Bayer Aktiengesellschaft

WSE:BAY Stock Report

Market Cap: zł148.1b

Bayer Valuation

Is BAY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of BAY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: BAY (PLN149.9) is trading below our estimate of future cash flow value (PLN651.32)

Significantly Below Future Cash Flow Value: BAY is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BAY?

Key metric: As BAY is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for BAY. This is calculated by dividing BAY's market cap by their current revenue.
What is BAY's PS Ratio?
PS Ratio0.8x
Sales€45.24b
Market Cap€34.87b

Price to Sales Ratio vs Peers

How does BAY's PS Ratio compare to its peers?

The above table shows the PS ratio for BAY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5x
CLN Celon Pharma
5.1x7.79%zł1.2b
HLN Haleon
2.7x3.96%UK£29.7b
TEVA Teva Pharmaceutical Industries
2.3x2.49%US$40.1b
RPRX Royalty Pharma
10.1x15.60%US$31.6b
BAY Bayer
0.8x2.46%zł34.9b

Price-To-Sales vs Peers: BAY is good value based on its Price-To-Sales Ratio (0.8x) compared to the peer average (5.1x).

Historical Price to Sales Ratio

Historical Price to Sales Ratio compares a stock's price to its sales over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Sales Ratio vs Industry

How does BAY's PS Ratio compare vs other companies in the European Pharmaceuticals Industry?

21 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.4.0x5.1%
BAY Bayer
 0.8x2.46%US$40.28b
BAY 0.8xIndustry Avg. 4.0xNo. of Companies23PS048121620+
21 CompaniesEstimated GrowthMarket Cap
Industry Avg.4.0x10.8%
BAY Bayer
 0.8x41.94%US$40.28b
No more companies

Price-To-Sales vs Industry: BAY is good value based on its Price-To-Sales Ratio (0.8x) compared to the European Pharmaceuticals industry average (4x).

Price to Sales Ratio vs Fair Ratio

What is BAY's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BAY PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.8x
Fair PS Ratio15.6x

Price-To-Sales vs Fair Ratio: BAY is good value based on its Price-To-Sales Ratio (0.8x) compared to the estimated Fair Price-To-Sales Ratio (15.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BAY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentzł149.90
zł209.91
+40.03%
13.86%zł254.57zł127.29n/a19
Jun ’27zł150.35
zł209.49
+39.33%
13.86%zł254.06zł127.03n/a19
May ’27zł156.90
zł206.50
+31.61%
17.75%zł255.60zł106.50n/a19
Apr ’27zł169.98
zł200.59
+18.01%
21.91%zł257.51zł98.71n/a19
Mar ’27zł177.00
zł190.28
+7.50%
25.57%zł253.00zł96.98n/a20
Feb ’27zł186.88
zł177.50
-5.02%
27.00%zł231.75zł96.91n/a20
Jan ’27zł153.92
zł144.37
-6.20%
20.18%zł211.17zł97.14n/a19
Dec ’26zł129.02
zł126.00
-2.34%
15.03%zł164.99zł97.30n/a19
Nov ’26zł117.70
zł121.04
+2.84%
14.14%zł165.63zł97.68n/a19
Oct ’26zł124.50
zł121.73
-2.23%
14.27%zł166.42zł98.15n/a19
Sep ’26zł118.54
zł121.20
+2.24%
14.27%zł165.70zł97.72n/a19
Aug ’26zł117.50
zł121.31
+3.24%
14.39%zł166.77zł98.35n/a19
Jul ’26zł110.34
zł120.84
+9.52%
17.61%zł191.53zł93.43n/a20
Jun ’26zł105.12
zł117.32
+11.60%
18.73%zł191.63zł84.98zł150.3520
May ’26zł100.70
zł116.53
+15.72%
20.21%zł192.41zł85.32zł156.9020
Apr ’26zł92.94
zł115.44
+24.21%
19.72%zł188.94zł92.17zł169.9820
Mar ’26zł95.06
zł110.09
+15.82%
18.80%zł165.69zł91.13zł177.0019
Feb ’26zł92.25
zł112.93
+22.42%
18.86%zł168.62zł92.74zł186.8819
Jan ’26n/a
zł115.41
0%
18.65%zł170.31zł93.67zł153.9219
Dec ’25zł83.94
zł118.45
+41.11%
18.12%zł173.79zł95.58zł129.0219
Nov ’25zł108.56
zł143.47
+32.15%
23.22%zł265.20zł108.69zł117.7019
Oct ’25zł131.34
zł139.11
+5.91%
23.00%zł260.69zł106.84zł124.5020
Sep ’25zł119.68
zł146.31
+22.25%
29.55%zł276.57zł108.04zł118.5421
Aug ’25zł117.12
zł146.97
+25.49%
29.07%zł274.34zł107.17zł117.5021
Jul ’25zł113.60
zł149.58
+31.67%
28.60%zł276.14zł107.87zł110.3421
Jun ’25zł121.14
zł150.35
+24.11%
28.90%zł273.81zł106.96zł105.1221
zł210.03
Fair Value
28.6% undervalued intrinsic discount
19
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/10 16:42
End of Day Share Price 2026/06/03 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Bayer Aktiengesellschaft is covered by 41 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Rafael Bonardell TrianesBanco de Sabadell. S.A.
Mark PurcellBarclays
Charles PitmanBarclays