Carl Zeiss Meditec AG

Carl Zeiss Meditec is a holding company. Co.'s businesses are focused on two primary areas: Ophthalmology and Microsurgery. In Ophthalmology, Co.'s operations are divided in to two strategic business units: Ophthalmic Systems, which includes a range of laser and diagnostic systems for ophthalmology; and Surgical Ophthalmology, which consists of activities in the field of ophthalmic implants and consumables. In Microsurgery, Co. provides surgical microscopes and visualization solutions, e. g. for ear, nose and throat surgery, or neurosurgery. These products are mainly used to assist with the removal of tumors, as well as the treatment of vascular diseases and functional disorders.
  • Ticker531370
  • ISINDE0005313704
  • SectorHealth Care Equipment & Services
  • CountryGermany

Analysts

Q4 wird stark, Guidanceanhebung – künftig mehr für F&E

Die Guidance für das Gj.18-19 ist vor dem Hintergrund der veröffentlichten 9M/18-19-Quartalsmitteilung nochmals verbal angehoben worden, denn die Auswertung der jüngsten Monatsstatistiken hat bei AFX einen sehr dynamischen Geschäftsverlauf (im Q3/18-19) gezeigt. Der „obere Rand“ des Schätzkorridors könnte also (und das ist neu) „übertroffen werden“.   Bei leichtem FX-Rückenwind zeigten die 9M/18-19 jüngst zunehmende Dynamik. Die 9M/18-19-Einnahmen stiegen auf € 1.028 Mio. Mit FX-Rückenwind und bei höherwertigem Mix stieg das 9M-EBIT um 37 % auf € 184 Mio.

Thomas J. Schiessle

Guidanceanpassung -Asien boomt – gute Chancen auf starkes Q4 - strategische Stärke

Die Guidance für das Gj.18-19 ist vor dem Hintergrund der Q3-KPI`s „an den oberen Rand“ des Schätzkorridors angepasst worden - die EQUI.TS-Schätzung passen wir an. Die Produktverkäufe laufen insbesondere in der größten Kundenregion Asien besonders erfreulich; wesentliche Nachfrageschwächen werden nicht gesehen, besonders erfreuliche Aussichten für das traditionell starke Schlußquartal. Bei leichtem FX-Gegenwind (LatAm) zeigen die 9M/18-19-KPI`s jüngst zunehmende Dynamik. Die 9M/18-19 -Einnahmen stiegen auf € 1.028 Mio. (nom. +11 % in CC: +9 %) Ohne den dämpfenden FX-Effekt und bei vorrüberg...

Increased risk weighs on CARL ZEISS MEDITEC AG, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of CARL ZEISS MEDITEC AG (DE), active in the Medical Equipment industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date July 2, 2019, the closing price was EUR 86.40 and its target price was estimated at EUR 73.31.

Q4 wird stark, Guidanceanhebung – künftig mehr für F&E

Die Guidance für das Gj.18-19 ist vor dem Hintergrund der veröffentlichten 9M/18-19-Quartalsmitteilung nochmals verbal angehoben worden, denn die Auswertung der jüngsten Monatsstatistiken hat bei AFX einen sehr dynamischen Geschäftsverlauf (im Q3/18-19) gezeigt. Der „obere Rand“ des Schätzkorridors könnte also (und das ist neu) „übertroffen werden“.   Bei leichtem FX-Rückenwind zeigten die 9M/18-19 jüngst zunehmende Dynamik. Die 9M/18-19-Einnahmen stiegen auf € 1.028 Mio. Mit FX-Rückenwind und bei höherwertigem Mix stieg das 9M-EBIT um 37 % auf € 184 Mio.

Thomas J. Schiessle

Guidanceanpassung -Asien boomt – gute Chancen auf starkes Q4 - strategische Stärke

Die Guidance für das Gj.18-19 ist vor dem Hintergrund der Q3-KPI`s „an den oberen Rand“ des Schätzkorridors angepasst worden - die EQUI.TS-Schätzung passen wir an. Die Produktverkäufe laufen insbesondere in der größten Kundenregion Asien besonders erfreulich; wesentliche Nachfrageschwächen werden nicht gesehen, besonders erfreuliche Aussichten für das traditionell starke Schlußquartal. Bei leichtem FX-Gegenwind (LatAm) zeigen die 9M/18-19-KPI`s jüngst zunehmende Dynamik. Die 9M/18-19 -Einnahmen stiegen auf € 1.028 Mio. (nom. +11 % in CC: +9 %) Ohne den dämpfenden FX-Effekt und bei vorrüberg...

Jake Strole

Morningstar | Carl Zeiss' Strong Performance Doesn't Support Current Valuation

Carl Zeiss Meditec AG is one of the largest entities within the Carl Zeiss family and the only public subsidiary after its listing on the German stock exchange in 2002. The firm has long established itself as a leading manufacturer of high-end optical equipment, creating dominant market positions in ophthalmology and microsurgery globally. Management’s strategy has emphasized internal research and development and matching or outspending rivals on a percentage of revenue basis, which has led to efficient and consistent product development. This view forms the basis for our narrow moat rating, a...

Jake Strole

Carl Zeiss' Strong Performance Doesn't Support Current Valuation

Narrow-moat Carl Zeiss Meditec reported second-quarter results that fell in line with our expectations, and the firm remains on track to meet our forecast for the full year. We intend to keep our projections in place but will likely raise our fair value estimate by a mid-single-digit percentage to account for the cash flows received since our last update. However, the stock continues to look ever more expensive, with shares now trading near 50 times our estimate of 2019 earnings. With normalized...

Jake Strole

Morningstar | Zeiss' 2Q Results Meet Expectations, but Valuation Remains Difficult to Justify

Narrow-moat Carl Zeiss Meditec reported second-quarter results that fell in line with our expectations, and the firm remains on track to meet our forecast for the full year. We intend to keep our projections in place but will likely raise our fair value estimate by a mid-single-digit percentage to account for the cash flows received since our last update. However, the stock continues to look ever more expensive, with shares now trading near 50 times our estimate of 2019 earnings. With normalized earnings growth of about 10% annually over our five-year forecast horizon, we struggle to justify t...

Increased risk weighs on CARL ZEISS MEDITEC AG, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of CARL ZEISS MEDITEC AG (DE), active in the Medical Equipment industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date July 2, 2019, the closing price was EUR 86.40 and its target price was estimated at EUR 73.31.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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