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  • 07 Nov 23
The GLP-1 tread

FMC’S share price has yet to recover from the announcement of the early cessation of a clinical trial of Novo’s weight-loss active pharmaceutical ingredient semaglutide (GLP-1 antagonist; Ozempic, Rybelsus) a month ago. Investors seem to see this a general thread for the business model of dialysis service and product providers, despite not much being really known and there remaining many unanswered questions. The consensus was moderately beaten for the Q3 (revenues: +0.4%; adjusted EBIT: +2.0%

Companies: Fresenius Medical Care AG

AlphaValue
  • 07 Aug 23
Accelerated business performance allows for guidance adjustment

One swallow does not make a summer in our view, but the Q2 figures looked sequentially and yoy much stronger. Care Delivery made the strongest contribution, whereas Care Enablement’s margin still has a long way to go to reach the target level. The management was confident that the company could report a stronger H2 over H1. The Q2 was above our expectations and a strong beat to consensus at many of the profitability levels (revenues: +0.7%; EBIT: +28.9%; net profit: +47.7%). Investors have som

Companies: Fresenius Medical Care AG

AlphaValue
  • 09 May 23
Time to make a bull case?

FMC reported a stronger recovery beating profitability expectations (adjusted EBIT: +5.7%; EBIT: +4.4%). The management flagged some positive developments (effects from FME25 and the easing of labour shortage), but this does not make a ‘summer’ for us. However, this might be the basis for the beginning of a change in investor sentiment. Sales were +1.4% ahead of our expectations(consensus: at par), the adjusted EBIT beat consensus by +5.7% while the EBIT came in +5.1% above our estimates (cons

Companies: Fresenius Medical Care AG

AlphaValue
  • 20 Apr 23
More light on the recovery story

The good news is that the new management has given some more details on how they plan to achieve the target margin by 2025. The bad news is that our assumptions about the profitability of the individual divisions is well wide of the mark as we had thought the product business to be highly profitable.

Companies: Fresenius Medical Care AG

AlphaValue
  • 22 Feb 23
Shareholders' new empowerment...

...will not sponge up the operating challenges! We positively value Fresenius’ plans to change FMC’s legal structure and FMC’s ambition to provide more transparent reporting, as well as the higher cost-cutting ambitions. The basic issue of unknown future patient growth can not be solved. Additionally, it remains to be seen how ‘successful’ the change in FMC’s operating model will be and what the profitability line looks like. We hope the restructuring success can be easily tracked.

Companies: Fresenius Medical Care AG

AlphaValue
  • 06 Dec 22
St Nicholas’ last dance

Basically, Dr Clara Kriwet’s tenure as FMC’s CEO was 50% longer than that of the former UK PM Liz Truss. However, her sudden departure does raise some more general questions, which also touch on the work of the real Supervisory Board headed by Mr Sen (CEO of Fresenius). Since it has been clearly stated that differences about the strategy were the reason for the quick change, one might legitimately question the quality of the Supervisory Board’s work.

Companies: Fresenius Medical Care AG

AlphaValue
  • 22 Nov 22
Worry lines might become deeper

FMC’s troubled US business is facing increasing difficulties which will make finding a solution more expensive. In general, the struggle to recruit nurses, i.e. medical staff, will intensify in the coming quarters.

Companies: Fresenius Medical Care AG

AlphaValue
  • 03 Nov 22
No monument needed …

… for the former CEO. We are still shaking our heads about Mr Powel’s negligence during his tenure, to which we might add the very limited information provided by the company on internal issues and the external challenges. The latter come from the pandemic, but their effects have not been well flagged or properly managed. Despite its strong business model, we get the impression that FMC is not a well managed company.

Companies: Fresenius Medical Care AG

AlphaValue
  • 01 Aug 22
Turn of an era?

This was the earliest opportunity to exorcise Mr Powell’s ghost. Silverback left the stage, things remained difficult and the mid-term targets were put on the bloc. This was fairly logical and put Mrs Giza, co-CEO, CFO and CTO, in a very strong position by putting her co-created FME25 programme off the table and clearing the way for the currently on-boarding Mrs Carla Kriwet. We value this step as a first measure to rebuilding confidence.

