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Corteva (NYSE: CTVA) To Spin-Off Its Seeds Business; Targets Sharper Focus and Valuation Upside

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

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.