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Last update 16/02/2017

The current consensus displays estimates in USDm according to US GAAP accounting. This will be changed to IFRS/EUR post the FY results on 22nd of February 2017.
However, estimates for 2017/2018 might not appropriately reflect the change to IFRS/EUR.
Post FY 2016 earnings release from Fresenius Medical Care we will collect IFRS/EUR estimates only.
 
Recommendations and Price Targets
Recommendations
Negative: 0, Neutral: 12, Positive: 15 (Total: 27)
-1
+10.56
BrokerPrice Targets (in EUR)Recommendations
 CurrentPreviousChangeUpside/DownsideCurrentPreviousChangeLast Update
Bankhaus Lampe 80.00 80.00 0.0% 4.2% Hold Hold Unchanged 2017-02-10 
Bankhaus Metzler 86.00 86.00 0.0% 12.0% Buy Buy Unchanged 2017-02-10 
Berenberg Bank 95.00 94.00 1.1% 23.7% Buy Buy Unchanged 2017-02-09 
BoA Merrill Lynch 92.00 94.00 -2.1% 19.8% Buy Buy Unchanged 2017-01-26 
Bryan, Garnier & Co. 94.00 Neutral Neutral Unchanged 2017-02-14 
Citigroup 92.00 98.00 -6.1% 19.8% Buy Buy Unchanged 2017-01-09 
Commerzbank 80.00 80.00 0.0% 4.2% Hold Hold Unchanged 2017-02-10 
Credit Suisse 90.00 90.00 0.0% 17.2% Outperform Outperform Unchanged 2017-02-13 
Deutsche Bank 85.00 82.00 3.7% 10.7% Hold Hold Unchanged 2017-02-13 
DZ Bank 77.00 77.00 0.0% 0.3% Hold Hold Unchanged 2017-02-10 
Exane BNP Paribas 80.00 80.00 0.0% 4.2% Neutral Neutral Unchanged 2017-02-14 
Goldman Sachs 93.00 94.00 -1.1% 21.1% Buy Buy Unchanged 2016-12-14 
HSBC 83.00 83.00 0.0% 8.1% Hold Hold Unchanged 2017-02-14 
Independent Research 85.00 96.00 -11.5% 10.7% Buy Buy Unchanged 2017-01-09 
J.P. Morgan Cazenove 104.50 104.50 0.0% 36.1% Overweight Overweight Unchanged 2017-02-13 
Jefferies 76.00 82.00 -7.3% -1.0% Hold Hold Unchanged 2016-12-07 
Kepler Cheuvreux 95.00 95.00 0.0% 23.7% Buy Buy Unchanged 2017-02-13 
LBBW 90.00 90.00 0.0% 17.2% Buy Buy Unchanged 2017-02-10 
MainFirst Bank 88.00 94.00 -6.4% 14.6% Outperform Neutral Upgrade 2017-02-14 
Morgan Stanley 90.00 90.00 0.0% 17.2% Overweight Overweight Unchanged 2017-02-14 
Oddo Seydler Bank 95.00 95.00 0.0% 23.7% Buy Buy Unchanged 2017-02-07 
RBC Capital Markets 79.00 74.00 6.8% 2.9% Sector Perform Sector Perform Unchanged 2016-10-31 
Robert W. Baird 79.00 81.00 -2.5% 2.9% Neutral Neutral Unchanged 2017-01-09 
Société Générale 90.00 90.00 0.0% 17.2% Buy Buy Unchanged 2017-02-07 
SunTrust Banks 95.00 Buy 2016-08-02 
UBS 100.00 100.00 0.0% 30.3% Buy Buy Unchanged 2017-01-31 
Warburg Research 85.00 85.00 0.0% 10.7% Hold Hold Unchanged 2017-02-13 
Wells Fargo 86.00 86.00 0.0% 12.0% Marketperform Marketperform Unchanged 2016-10-28 
 CurrentUp-/DownsidePreviousChangeRecommendationsCurrentChanges 
Price (in EUR)  (as of last trading day) 76.77       Number of Analysts 27     
Number of Analysts 26   28   - thereof positive 15 Upgraded: 1 Analysts 
- Highest 104.50 36.1 104.50 0.0% - in % 55.6%     
- Consensus 87.52 14.0 88.91 -1.6% - thereof neutral 12 Unchanged: 26 Analysts 
- Median 87.00 13.3 90.00 -3.3% - in % 44.4%     
- Lowest 76.00 -1.0 74.00 2.7% - thereof negative Downgraded: 0 Analysts 
          - in % 0.0%     
 
Price Target Analysis (in EUR)
Price Targets (in EUR)
Share Price (in EUR)
Recommendations (in %)
Positive
Neutral
Negative
General Data, Price Targets, Estimates and Valuation
 
General data (as of last trading day) 
Market capitalisation (in USD m) 24,810        
Enterprise value (in USD m) 33,299        
Equity ratio 2015 37.2%        
Sales, CAGR (15-18) 7.7%        
EPS CAGR (15-18) 12.7%        
Performance YTD (in %) -4.3        
 
 2015 AQ4 2016 E2016 EChange YoY
in %
2017 EChange YoY in %2018 EChange YoY in %
Consensus estimates (in USD m)                 
Sales 16,738 4,738 17,962 7.3% 19,347 7.7% 20,914 8.1% 
EBIT 2,327 791 2,642 13.5% 2,900 9.8% 3,107 7.2% 
EBIT margin 13.9% 16.7% 14.7% 15.0% 14.9% 
EPS (in USD) 3.38 1.22 4.02 19.0% 4.48 11.4% 4.84 8.2% 
Dividend per share (in EUR) 0.80 0.94 17.7% 1.05 10.9% 1.13 8.0% 
Valuation                
P/E 25.0  20.2 18.1 16.8 
EV/Sales 2.0  1.9 1.7 1.6 
EV/EBIT 14.7  12.6 11.5 10.7 
P/B 2.7  2.4 
Div. yield 0.9%  1.2% 1.4% 1.5% 
 
Annual and Quarterly Estimates Development
 
FY 2016 consensus estimates (in USD m) more estimates data
Total revenue (left hand scale)
EBIT (right hand scale)
Quarterly Development (in USD m) more estimates data
Total revenue (left hand scale)
EBIT (right hand scale)
 
Last update on 16/02/2017
The earnings estimates of the following institutions were included in the above figures:
Bankhaus Lampe, Bankhaus Metzler, Berenberg Bank, BoA Merrill Lynch, Bryan, Garnier & Co., Citigroup, Commerzbank, Credit Suisse, Deutsche Bank, DZ Bank, Exane BNP Paribas, Goldman Sachs, HSBC, Independent Research, J.P. Morgan Cazenove, Jefferies, Kepler Cheuvreux, LBBW, MainFirst Bank, Morgan Stanley, Oddo Seydler Bank, RBC Capital Markets, Robert W. Baird, Société Générale, UBS, Warburg Research, Wells Fargo
 
Disclaimer
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.