Financials Fresenius Medical Care AG Deutsche Boerse AG

Equities

FME

DE0005785802

Healthcare Facilities & Services

Market Closed - Deutsche Boerse AG Other stock markets 03:58:02 09/05/2024 pm IST			5-day change	1st Jan Change
38.69 ^EUR	+3.37%		-0.39%	+2.03%

08/05	Health Care Slips as Defensive Investors Rotate to Utilities - Health Care Roundup	DJ
08/05	Home REIT cuts borrowings, Genflow shares restored	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	19,672	19,974	16,742	8,970	11,138	11,379	-	-
Enterprise Value (EV) ¹	32,447	31,272	28,580	20,909	21,898	21,242	20,448	19,451
P/E ratio	16.7 x	17.2 x	17.3 x	13.3 x	22.3 x	16.1 x	11.8 x	9.88 x
Yield	1.82%	1.96%	2.36%	3.66%	3.13%	2.07%	3.37%	3.89%
Capitalization / Revenue	1.13 x	1.12 x	0.95 x	0.46 x	0.57 x	0.58 x	0.56 x	0.53 x
EV / Revenue	1.86 x	1.75 x	1.62 x	1.08 x	1.13 x	1.08 x	1 x	0.91 x
EV / EBITDA	8.4 x	7.65 x	8.22 x	6.24 x	7.02 x	6.36 x	5.52 x	4.9 x
EV / FCF	22.5 x	9.78 x	17.2 x	14.1 x	11.2 x	11.6 x	10.6 x	10.7 x
FCF Yield	4.44%	10.2%	5.81%	7.08%	8.95%	8.64%	9.43%	9.32%
Price to Book	1.67 x	1.78 x	1.32 x	0.64 x	0.75 x	0.81 x	0.77 x	0.74 x
Nbr of stocks (in thousands)	2,98,249	2,92,869	2,92,994	2,93,413	2,93,413	2,93,413	-	-
Reference price ²	65.96	68.20	57.14	30.57	37.96	38.78	38.78	38.78
Announcement Date	20/02/20	23/02/21	22/02/22	21/02/23	20/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,477	17,859	17,619	19,398	19,454	19,603	20,392	21,270
EBITDA ¹	3,863	4,090	3,476	3,350	3,121	3,338	3,706	3,966
EBIT ¹	2,270	2,304	1,852	1,512	1,369	1,690	2,049	2,293
Operating Margin	12.99%	12.9%	10.51%	7.79%	7.04%	8.62%	10.05%	10.78%
Earnings before Tax (EBT) ¹	1,841	1,936	1,572	1,219	1,033	1,283	1,644	1,895
Net income ¹	1,200	1,164	969.3	673.4	499	693.5	971.6	1,156
Net margin	6.87%	6.52%	5.5%	3.47%	2.57%	3.54%	4.76%	5.43%
EPS ²	3.960	3.960	3.310	2.300	1.700	2.410	3.281	3.925
Free Cash Flow ¹	1,442	3,197	1,660	1,480	1,960	1,836	1,927	1,812
FCF margin	8.25%	17.9%	9.42%	7.63%	10.08%	9.37%	9.45%	8.52%
FCF Conversion (EBITDA)	37.33%	78.17%	47.76%	44.18%	62.8%	55.01%	52.01%	45.69%
FCF Conversion (Net income)	120.18%	274.57%	171.26%	219.78%	392.79%	264.77%	198.36%	156.78%
Dividend per Share ²	1.200	1.340	1.350	1.120	1.190	0.8016	1.307	1.508
Announcement Date	20/02/20	23/02/21	22/02/22	21/02/23	20/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	4,647	4,548	4,757	5,096	4,997	4,704	4,825	4,936	4,988	4,725	4,805	4,958	4,944	-	-
EBITDA ¹	895.4	767	763	973.6	846.6	698.8	790.8	778.3	854	-	707.9	722.1	847.3	-	-
EBIT ¹	449.2	348	341	471.6	351.9	260.9	357	324	428	246	440.7	445.2	461.6	-	-
Operating Margin	9.67%	7.65%	7.17%	9.25%	7.04%	5.55%	7.4%	6.56%	8.58%	5.21%	9.17%	8.98%	9.34%	-	-
Earnings before Tax (EBT)	382.4	278.6	268.9	395.2	-	-	-	-	-	-	-	-	-	-	-
Net income	228.7	157	147	230.1	138.8	86.36	140	84	188	71	-	-	-	-	-
Net margin	4.92%	3.45%	3.09%	4.52%	2.78%	1.84%	2.9%	1.7%	3.77%	1.5%	-	-	-	-	-
EPS	0.7800	0.5400	0.5000	0.7800	0.4800	0.2900	0.4800	0.2900	0.6400	0.2400	-	-	-	-	-
Dividend per Share ²	1.350	-	-	-	1.120	-	-	-	1.190	-	-	-	0.7387	-	-
Announcement Date	22/02/22	04/05/22	28/07/22	31/10/22	21/02/23	09/05/23	02/08/23	01/11/23	20/02/24	07/05/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	12,775	11,298	11,838	11,939	10,760	9,863	9,069	8,073
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.307 x	2.762 x	3.406 x	3.564 x	3.448 x	2.955 x	2.447 x	2.035 x
Free Cash Flow ¹	1,442	3,197	1,660	1,480	1,960	1,836	1,927	1,812
ROE (net income / shareholders' equity)	11.5%	11.7%	7.37%	5.05%	4.99%	4.89%	6.91%	7.78%
ROA (Net income/ Total Assets)	4.06%	3.6%	2.93%	1.92%	2.17%	2.06%	2.69%	3.3%
Assets ¹	29,589	32,308	33,038	35,060	22,998	33,703	36,131	34,994
Book Value Per Share ²	39.50	38.30	43.30	47.70	50.50	48.00	50.10	52.50
Cash Flow per Share ²	8.480	14.40	8.500	7.390	8.960	8.660	8.300	8.030
Capex ¹	1,125	1,036	829	687	669	855	926	1,011
Capex / Sales	6.44%	5.8%	4.71%	3.54%	3.44%	4.36%	4.54%	4.76%
Announcement Date	20/02/20	23/02/21	22/02/22	21/02/23	20/02/24	-	-	-

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 Medical Care AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

38.78 EUR

Average target price

39.45 EUR

Spread / Average Target

+1.73%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Healthcare Facilities & Services

	1st Jan change	Capi.
HCA HEALTHCARE, INC.	+18.92%	81.04B
CVS HEALTH CORPORATION	-29.48%	68.93B
DR. SULAIMAN AL HABIB MEDICAL SERVICES GROUP COMPANY	+9.65%	29.59B
FRESENIUS SE & CO. KGAA	-0.14%	17.24B
LABORATORY CORPORATION OF AMERICA HOLDINGS	-9.30%	16.99B
QUEST DIAGNOSTICS INCORPORATED	+0.20%	15.12B
REDE D'OR SÃO LUIZ S.A.	+5.25%	13.09B
TENET HEALTHCARE CORPORATION	+68.96%	12B
EUROFINS SCIENTIFIC SE	-2.88%	11.94B

Other Healthcare Facilities & Services