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Key Info

Fresenius Medical Care AG & Co KGaA Web - www.fmcna.com

Tel - 49-6172-6090

Next Reporting Date - 20.02.2020

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    Fresenius Medical Care AG & Co KGaA

    Health Care Equipment & Servic

    GERMANY


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.20%

    Cost of Debt

    4.20%

    Long Term Growth

    2.00%

    Beta Assumption

    0.91

    Current Market Cap mln$

    24,550.83

    Net Debt mln$

    15,226.59

    WACC Estimate

    6.21%

    Ordinary Current Price $

    80.58

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue16737.5817910.7920090.4819543.9119776.8820346.4621191.6521977.0322785.6223662.0624572.2125517.3726498.8827518.1528576.62
    EBITDA Costs13724.9814562.2316666.6115186.3915948.4016379.7017019.7017614.4018226.6918887.5619572.3920282.0521017.4521779.5122569.20
    EBITDA3012.603348.563423.874357.523828.473966.764171.954362.624558.934774.504999.825235.315481.435738.646007.42
    EBITDA Margin18.0018.7017.0422.3019.3619.5019.6919.8520.0120.1820.3520.5220.6920.8521.02
    Operating Costs14442.3015338.1717497.5016042.5316789.4817242.5017914.7418539.4019182.5219876.5820595.7521340.9422113.1022913.1923742.23
    Operating Profit2295.282572.622592.983501.392987.403103.953276.913437.633603.103785.483976.464176.424385.784604.964834.39
    Operating Margin13.7114.3612.9117.9215.1115.2615.4615.6415.8116.0016.1816.3716.5516.7316.92
    Pretax Costs14802.3115678.8017833.7316311.4917096.7917540.7718199.5918811.7919442.0820120.6220822.8421549.5822301.6723080.0223885.53
    PTP1935.272231.992256.753232.432680.092805.682992.063165.243343.553541.443749.373967.794197.214438.134691.09
    Pretax Margin11.5612.4611.2316.5413.5513.7914.1214.4014.6714.9715.2615.5515.8416.1316.42
    Net Income Costs15708.5816667.7918730.3018144.2818395.3018906.5119665.0720369.9621095.6921880.4022694.3123538.4924414.0725322.2326264.16
    Net Income1029.001243.001360.181399.631381.571439.951526.571607.061689.941781.661877.901978.882084.812195.922312.46
    Net Margin6.156.946.777.166.997.087.207.317.427.537.647.767.877.988.09
    Revenue Less Capex17690.5318940.7821157.4620792.6920921.7321524.4522418.8223249.9024105.5525033.0025996.1326996.3328035.0029113.6430233.78
    Capex-952.94-1029.99-1066.98-1248.77-1144.86-1178.00-1227.18-1272.87-1319.92-1370.94-1423.93-1478.96-1536.12-1595.49-1657.16
    Capex to Revenues-5.69-5.75-5.31-6.39-5.79-5.79-5.79-5.79-5.79-5.79-5.79-5.80-5.80-5.80-5.80
    Revenue less FCF15730.4816800.9018681.3218357.3218475.9118987.5119746.6720452.1121178.3921963.5322777.7823622.2124497.9525406.1526348.02
    FCF1007.101109.891409.161186.601300.971358.941444.981524.921607.231698.531794.431895.162000.932112.002228.60
    FCF to Revenue6.026.207.016.076.586.686.826.947.057.187.307.437.557.677.80

    GERMANY Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    FRE GRFresenius SE & Co KGaAGERMANY 29320.2914.3713.549.218.920.761.6819.151.6211.67-8.26
    FME GRFresenius Medical Care AG & Co KGaAGERMANY 24550.8317.4416.1310.019.481.31.5720.931.8310.33-10.7

