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Research Tree provides access to ongoing research coverage, media content and regulatory news on FRESENIUS SE & CO KGAA. We currently have 8 research reports from 1 professional analysts.
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FRESENIUS SE & CO KGAA
FRESENIUS SE & CO KGAA
No prolongation for Kabi, but Helios on the move in 2017
23 Feb 17
Fresenius reported sales +7% (+6% at cc) to €7,738m and the gross profit margin improved by 40bp to 32.0% in Q4. EBITDA clearly increased +15% to €1,544m and net profit attributable to shareholders went up +22% to €439m. Operating CF rose +12% to €1,315m reflecting the strong operating performance and a lower, but still suitable, NWC inflow (€185m after €238m). Investing CF moved from €-499m to €-732m, pushed downwards by a swing from net divestment proceeds to net acquisition costs. Financing CF saw some relief (€-208m after €-609m) as cash used for financing activities came in at €-120m after €-552m. Management proposes a +12% higher dividend of €0.62 (€0.55) per share at the AGM on 12 May 2017. For 2017, management expects sales growth of 15-17% at cc and net income growth of 17-20% at cc. The 2020 targets see sales rising to €43-47bn and group net income between €2.4bn and €2.7bn. The Annual Report will be published on 16 March 2017.
FMC and Helios back to growth
28 Oct 16
Fresenius reported +6% higher sales (to €7,339m) and the gross profit margin remained fairly unchanged at 31.5% in Q3. EBITDA rose +6% to €1,373m and net income attributable to shareholders was up +12% to €399m. Operating CF benefited from an improved NWC inflow (€28m after €-1m) as investing CF saw higher capex ending up at €-412m (€-374m). Financing CF was more or less unchanged at €-438m (€-445m). Based on Kabi’s stronger than expected 9M performance, management adjusted FY guidance, now expecting sales to grow by 6-8% at cc (unchanged) and growth of the adjusted net income attributable to shareholders of 12-14% (11-14%).
Kabi preparing to leave Shangri-La, but guidance lifted
02 Aug 16
Group sales were up +2% to €7,092m and the gross profit margin improved from 30.6% to 31.1% in Q2 16. EBITDA increased +10% to €1,339m, partly helped by higher D/A, and net profit attributable to shareholders strongly rose +21% to €393m. Operating CF benefited from a strong swing in NWC (€40m after €-121m), ending up at €996m (€720m). Despite slightly higher capex, investing CF came in pretty much unchanged (€-416m after €-393m). Financing CF (€-377m after €-366m) was burdened by higher dividends, which were partly re-financed by higher financing activities. Based on Kabi’s stronger than expected H1 performance, management adjusted FY guidance to sales growing by 6-8% at cc (unchanged) and adjusted net income attributable to shareholders by 11-14% (vs 8-12%).
Strong profitability increase, especially at Kabi
03 May 16
Group sales were up +7% (+7% at cc) to €6,914m and the gross profit margin received some strength (31.0% after 29.7%). EBITDA increased +12% to €1,237m and net profit attributable to shareholders strongly increased +24% to €362m. Operating CF dropped 37% to €334m as NWC outflow more than doubled (€-535m after €-258m) suffering from FMC’s adjustment in invoicing and the timing of payroll payments. Investing CF moved from €-228m to €-528m, driven by higher capex (above D/A) and acquisition-related costs. Financing CF swung from €-562m to €47m pushed by the swing to cash provided by financing activities. Management confirmed FY 2016 guidance, expecting sales to grow by 6-8% at cc and growth in adjusted net income attributable to shareholders of 8-12%.
Some deceleration in Q4, but a strong 2015
24 Feb 16
Q4 sales were up +11% (+5% at cc) to €7,257m and the gross profit margin improved from 29.2% to 31.6%. EBITDA was up +21% to €1,344m and net profit attributable to shareholders went clearly up +40% to €359m. Operating CF rose +32% to €1,176m seeing higher NWC inflow (€238m after €49m). Investing CF moved from €-1,038m to €-499m driven by a swing from cash used for acquisitions (€-548m) to cash generated by divestments (€31m). Financing CF was hit by a swing from cash provided for financing activities (€341m) to cash used for financing activities (€-552m) coming in at €-609m (€280m). Management proposes a +25% higher divided to €0.55 per share at the AGM on 13 May 2016. For 2016, management expects sales to grow by 6-8% at cc and a growth of the adjusted net income attributable to shareholders of 8-12%. The 2019 targets foresee sales in the €36-40bn range and net income attributable to shareholders between €2.0-2.25bn. The annual report should be available within the next few weeks.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
Interim results lead to upgrades
27 Mar 17
Bioventix reported a strong set of interim results with revenues increasing by 32% (c.12-17% at constant exchange rates (CER)), driven largely by the continued roll-out of its customers’ Vitamin D assay products. This, in turn, led to a 41% increase in pre-tax profits and a 40% increase in adjusted EPS; which is reflective of the operational gearing of the business. We are upgrading our adjusted EPS to 78.7p (+5%) and, consequently, are raising our target price to 1750p. At this price level, the shares would trade on a 22.4x FY 2018 P/E and an EV/EBITDA of 17x. We await confirmation of Siemen’s high sensitivity troponin assay launch, expected in FY 2018.
27 Mar 17
Elecosoft* (ELCO): Steadily building profits (CORP) | Bioventix* (BVXP): Interim results lead to upgrades (CORP) | Hurricane Energy (HUR): Halifax discovery (BUY) | KBT Business Technology* (KBT): interims and contract win (CORP) | Independent Oil & Gas* (IOG): Licence updates (CORP)
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Sinclair Pharma - Aesthetically Positioned to Continue Double-Digit Growth
23 Mar 17
With an innovative and differentiated product portfolio of injectable devices addressing the fast-growing aesthetics market, Sinclair is best positioned to continue to achieve double-digit revenue growth in the medium term.
N+1 Singer - Futura Medical - Licensing deal for CSD500 in Portugal
22 Mar 17
The agreement with F Lima further extends the market reach of CSD500, Futura’s erectogenic condom, and brings the total number of distribution partners to eight. The deal is in line with the company’s stated strategy of partnering with leading regional players in the consumer products space. We expect the condom to be launched in Portugal later this year. We retain a positive stance.