Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FRESENIUS SE & CO KGAA. We currently have 7 research reports from 1 professional analysts.
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FRESENIUS SE & CO KGAA
FRESENIUS SE & CO KGAA
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.
Nice organic growth, but NWC raises a question mark
29 Oct 15
Q3 sales were up +16% (organic: +6%) to €6,940m and the gross profit margin moved up 1.0pp to 31.6%. EBITDA increased by +17% to €1,226m and net profit attributable to shareholders jumped +29% to €357m. Operating CF came down a bit (-5% to €900m) spoiling the operating performance as NWC reported a red zero after a strong inflow of €238m. Investing CF benefited from lower acquisition costs (€-444m after €-47m) moving from €-760m to €-374m. Financing CF (€-409m after €-156m) suffered from higher cash used for financing activities (€-386m after €-184m). Based on Kabi’s continued strong performance, management again lifted guidance. For 2015, management now expects sales to grow by 8-10% (unchanged) at cc and net income attributable to shareholders pre one-offs by 20-22% (previously: 18-21%). 2017 targets (sales: ~€30bn; net income: ~€1.4-1.5bn) have not been explicitly confirmed.
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.
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 - 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.
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 - 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.