Bayer AG 2Q 2015 -- Forecast

FRANKFURT--The following is a summary of analysts' forecasts for Bayer AG (BAYN.XE) second-quarter results, based on a poll of 10 analysts conducted by Dow Jones Newswires (figures in million euros, EPS, dividend and target price in euro, according to IFRS). Earnings figures are scheduled to be released July 29.

=== 
                            EBITDA             EBIT 
2nd Quarter         Sales     adj.    EBITDA   adj.   EBIT 
AVERAGE            11,841    2,687     2,564  1,915  1,780 
Prev. Year         10,458    2,217     2,176  1,521  1,473 
+/- in %              +13      +21       +18    +26    +21 
 
MEDIAN             11,886    2,678     2,549  1,893  1,789 
Maximum            12,219    2,778     2,645  2,080  1,889 
Minimum            11,451    2,596     2,496  1,811  1,684 
Amount (a)             10        9         5      6      5 
 
Baader-Helvea      11,909    2,678        --     --     -- 
Credit Suisse      11,451       --        --     --     -- 
Deutsche Bank      11,533    2,670        --  1,811  1,684 
Equinet            11,525    2,596     2,496     --     -- 
Exane BNP Paribas  11,887    2,624        --  1,900     -- 
Jefferies          12,219    2,724     2,549  1,885  1,710 
Morgan Stanley     11,884    2,778     2,587  2,080  1,889 
UBS                12,039    2,749     2,645  1,948  1,828 
Warburg Research   11,811    2,758       --      --     -- 
 
 
              Net attrib.               EPS 
2nd Quarter        income     EPS      core 
AVERAGE             1,152    1.38      1.85 
Prev. Year            953    1.15      1.53 
+/- in %              +21     +20       +21 
 
MEDIAN              1,146    1.36      1.85 
Maximum             1,208    1.46      1.94 
Minimum             1,118    1.33      1.79 
Amount (a)              6       5        10 
 
Baader-Helvea       1,123    1.36      1.85 
Credit Suisse          --      --      1.82 
Deutsche Bank       1,123    1.36      1.80 
Equinet                --      --      1.87 
Exane BNP Paribas   1,118    1.33      1.79 
Jefferies              --      --      1.84 
Morgan Stanley      1,208    1.46      1.94 
UBS                 1,169    1.41      1.90 
Warburg Research       --      --      1.92 
 
 
                Target price  Rating                DPS 2015 
AVERAGE               141.39  positive 2    AVERAGE     2.54 
Prev. Quarter         139.90  neutral  7    Prev. Year  2.25 
+/- in %                +1.1  negative 0    +/- in %     +13 
 
MEDIAN                142.00                MEDIAN      2.63 
Maximum               155.00                Maximum     2.72 
Minimum               129.00                Minimum     2.25 
Amount                     9                Amount         7 
 
Baader-Helvea         142.00  Hold                        -- 
Commerzbank           132.00  Hold                        -- 
Deutsche Bank         155.00  Buy                       2.63 
Equinet               134.00  Neutral                   2.25 
Exane BNP Paribas     129.00  Neutral                   2.43 
Jefferies             152.00  Buy                       2.45 
Morgan Stanley        143.00  Equalweight               2.64 
UBS                   148.00  Neutral                   2.64 
Warburg Research      137.50  Hold                      2.72 
=== 

Year-earlier figures are as reported by the company.

(a) Including anonymous estimates from one more analyst.

DJG/voi 

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