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Fresenius SE KGaA

BRSE:FRE
Snowflake Description

Undervalued with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FRE
BRSE
€26B
Market Cap
  1. Home
  2. CH
  3. Healthcare
Company description

Fresenius SE & Co. KGaA, a health care group, provides products and services for dialysis, hospitals, and outpatient medical care worldwide. The last earnings update was 22 days ago. More info.


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FRE Share Price and Events
7 Day Returns
-0.1%
BRSE:FRE
-1.4%
Europe Healthcare
0%
CH Market
1 Year Returns
-
BRSE:FRE
-21.4%
Europe Healthcare
3.7%
CH Market
FRE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fresenius SE KGaA (FRE) -0.1% 3.9% 1.6% - - -
Europe Healthcare -1.4% -2.9% -0.7% -21.4% -11.6% 41.9%
CH Market 0% -0.4% 1.5% 3.7% 10.6% 10.1%
1 Year Return vs Industry and Market
  • No trading data on FRE.
  • No trading data on FRE.
Price Volatility
FRE
Industry
5yr Volatility vs Market

FRE Value

 Is Fresenius SE KGaA undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Fresenius SE KGaA to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Fresenius SE KGaA.

BRSE:FRE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 21 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.9%
Perpetual Growth Rate 10-Year CH Government Bond Rate 3.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BRSE:FRE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Healthcare Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.687 (1 + (1- 30%) (99.91%))
1.113
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (1.113 * 5.96%)
9.91%

Discounted Cash Flow Calculation for BRSE:FRE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Fresenius SE KGaA is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

BRSE:FRE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 9.91%)
2019 2,613.41 Analyst x9 2,377.84
2020 2,835.64 Analyst x11 2,347.49
2021 3,395.72 Analyst x7 2,557.77
2022 2,905.00 Analyst x1 1,990.91
2023 3,896.00 Analyst x1 2,429.41
2024 4,159.62 Est @ 6.77% 2,360.00
2025 4,397.52 Est @ 5.72% 2,270.09
2026 4,616.77 Est @ 4.99% 2,168.45
2027 4,823.26 Est @ 4.47% 2,061.24
2028 5,021.66 Est @ 4.11% 1,952.59
Present value of next 10 years cash flows €22,515.80
BRSE:FRE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €5,021.66 × (1 + 3.28%) ÷ (9.91% – 3.28%)
€78,203.66
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €78,203.66 ÷ (1 + 9.91%)10
€30,408.25
BRSE:FRE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €22,515.80 + €30,408.25
€52,924.05
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €52,924.05 / 556.45
€95.11
BRSE:FRE Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF116.27
Current discount Discount to share price of CHF58.00
= -1 x (CHF58.00 - CHF116.27) / CHF116.27
50.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Fresenius SE KGaA is available for.
Intrinsic value
>50%
Share price is CHF58 vs Future cash flow value of CHF116.27
Current Discount Checks
For Fresenius SE KGaA to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Fresenius SE KGaA's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Fresenius SE KGaA's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Fresenius SE KGaA's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fresenius SE KGaA's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BRSE:FRE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €3.67
DB:FRE Share Price ** DB (2019-05-24) in EUR €47.45
Europe Healthcare Industry PE Ratio Median Figure of 61 Publicly-Listed Healthcare Companies 20.59x
Switzerland Market PE Ratio Median Figure of 175 Publicly-Listed Companies 18.25x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Fresenius SE KGaA.

BRSE:FRE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= DB:FRE Share Price ÷ EPS (both in EUR)

= 47.45 ÷ 3.67

12.93x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fresenius SE KGaA is good value based on earnings compared to the Europe Healthcare industry average.
  • Fresenius SE KGaA is good value based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Fresenius SE KGaA's expected growth come at a high price?
Raw Data
BRSE:FRE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.93x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts
8.7%per year
Europe Healthcare Industry PEG Ratio Median Figure of 39 Publicly-Listed Healthcare Companies 1.41x
Switzerland Market PEG Ratio Median Figure of 125 Publicly-Listed Companies 2.21x

*Line of best fit is calculated by linear regression .

