva to spin off higher-margin Seed business as Vylor Inc. in Q4 2026, retaining Crop Protection under CTVA. CTVA (consolidated) Fair value...