Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FRESENIUS MEDICAL CARE AG &. We currently have 8 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
FRESENIUS MEDICAL CARE AG &
FRESENIUS MEDICAL CARE AG &
09 Jan 17
FMC has joined other US dialysis providers, such as DaVita, and patient advocates in filing a lawsuit challenging the rulemaking process used by the United States Centers for MediCare and Medicaid Services (CMS) to promulgate a new regulation regarding premium assistance programmes that help to fund insurance premiums for patients with end-stage renal disease (ESRD).
Costs move ahead of revenues
27 Oct 16
Q3 revenues were up +9% (+9% at cc) to USD4,598m but gross profit margin weakened 70bp to 32.0%. EBITDA increased +9% to USD867m and net income attributable to shareholders strongly increased +27% to €333m. Operating CF clearly dropped 24% to USD439m, primarily driven by a swing in NWC (USD-164m after USD54m). Investing CF remained in the same territory (USD-273m after USD-281m), but FCF declined from US$298m to US$166m. Management confirmed FX guidance, expecting sales to grow +7-10% at constant currency and net income to shareholders to improve 15-20% excluding acquisitions in 2015 and 2016 based on an adjusted net income of USD1,057m.
Good old Dialysis Service made the pace
02 Aug 16
Total revenues rose +5% (+7% at constant currencies (cc)) to USD4,420m and the gross profit margin was up from 31.7% to 30.9% in Q2 16. EBITDA increased +15% to USD835m and net income attributable to shareholders clearly improved by +22% to USD294m. Operating CF jumped +76% to USD678m, mainly driven by a swing in NWC from USD-106m to USD114m due to adjustments impacting the invoicing and timing of working capital items. Days sales outstanding declined from 74 days (Q1 16) to 70 days. Investing CF moved from USD-269m to USD-319m, primarily burdened by higher capex. Management confirmed recently its guidance, expecting sales to grow +7-10% at constant currency and net income to shareholders to improve 15-20% excluding acquisitions in 2015 and 2016 based on an adjusted net income of USD1,057m.
A shining US
03 May 16
Group sales rose +6% (+9% at CC) to USD4,205m and the gross profit margin strongly improved from 29.9% to 31.3%. EBIT increased +7% to USD540m and net profit attributable to shareholders came in at USD228m after USD210m. Operating CF melted from USD447m to USD180m, hit by a swing in NWC (USD-299m after USD7m), which was triggered by an adjustment in invoicing and the timing of payroll payments in the US. DSO increased to 74 days (Q1 15: 71; Q4 15: 71). Investing CF moved from USD-208m to USD-337m, seeing higher capex (above D/A) and acquisition-related costs. FCF swung from USD239m to USD-157m. Management recently confirmed guidance, expecting sales to grow +7-10% at constant currency and net income to shareholders to improve 15-20%, excluding acquisitions in 2015 and 2016 based on an adjusted net income of USD1,057m.
FY guidance barely met excluding one-offs
24 Feb 16
FMC reported +6% higher FY revenues (to USD16,738m) and the gross profit margin rose 30bp to 31.9%. EBITDA saw a +3% improvement (to USD3,044m), but the respective margin dropped from 18.7% to 18.2%. Net income attributable to shareholders came in at USD1,029m. Operating CF improved +5% to USD1,960m, driven by higher net income and lower NWC outflow. Investing CF dropped from USD-2,690m to USD-1,001m primarily due to lower acquisition costs (USD—317m after USD1,779m). FCF swung from USD-829m to USD959m. Management proposes a €0.02 higher dividend of €0.80 per share at the AGM on 12 May 2016. In FY 2016, management expects revenues to increase by 7-10% at constant currency and net income attributable to shareholders to improve 15-20% excluding acquisitions in 2015 and 2016 based on an adjusted net income of USD1,057m. The annual report should be available within the next few weeks.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.