BRSE:FRE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.93x ÷ 8.7%

1.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fresenius SE KGaA is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Fresenius SE KGaA's assets?
Raw Data
BRSE:FRE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €28.76
DB:FRE Share Price * DB (2019-05-24) in EUR €47.45
Europe Healthcare Industry PB Ratio Median Figure of 73 Publicly-Listed Healthcare Companies 1.71x
Switzerland Market PB Ratio Median Figure of 212 Publicly-Listed Companies 1.63x
BRSE:FRE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= DB:FRE Share Price ÷ Book Value per Share (both in EUR)

= 47.45 ÷ 28.76

1.65x

* Primary Listing of Fresenius SE KGaA.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fresenius SE KGaA is good value based on assets compared to the Europe Healthcare industry average.
X
Value checks
We assess Fresenius SE KGaA's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Healthcare industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Healthcare industry average (and greater than 0)? (1 check)
  5. Fresenius SE KGaA has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FRE Future Performance

 How is Fresenius SE KGaA expected to perform in the next 1 to 3 years based on estimates from 21 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fresenius SE KGaA expected to grow at an attractive rate?
  • Fresenius SE KGaA's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
  • Fresenius SE KGaA's earnings growth is positive but not above the Switzerland market average.
  • Fresenius SE KGaA's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
BRSE:FRE Future Growth Rates Data Sources
Data Point Source Value (per year)
BRSE:FRE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 21 Analysts 8.7%
BRSE:FRE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 21 Analysts 5.4%
Europe Healthcare Industry Earnings Growth Rate Market Cap Weighted Average 12.5%
Europe Healthcare Industry Revenue Growth Rate Market Cap Weighted Average 6.6%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 11%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BRSE:FRE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BRSE:FRE Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 43,690 6,265 2,808 6
2022-12-31 41,671 5,672 2,522 7
2021-12-31 39,128 5,686 2,162 15
2020-12-31 37,023 4,969 2,017 21
2019-12-31 35,377 4,622 1,894 16
BRSE:FRE Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 33,904 3,795 2,040
2018-12-31 33,530 3,742 2,027
2018-09-30 33,390 3,521 2,022
2018-06-30 33,495 3,510 1,999
2018-03-31 33,645 3,697 1,797
2017-12-31 33,886 3,937 1,814
2017-09-30 33,011 4,133 1,745
2017-06-30 32,147 3,935 1,731
2017-03-31 30,818 3,725 1,659
2016-12-31 29,471 3,585 1,560
2016-09-30 28,908 3,449 1,477
2016-06-30 28,415 3,409 1,452

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fresenius SE KGaA's earnings are expected to grow by 8.7% yearly, however this is not considered high growth (20% yearly).
  • Fresenius SE KGaA's revenue is expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BRSE:FRE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below

All data from Fresenius SE KGaA Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BRSE:FRE Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 5.00 5.51 4.68 3.00
2022-12-31 4.49 4.99 4.23 3.00
2021-12-31 3.96 4.36 3.74 9.00
2020-12-31 3.67 3.84 3.51 14.00
2019-12-31 3.40 3.58 3.23 13.00
BRSE:FRE Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 3.67
2018-12-31 3.65
2018-09-30 3.64
2018-06-30 3.60
2018-03-31 3.24
2017-12-31 3.27
2017-09-30 3.16
2017-06-30 3.15
2017-03-31 3.03
2016-12-31 2.86
2016-09-30 2.71
2016-06-30 2.66

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Fresenius SE KGaA is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Fresenius SE KGaA's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Fresenius SE KGaA has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FRE Past Performance

