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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.
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21 Oct 16
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Panmure Morning Note 27-10-2016
27 Oct 16
CareTech announces that trading to September 2016 is in line with market expectations. The company continues to trade at a significant discount to peers, we believe this is unjustified given the consistent performance in recent periods, including double digit EBITDA growth and high dividend yield. We maintain our BUY recommendation and 380p price target.
N+1 Singer - Morning Song 26-10-2016
26 Oct 16
Verona Pharma has been awarded its second Venture and Innovation Award from the UK Cystic Fibrosis Trust for the development of RPL554 in Cystic Fibrosis (CF). The award signals the significant potential for RPL554 to be developed as a novel treatment for Cystic Fibrosis. Preliminary data supports the molecule’s potential utility in this indication, demonstrating RPL554’S ability to activate an ion channel known to be dysfunctional in CF. The award will support a Phase IIa clinical trial expected to commence in H1 2017. Preparations have also started for Phase IIb trials of RPL554 as a nebulised treatment for COPD with clinical dosing expected to commence in Q2 2017. We remain extremely encouraged by the expanding opportunity of RPL554 and Verona Pharma’s future prospects.
25 Oct 16
"London’s blue chip index is called some 15 points higher during this morning’s opening trade, which should see the FTSE-100 test the psychologically important 7000 level once again. The US markets, whose principal indices all closed higher overnight, remain Europe’s main influence as investors track the territory’s latest round of deals and earnings. While broadly pleasing investors, technology issues continue to lead the way which resulted in the NASDAQ registering a full 1% rise on good trading volumes. Against this background, the Federal Reserve Bank of Chicago President, Charles Evans, delivered a speech in which he predicted three US interest-rate rises before the end of 2017, while effectively suggesting that the central bank should allow its inflation target to be overshot before responding with confidence strangling hikes. Generally, however, his forecasts are not far from the current consensus, although he refused to be drawn of the timing of the first move which the markets continue to anticipate in the form of a 25bp move being delivered before the 2016 year-end. By comparison, Asia ended mixed, with the Shanghai Composite finishing unchanged as a weaker Yuan was countered by gains in resource stocks; the latter also boosted the ASX’s commodity-heavy index while a weaker Yen resulted in the Nikkei closing the session with the region’s strongest gain. No major UK macro data are due for release today, which means that traders will eyes will remain focussed on the US disclosure of consumer confidence and housing figures due this afternoon, with neither the ECB President Mario Draghi’s scheduled lecture or the Bank of England Governor, Mark Carney’s appearance before the Lord’s Committee, expected to provide significant new market-sensitive information. Earnings or trading updates are expected from Anglo American Carpetright (AAL.L), GKN (GKN.L), National Express (NEX.L) and Whitbread (WTB.L). Significant quarterly earnings also due from US majors due this afternoon include Apple and General Motors. " - Barry Gibb, Research Analyst
FY 2016 results
17 Oct 16
Full-year results were 7% ahead of the August trading update. Revenue growth of 27% was driven by Vitamin D, up c55%, and sterling's depreciation, which contributed c11% to growth. A higher final dividend together with a 20p special dividend implies a combined yield of 2.9%. Management is confident that Siemens will launch its troponin-based assay contributing to and largely replacing lost NT proBNP royalties in FY 2018. We have increased our target price to 1450p to reflect a 5% EPS upgrade to 2017 earnings and introduced a 2018 forecast, calling for EPS of 72.7p.