Carl Zeiss Meditec AG
AFX: XETR (DEU)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€18.00 | Lxllrc | Wclvpdt |
Carl Zeiss Ends Fiscal Year With Record Sales and Margin, Higher Operating Expense Key Risk for 2022
Narrow-moat Carl Zeiss Meditec reported fiscal fourth-quarter and year-end earnings with few surprises and results largely met our expectations. We are increasing our fair value estimate to EUR 69 per share from EUR 64 after adjusting our expectations around operating margin, which we now believe will sustainably settle above 20% in the medium term. Shares remain quite overvalued, in our view.