Companies: Fresenius Medical Care AG

AlphaValue
  • 04 May 22
A slightly infected start to 2022

A mix of negatives weighed on FMC’s profitability. The re-occurrence of the pandemic proved costly as the number of isolation clinics had to be re-ramped and the labour shortage resulted in higher wages. In addition, excess deaths increased despite high vaccination rates. Higher input costs were added to the mix making it a perfect storm. Consensus was slightly beaten at the top-line (+1.2%), whereas the EBIT line came in slightly above (+1.8%) street expectations.

Companies: Fresenius Medical Care AG

AlphaValue
  • 23 Feb 22
A vaccination beneficiary

At last, the quite high (partial) vaccination rate among FMC’s vulnerable patients (>80%) and the Omicron variant’s mild effects have led to a reduction in excess mortality. The financial impact on the FME25 programme remained at unexpected low levels. Nevertheless, 2022 is earmarked as seeing some continuation of the challenges (effects from excess mortality, staff shortages). Our estimates were beaten by +4.2% (consensus: +0.6%) at the top-line and by +6.4% at the EBIT level (consensus: -1

Companies: Fresenius Medical Care AG

AlphaValue
  • 03 Nov 21
FMC wants to break free …

… but has to wait until 22 February 2022. In other words, uncertainty remains for the next 111 days before getting more details about FRE25, the transformation programme. Despite Fresenius CEO’s more friendly words about FMC’s management, we still believe not everything has been resolved in the meantime. Q3 figures broadly meet consensus (top line: -1%; EBIT: matched; net profit: +3.0%), but the pick-up in excess mortality and the consumables raise some concern regarding profitability.

Companies: Fresenius Medical Care AG

AlphaValue
  • 30 Jul 21
The baffling loss of profitability

The pandemic seems to have revealed all the oddities in FMC’s business model, which usually benefits from the continued inflow of new patients. Here we highlight that managerial skills could be improved here and there. And the same is true for communication and reporting. The quite strong loss in profitability could not be fully explained by the lack of government compensation for higher costs. FMC missed consensus at the EBIT level by €-11m, which does not look too meaningful to us.

Companies: Fresenius Medical Care AG

AlphaValue
  • 28 Jun 21
Coronavirus impact will last a bit longer

FMC’s management had spread a lot of confidence that there were signs that the worst should soon be over (see Latest of 06/05/2021), when it comes to excess mortality. Mr Powell was cited by a newspaper that the negative effect from the pandemic is now expected to last until mid-2022. FMC has not given a profit warning, but we see an increasing likelihood of one. A perfect time for this would be the presentation of the efficiency programme in autumn 2021.

Companies: Fresenius Medical Care AG

AlphaValue
  • 07 May 21
Additional decoupling

We see a certain decoupling, of which the one related to the COVID-19 cases of FMC patients to the global trend is very positive in our view. The reduction of transparency (Care Coordination is not reported separately), which makes it even more difficult to track reimbursement trends, seems to indicate some disconnection between investors’ and management’s ambitions. The reported figures were better than feared, but met consensus.

Companies: Fresenius Medical Care AG

AlphaValue

Fresenius Medical Care AG

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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 2 research reports from 5 professional analysts.

Latest News/RNS

(more news)
Date Source Announcement
27Jul22 21:38 DGAP-AHD DGAP-Adhoc: Fresenius Medical Care AG & Co. KGaA reduziert Ausblick für Geschäftsjahr 2022 aufgrund Verschärfung nachteiliger Faktoren im U.S. Arbeitsmarkt und globaler Inflation und zieht Ziele für 2025 zurück
27Jul22 21:38 DGAP-AHD DGAP-Adhoc: Fresenius Medical Care AG & Co. KGaA cuts outlook for FY 2022 due to increased headwinds from U.S. labor market situation and global inflation, and withdraws 2025 targets
15Jun22 13:16 DGAP-AHD DGAP-DD: Fresenius Medical Care AG & Co. KGaA english
27May22 12:49 DGAP-AHD DGAP-DD: Fresenius Medical Care AG & Co. KGaA english
27May22 12:44 DGAP-AHD DGAP-DD: Fresenius Medical Care AG & Co. KGaA english
04May22 06:08 EQS-News DGAP-News: Fresenius Medical Care AG & Co. KGaA: Fresenius Medical Care reports first quarter results in line with its expectations despite significant headwinds
04May22 06:08 EQS-News DGAP-News: Fresenius Medical Care AG & Co. KGaA: Fresenius Medical Care berichtet Ergebnisse für das erste Quartal im Rahmen seiner Erwartungen trotz erheblicher Belastungen
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