We have stripped out Fresenius’ dialysis division FMC, just to see the impact of the potential deconsolidation on FRE’s valuation. It is however clear that we do not have all information to do this properly and the exercise required a lot of guesswork as the deconsolidation effects could not be precisely calculated. On the other side we were the position generate a vague idee how a plain Fresenius would have looked like starting back in 2006.