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    UNH USUnitedHealth Group IncUNITED STATES 283414.7520.5218.213.3312.591.061.419.674.8425.32-8.07
    ABT USAbbott LaboratoriesUNITED STATES 158559.7435.224.86-19.284.161.52---7.55
    MDT USMedtronic PLCIRELAND 157266.4921.0820.9414.8716.083.682.2929.212.349.1918.98
    DHR USDanaher CorpUNITED STATES 115418.2341.6231.224.7120.853.630.4424.893.7210.3410.42
    SYK USStryker CorpUNITED STATES 82983.3828.8724.3223.6519.454.310.9924.356.1416.9813.99
    CI USCigna CorpUNITED STATES 82857.7618.3611.889.219.980.960.027.641.6811.82-4.49
    ANTM USAnthem IncUNITED STATES 75516.3416.3513.259.038.040.741.067.552.4115.95-17.6
    BDX USBecton Dickinson and CoUNITED STATES 70564.6824.221.7322.3516.44.221.2223.213.685.823.88
    ISRG USIntuitive Surgical IncUNITED STATES 69980.1351.544.5140.9934.5714.62035.658.318.46-6.29
    BSX USBoston Scientific CorpUNITED STATES 58972.6839.8123.9-19.224.970---5.05
    HCA USHCA Healthcare IncUNITED STATES 50730.914.0912.828.868.230.930.2919.12---2.12
    HUM USHumana IncUNITED STATES 49772.3321.4320.2210.439.730.690.65.814.0224.39-3.8
    EW USEdwards Lifesciences CorpUNITED STATES 48213.2145.136.9837.9329.378.61029.0711.7628.7322.64
    BAX USBaxter International IncUNITED STATES 47553.17-24.96-16.343.16----14.76
    7741 JPHoya CorpJAPAN 35314.3922.7329.6514.4618.173.811.2330.424.4621.2524
    MCK USMcKesson CorpUNITED STATES 29729.6210.8411.4315.59.470.141.290.862.750.3823.26
    COLOB DCColoplast A/SDENMARK 29708.9845.2143.430.2730.348.472.0632.3725.3558.1110.2
    7733 JPOlympus CorpJAPAN 24711.91201.3439.5919.9617.731.760.6210.883.731.8418.67
    CERN USCerner CorpUNITED STATES 24041.0432.9624.4717.6613.243.20.7423.295.2811.4517.74
    ABC USAmerisourceBergen CorpUNITED STATES 19427.9512.5812.2611.348.330.121.940.95.9129.446.59
    LH USLaboratory Corp of America HoldingsUNITED STATES 18961.691816.3512.1611.791.13016.512.1711.3311.95
    CAH USCardinal Health IncUNITED STATES 17396.1311.9111.256.48.560.114.062.12.2322.01-1.61
    DGX USQuest Diagnostics IncUNITED STATES 15200.5719.3316.9111.7911.911.52.120.192.5215.7519.98
    HOLX USHologic IncUNITED STATES 13960.27-2046.4314.863.5010.086.28-8.964.6
    VAR USVarian Medical Systems IncUNITED STATES 13320.6327.7627.4322.1617.783.51014.866.0717.41-12.48
    XRAY USDENTSPLY SIRONA IncUNITED STATES 12866.6323.5121.1615.9414.663.210.6122.032.569.035.72
    IHH MKIHH Healthcare BhdMALAYSIA 12318.0955.4345.1219.8718.013.510.521.992.133.92-3.01
    RHC AURamsay Health Care LtdAUSTRALIA 10837.3927.2727.7413.6110.71.182.112.846.3724.23-1.16
    DVA USDaVita IncUNITED STATES 10819.9713.8914.439.248.590.77019.834.4327.7912.65
    1099 HKSinopharm Group Co LtdCHINA 10647.69119.727.566.70.182.74.591.4914.14-19.31

    EV, Debt, Cash

    Fields2018
    EV39777.42
    Cash2457.18
    Debt8641.94
    Debt/Equity75.02
    Pref Equity0
    Shares Out306.88
    minorities1309.59

    Last Price

    Fields2018
    Last Price80.58
    Next DVD Ex Date20.05.2020
    DVD Announcement Date29.10.2019
    Last Ex Date17.05.2019

    CashflowSummary

    Fields201520162017201820192020
    Revenue16737.58217910.78720090.4798719543.9138318928.91920080.677
    Operating Profit2295.282572.6152592.981493501.3863012512.0132770.49
    PTP1935.2722231.992256.7481923232.42542079.692296.005
    Net Income102912431360.1844311399.6322991424.5631503.482
    EPS3.384.0654344.4398046644.5591398084.6214.993
    DPS0.888161.061.1975045661.3819154341.2671.344
    EBITDA3012.6023348.563423.8677744357.5207093965.254184.401
    BPS32.3835071935.2970317238.5240209343.8796574544.09647.424
    Capex-952.943-1029.992-1066.976568-1248.774378-1178.525-1176.477
    FCF1007.1041109.891409.1589791186.5988141785.4271934.921
    EV TO T12M EBIT15.4813.8814.988.078.078.07
    EV/EBITDA11.7910.6611.346.4910.019.48
    CUR RATIO1.631.451.21.251.251.25

    Ratios

    Fields201520162017201820192020
    Market Cap24550.8324550.8324550.8324550.8324550.8324550.83
    PE RATIO24.9920.8521.058.7517.4416.13
    EV/EBITDA11.7910.6611.346.4910.019.48
    P/S1.541.451.051.511.31.22
    DIVIDEND YIELD1.051.251.212.071.571.67
    EBITDA Margin1818.717.0422.320.930.14
    P/B2.612.42.741.481.831.71
    ROE10.6512.0112.7518.3710.3311.42
    6 month return-10.7-10.7-10.7-10.7-10.7-10.7