Carl Zeiss Meditec AG

AFX: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€27.00	Ktypbf	Xwmpdyxl

Carl Zeiss Sustains Strong Growth and Margin in Q2 Despite Headwinds; Maintain EUR 69 FVE

Aaron Degagne

May 13, 2022

Narrow-moat Carl Zeiss Meditec reported about as-expected fiscal second-quarter results with 10.7% currency-adjusted sales growth and roughly flat year-over-year adjusted operating margin. We maintain our EUR 69 fair value estimate; shares remain overvalued.

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