Equity Research, Broker Reports, and media content on CARL ZEISS MEDITEC AG - BR

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about CARL ZEISS MEDITEC AG - BR
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on CARL ZEISS MEDITEC AG - BR. We currently have 4 research reports from 1 professional analysts.

Open
38.8
Volume
0.1m
Range
38.3/39.2
Market Cap
3,147,088,488m
52 Week
26.6/39.4
Date Source Announcement
  • Frequency of research reports

     

  • Research reports on

    CARL ZEISS MEDITEC AG - BR

  • Providers covering

    CARL ZEISS MEDITEC AG - BR

Latest Content

View the latest research, videos, and podcasts for this company.

Mid-term growth drivers remain intact

  • 21 Jan 17

Carl Zeiss Meditec’s (CZM) Q4 FY16 revenue came in below our estimates but profitability outperformed. Revenue at CER was down 1.9% (vs AV estimate: +4.3%), primarily due to a slowdown in the ophthalmology (-8.3% vs AV estimate: +7%; accounts for c.31% of Q4 16 revenue) and microsurgery segments (-4.5% vs AV estimate: +0.5%; accounts for c.29% of Q4 16 revenue). High prior year comparables suppressed the growth in surgical ophthalmology and microsurgery (+34% and +24%, respectively) during the quarter. However, the ophthalmic systems business was up 5.7% (vs AV estimate: +5%; accounts for c.40% of Q4 16 revenue), wherein, the good performance in the refractive laser business was slightly offset by competitive pressure in the diagnostic business. Geographically, the growth momentum sequentially decelerated in the APAC region (+11.3% vs Q3 16: +25.3%; accounts for c.36% of Q4 16 revenue), primarily due to a slowdown in Japan. The dismal performance continued in the EMEA region (-6.4% vs Q3 16: -6%; accounts for c.31% of Q4 16 revenue), on the back of the challenging economic/political situation in Southern Europe and the Middle East. The Americas region was also under pressure (-9.7% vs Q3 16: -6.7%; accounts for c.33% of Q4 16 revenue) due to the intense competition in the US diagnostics market and the weak macro environment in Brazil. Total revenue decreased by 0.5% (vs AV estimate: +6.5%), reflecting a +1.4% currency effect. However, the EBIT margin strengthened to 15.1% (vs AV estimate: 13.4%), largely driven by a favourable product mix in the ‘cash cow’ microsurgery business (25.4% vs AV estimate: 21.9%). Moreover, a lower than expected tax expense further underpinned the EPS (€0.38 per share vs AV estimate: €0.28). For FY16, the total revenue (€1,088m) came in at the lower end of the company’s guidance (€1,080-1,120m). Similarly, the 14.2% EBIT margin was also within management’s expectation (13-15%). Management has proposed a dividend of €0.42 per share (vs €0.38 in FY15), which translates into a c.35% payout ratio. For FY17, management expects revenue to grow at least in par with market growth (low to mid single-digit) and the EBIT margin to be in the 13-15% range.

Value shifts from microsurgery to ophthalmology

  • 03 Dec 16

Carl Zeiss Meditec (CZM) released Q3 FY16 results broadly in line with market consensus. All the sales growth numbers are at CER unless specified otherwise. Revenue increased by 2.9% (vs Q2 16: +6.7%), largely due to slower growth in the ophthalmic systems segment (+1.7% vs Q2 16: +12.9%; accounts for c.39% of Q3 16 revenue). Stiff competition in the diagnostic business and a high prior year comparable (Q3 15: +12.6%) lowered the growth of the segment. Revenue in the microsurgery segment also slumped by 2.0% (vs Q2 16: 3.5%; accounts for c.25% of Q3 16 revenue), on the back of a tough comparable in the previous year. However, the surgical ophthalmology revenue accelerated by +8.1% (vs Q2 16: +2.9%; accounts for c.36% of Q3 16 revenue), once again fuelled by double-digit growth in the IOL business. Geographically, the APAC region (+25.3% vs Q2 16: +17.1%; accounts for c.36% of Q3 16 revenue) was the largest growth contributor to the business due to strong demand in China and South Korea. However, the growth momentum turned negative in the EMEA region (-6.0% vs Q2 16: +3.7%; accounts for c.33% of Q3 16 revenue) due to sluggish demand in Southern Europe and the Middle East. The dismal performance continued in the Americas region (-6.7% vs Q2 16: -0.4%; accounts for c.31% of Q3 16 revenue), primarily due to the intense competitive environment in the US and ongoing macro headwinds in Brazil. The total reported revenue increased by 2.8% (vs Q2 16: +8.3%) as the FX contribution was minimal during the quarter (-0.1% vs Q2 16: +1.6%). The EBIT margin weakened to 13.7% (vs Q2 16: 15.5%), largely attributable to planned R&D investments in the microsurgery segment (margin down to 16.6% vs Q2 16: 26.1%). Furthermore, unfavourable currency movements led to a net finance expense of €6.9m (vs Q2 16: €1.4m income), lowering the EPS to €0.24 per share (vs Q2 16: €0.38 per share). Management has maintained its FY16 revenue guidance at €1,080-1,120m and the EBIT margin guidance at 13-15%.