Financials Fresenius CINNOBER BOAT

Equities

0OO9

DE0005785604

Healthcare Facilities & Services

Real-time Estimate Tradegate Other stock markets 03:15:13 2024-05-15 pm EDT			5-day change	1st Jan Change
28.68 ^EUR	0.00%		0.00%	0.00%

04:20pm	Lauterbach's 'revolution' for clinics on the way	DP
12:11pm	Cabinet launches hospital reform	DP

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,969	21,095	19,769	14,785	15,810	16,176	-	-
Enterprise Value (EV) ¹	53,573	45,171	44,160	39,799	29,078	30,300	29,350	27,202
P/E ratio	14.8 x	12.4 x	10.9 x	10.8 x	-26.7 x	11.6 x	9.14 x	8.39 x
Yield	1.67%	2.33%	2.6%	3.5%	-	3.3%	3.63%	3.97%
Capitalization / Revenue	0.79 x	0.58 x	0.53 x	0.36 x	0.71 x	0.72 x	0.69 x	0.66 x
EV / Revenue	1.51 x	1.25 x	1.18 x	0.97 x	1.3 x	1.36 x	1.25 x	1.11 x
EV / EBITDA	7.54 x	6.33 x	6.47 x	6.32 x	8.5 x	8.09 x	7.3 x	6.36 x
EV / FCF	49.6 x	18.2 x	37 x	17.4 x	8.75 x	21.1 x	20.9 x	17.4 x
FCF Yield	2.02%	5.49%	2.7%	5.73%	11.4%	4.74%	4.79%	5.75%
Price to Book	1.67 x	1.24 x	1.04 x	0.72 x	0.83 x	0.79 x	0.75 x	0.81 x
Nbr of stocks (in thousands)	557,380	557,472	558,454	563,237	563,237	563,237	-	-
Reference price ²	50.18	37.84	35.40	26.25	28.07	28.65	28.65	28.65
Announcement Date	2/20/20	2/23/21	2/22/22	3/4/23	2/21/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	35,409	36,277	37,520	40,840	22,299	22,331	23,453	24,452
EBITDA ¹	7,104	7,132	6,825	6,294	3,422	3,744	4,021	4,277
EBIT ¹	4,599	4,612	4,252	4,004	2,262	2,410	2,633	2,809
Operating Margin	12.99%	12.71%	11.33%	9.8%	10.14%	10.79%	11.23%	11.49%
Earnings before Tax (EBT) ¹	3,912	3,726	3,652	2,814	715	2,023	2,213	2,560
Net income ¹	1,883	1,707	1,818	1,372	-594	1,406	1,743	1,913
Net margin	5.32%	4.71%	4.85%	3.36%	-2.66%	6.3%	7.43%	7.82%
EPS ²	3.380	3.060	3.260	2.440	-1.050	2.461	3.133	3.413
Free Cash Flow ¹	1,081	2,478	1,193	2,281	3,322	1,436	1,406	1,563
FCF margin	3.05%	6.83%	3.18%	5.59%	14.9%	6.43%	6%	6.39%
FCF Conversion (EBITDA)	15.22%	34.74%	17.48%	36.24%	97.08%	38.35%	34.97%	36.55%
FCF Conversion (Net income)	57.41%	145.17%	65.62%	166.25%	-	102.13%	80.66%	81.71%
Dividend per Share ²	0.8400	0.8800	0.9200	0.9200	-	0.9447	1.040	1.136
Announcement Date	2/20/20	2/23/21	2/22/22	3/4/23	2/21/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	18,055	18,230	9,966	9,720	10,018	10,459	10,643	10,225	10,359	5,518	5,678	5,704	5,710	5,600	5,689	-	-
EBITDA ¹	-	-	1,868	1,658	-	1,658	-	1,585	1,649	-	-	924	919.6	867.1	1,009	-	-
EBIT ¹	2,248	2,039	1,166	996	1,003	949	1,052	908	956	519	634	633	634.8	592.6	668.9	-	-
Operating Margin	12.45%	11.18%	11.7%	10.25%	10.01%	9.07%	9.88%	8.88%	9.23%	9.41%	11.17%	11.1%	11.12%	10.58%	11.76%	-	-
Earnings before Tax (EBT)	-	-	1,001	784	729	551	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	-	906	499	413	383	321	255	346	80	-406	-	278	297.1	283.5	200.3	-	-
Net margin	-	4.97%	5.01%	4.25%	3.82%	3.07%	2.4%	3.38%	0.77%	-7.36%	-	4.87%	5.2%	5.06%	3.52%	-	-
EPS ²	1.560	1.620	0.9000	0.7400	0.6800	0.5700	0.4500	0.6100	0.1500	-0.7200	-1.090	0.4900	0.6526	0.5011	0.3541	-	-
Dividend per Share ²	-	-	0.9200	-	-	-	0.9200	-	-	-	-	-	-	-	0.9200	-	-
Announcement Date	7/30/20	7/30/21	2/22/22	5/4/22	8/2/22	11/1/22	3/4/23	5/9/23	8/2/23	11/2/23	2/21/24	5/8/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	25,604	24,076	24,391	25,014	13,268	14,124	13,174	11,026
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.604 x	3.376 x	3.574 x	3.974 x	3.877 x	3.772 x	3.276 x	2.578 x
Free Cash Flow ¹	1,081	2,478	1,193	2,281	3,322	1,436	1,406	1,563
ROE (net income / shareholders' equity)	11.3%	10.1%	10.1%	8.5%	7.9%	7.86%	8.4%	8.62%
ROA (Net income/ Total Assets)	3.19%	2.55%	2.62%	2.33%	2.47%	2.2%	2.94%	3.56%
Assets ¹	58,973	66,826	69,305	58,871	-24,049	63,908	59,347	53,663
Book Value Per Share ²	30.10	30.40	34.00	36.20	33.70	36.10	38.20	35.20
Cash Flow per Share ²	6.310	11.70	9.100	7.480	3.780	3.370	4.980	5.350
Capex ¹	2,433	2,366	2,017	1,917	1,134	1,139	1,229	1,265
Capex / Sales	6.87%	6.52%	5.38%	4.69%	5.09%	5.1%	5.24%	5.17%
Announcement Date	2/20/20	2/23/21	2/22/22	3/4/23	2/21/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Fresenius

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

28.65 EUR

Average target price

36.41 EUR

Spread / Average Target

+27.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Healthcare Facilities & Services

	1st Jan change	Capi.
CVS HEALTH CORPORATION	-29.19%	70.3B
DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY	+2.04%	27.46B
LABORATORY CORPORATION OF AMERICA HOLDINGS	-6.33%	17.8B
QUEST DIAGNOSTICS INCORPORATED	+2.09%	15.46B
REDE D'OR SÃO LUIZ S.A.	+7.72%	13.49B
FRESENIUS MEDICAL CARE AG	+10.80%	13.06B
NATERA, INC.	+71.78%	12.96B
TENET HEALTHCARE CORPORATION	+74.82%	12.56B
EUROFINS SCIENTIFIC SE	+1.87%	12.14B

Other Healthcare Facilities & Services