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Fresenius Medical Care AG & Co. KGaA ADR FMS Stock Quote

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Fresenius Shares Remain Cheap While Changing CEOs and Awaiting Transformation Plan

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Narrow-moat Fresenius Medical Care announced that Dr. Carla Kriwet has stepped down after only a couple months at the helm as CEO due to "strategic differences" with its boards. The company's CFO (and deputy CEO and chief transformation officer), Helen Giza, will take over as head of the company. We do not anticipate changing our fair value estimates for Fresenius Medical Care or large stakeholder Fresenius SE at this juncture, but this move points to more uncertain times for shareholders, as management has yet to reveal details on how it plans to unlock the significant value we see within the Fresenius organizations.

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Company Profile FMS

Business Description

Fresenius Medical Care is the largest dialysis company in the world, treating about 345,000 patients from over 4,100 clinics across the globe as of September 2021. 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
Industry Medical Care Facilities
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 122,758

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