Carl Zeiss Meditec AG

AFX: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€53.00	Vrjyrbn	Dmzwnkqc

Carl Zeiss Ends Year on Mixed Note; Maintaining Fair Value Estimate

Damien Conover

Dec 13, 2022

Narrow-moat Carl Zeiss ended its fiscal year with mixed results. Despite strong top-line growth of 15%, operating margins fell slightly. While other medical device manufacturers look primed to rebound after short-term macro headwinds pass, Zeiss seems to have some wind at its back already and less of a runway. We maintain our fair value estimate of EUR 69 per share.

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