Fresenius Medical Care AG

WBAG:FME Stock Report

Market Cap: €12.2b

Fresenius Medical Care Valuation

Is FME undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FME when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FME (€41.66) is trading below our estimate of fair value (€140.39)

Significantly Below Fair Value: FME is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FME?

Key metric: As FME is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FME. This is calculated by dividing FME's market cap by their current earnings.
What is FME's PE Ratio?
PE Ratio18.6x
Earnings€658.94m
Market Cap€12.23b

Price to Earnings Ratio vs Peers

How does FME's PE Ratio compare to its peers?

The above table shows the PE ratio for FME vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.7x
DVA DaVita
15.6x4.3%US$13.1b
CHE Chemed
27.5x8.8%US$8.3b
DGX Quest Diagnostics
21.6x11.7%US$17.9b
SHL Sonic Healthcare
26.3x11.0%AU$12.6b
FME Fresenius Medical Care
18.6x19.3%€12.2b

Price-To-Earnings vs Peers: FME is good value based on its Price-To-Earnings Ratio (18.6x) compared to the peer average (22.3x).

Price to Earnings Ratio vs Industry

How does FME's PE Ratio compare vs other companies in the European Healthcare Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FME 18.6xIndustry Avg. 18.6xNo. of Companies8PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FME is expensive based on its Price-To-Earnings Ratio (18.6x) compared to the European Healthcare industry average (18.2x).

Price to Earnings Ratio vs Fair Ratio

What is FME's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FME PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.6x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate FME's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst FME forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€41.66
€39.82
-4.4%
18.5%€60.00€29.00n/a18
Nov ’25€36.49
€39.35
+7.8%
18.5%€60.00€29.00n/a18
Oct ’25€38.38
€38.85
+1.2%
20.1%€60.00€26.00n/a18
Sep ’25€34.88
€38.79
+11.2%
20.1%€60.00€26.00n/a18
Aug ’25€34.52
€39.03
+13.1%
19.6%€60.00€26.00n/a18
Jul ’25€35.93
€39.97
+11.3%
18.2%€58.50€26.00n/a19
Jun ’25€39.07
€39.92
+2.2%
18.3%€58.50€26.00n/a19
May ’25€38.44
€39.16
+1.9%
18.5%€58.50€26.00n/a19
Apr ’25€35.66
€38.95
+9.2%
19.2%€58.50€26.00n/a19
Mar ’25€35.65
€40.83
+14.5%
25.8%€73.00€26.00n/a20
Feb ’25€35.74
€40.68
+13.8%
25.8%€71.00€24.00n/a20
Jan ’25€37.84
€41.85
+10.6%
26.1%€71.00€24.00n/a19
Dec ’24€37.94
€41.90
+10.4%
26.0%€71.00€24.00n/a19
Nov ’24€31.62
€43.21
+36.6%
21.6%€60.00€24.00€36.4918
Oct ’24€40.85
€44.67
+9.4%
22.3%€67.00€24.00€38.3818
Sep ’24€44.43
€44.51
+0.2%
22.3%€67.00€24.00€34.8819
Aug ’24€47.03
€40.92
-13.0%
27.3%€67.00€21.00€34.5218
Jul ’24€43.75
€38.16
-12.8%
27.9%€67.00€21.00€35.9317
Jun ’24€40.19
€36.99
-8.0%
31.2%€67.00€17.40€39.0717
May ’24€44.17
€35.90
-18.7%
32.2%€67.00€17.40€38.4416
Apr ’24€39.25
€34.08
-13.2%
33.2%€67.00€17.40€35.6616
Mar ’24€35.43
€33.39
-5.8%
34.9%€67.00€17.40€35.6515
Feb ’24€34.46
€32.78
-4.9%
36.0%€67.00€17.10€35.7415
Jan ’24€30.64
€34.12
+11.3%
33.3%€67.00€17.10€37.8415
Dec ’23€30.40
€34.27
+12.7%
34.3%€67.00€17.10€37.9414
Nov ’23€27.69
€37.37
+34.9%
32.1%€67.00€17.10€31.6215

Analyst Forecast: Target price is lower than the current share price.

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