Carl Zeiss Meditec AG

AFX: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€32.00	Qvpfch	Pjyctslx

Carl Zeiss Ends Fiscal Year With Record Sales and Margin, Higher Operating Expense Key Risk for 2022

Aaron Degagne

Dec 13, 2021

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.

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