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 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume
Panmure Morning Note 15-02-2017
15 Feb 17
With the early January trading update having prompted us to upgrade forecasts, today’s interim results show how the group’s focus on areas such as product development and international sales are translating through to growth in both the top and bottom-line. The consistency of delivery is what impresses us, reflecting the maturity of the management team and the clarity of the longterm vision. We repeat our Buy recommendation.
Panmure Morning Note 20-02-2017
20 Feb 17
Chi-Med has announced the initiation of a Phase II study of savolitinib in locally advanced or metastatic pulmonary sarcomatoid carcinoma (PSC) in China. This is a disease where patients are usually diagnosed by normal pathology (i.e. not via molecular diagnostics methods) but given that 20-30% of PSC patient show c-Met gene amplification this potentially represents a very rich patient pool for savolitinib as a highly selective and potent oral c-Met inhibitor. The continued strength of Chi-Med’s clinical momentum is further demonstrated by today’s news and we consider this represents further upside potential against our existing investment case. We repeat our Buy recommendation.
Discovering a sustainable model
21 Feb 17
We expect C4XD to begin to deliver commercially in 2017, following the shift in strategy away from fee for service in 2016. Over the next 12 months we expect C4XD to sign its first pre-clinical out-licensing deal, develop at least one more product line and sign at least one more strategic alliance. We believe this demonstration of the model will translate to a step up in value and we initiate coverage with a BUY recommendation and 129p price target.
Small Cap Breakfast
09 Feb 17
GBGI—Schedule One from the integrated provider of international benefits insurance focused on providing tailored insurance products. Looking to raise £32m with admission expected 22 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.