Fresenius Shares Remain Cheap While Changing CEOs and Awaiting Transformation Plan

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.