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Fresenius Medical Care AG & Co. KGaA ADR FMS

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Fresenius Medical Care Shares Still Attractive for Long-Term Investors

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Fresenius Medical Care released third-quarter results and maintained its 2021 guidance for a constant-currency profit decline in the high-teens to the mid-20s, albeit probably on the weaker end of that range given how the recent delta variant surge has affected the dialysis patient population. At first glance, this announcement and the firm's unchanged outlook through 2025 give us confidence in our fair value estimate, and we continue to view shares in this narrow moat, dialysis market leader as undervalued.

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Company Profile

Business Description

Fresenius Medical Care is the largest dialysis company in the world, treating over 345,000 patients from over 4,000 clinics across the globe as of December 2020. In addition to providing dialysis services, the firm is a leading supplier of dialysis products, including machines, dialyzers, and concentrates. Fresenius accounts for about 35% of the global dialysis products market and benefits from being the world's only fully integrated dialysis business. Services account for roughly 80% of firmwide revenue, including care coordination and ancillary operations, while products account for the other roughly 20%. Products typically enjoy a higher margin, making them a strong contributor to the bottom line.

Else-Kroener-Strasse 1
Bad Homburg, HE, 61352, Germany
T +49 61726090
Sector Healthcare
Industry Medical Care Facilities
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 123,528