  How has Fresenius SE KGaA performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Fresenius SE KGaA's growth in the last year to its industry (Healthcare).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Fresenius SE KGaA's year on year earnings growth rate has been positive over the past 5 years.
  • Fresenius SE KGaA's 1-year earnings growth is less than its 5-year average (13.5% vs 14.8%)
  • Fresenius SE KGaA's earnings growth has exceeded the Europe Healthcare industry average in the past year (13.5% vs 4.5%).
Earnings and Revenue History
Fresenius SE KGaA's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Fresenius SE KGaA Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BRSE:FRE Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 33,904.00 2,040.00 4,966.00 660.00
2018-12-31 33,530.00 2,027.00 4,873.00 666.00
2018-09-30 33,390.00 2,022.00 5,121.00 660.00
2018-06-30 33,495.00 1,999.00 5,162.00 640.00
2018-03-31 33,645.00 1,797.00 5,341.00 596.00
2017-12-31 33,886.00 1,814.00 5,554.00 558.00
2017-09-30 33,011.00 1,745.00 5,192.00 524.00
2017-06-30 32,147.00 1,731.00 5,143.00 513.00
2017-03-31 30,818.00 1,659.00 4,933.00 508.00
2016-12-31 29,471.00 1,560.00 4,742.00 502.00
2016-09-30 28,908.00 1,477.00 4,620.00 480.00
2016-06-30 28,415.00 1,452.00 4,489.00 473.00
2016-03-31 28,158.00 1,399.00 4,413.00 473.00
2015-12-31 27,626.00 1,358.00 4,195.00 464.00
2015-09-30 26,889.00 1,256.00 4,031.00 443.00
2015-06-30 25,927.00 1,175.00 3,832.00 422.00
2015-03-31 24,502.00 1,136.00 3,533.00 394.00
2014-12-31 23,231.00 1,067.00 3,359.00 369.00
2014-09-30 22,010.00 1,094.00 3,170.00 359.00
2014-06-30 21,077.00 1,083.00 3,057.00 351.00
2014-03-31 20,653.00 1,040.00 3,055.00 352.00
2013-12-31 20,331.00 1,011.00 3,044.00 348.00
2013-09-30 20,440.00 974.00 3,325.00 341.00
2013-06-30 20,259.00 952.00 3,293.00 330.00
2013-03-31 19,979.00 921.00 3,267.00 309.00
2012-12-31 19,508.00 932.00 3,212.00 303.00
2012-09-30 18,491.00 890.00 2,842.00 289.00
2012-06-30 17,670.00 875.00 2,747.00 279.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Fresenius SE KGaA has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Fresenius SE KGaA used its assets more efficiently than the Europe Healthcare industry average last year based on Return on Assets.
  • Fresenius SE KGaA's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Fresenius SE KGaA's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Healthcare industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Fresenius SE KGaA has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FRE Health

 How is Fresenius SE KGaA's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Fresenius SE KGaA's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fresenius SE KGaA is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Fresenius SE KGaA's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Fresenius SE KGaA's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Fresenius SE KGaA Company Filings, last reported 1 month ago.

BRSE:FRE Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 25,830.00 26,378.00 1,543.00
2018-12-31 25,008.00 18,984.00 2,840.00
2018-09-30 23,998.00 18,961.00 2,456.00
2018-06-30 23,269.00 18,989.00 2,267.00
2018-03-31 22,020.00 19,200.00 1,484.00
2017-12-31 21,720.00 19,043.00 1,670.00
2017-09-30 21,167.00 19,497.00 1,472.00
2017-06-30 21,020.00 19,911.00 1,371.00
2017-03-31 21,921.00 20,211.00 1,480.00
2016-12-31 20,849.00 14,782.00 1,830.00
2016-09-30 20,184.00 14,533.00 1,185.00
2016-06-30 19,563.00 14,965.00 1,098.00
2016-03-31 18,967.00 14,625.00 882.00
2015-12-31 18,950.00 14,775.00 1,307.00
2015-09-30 18,029.00 15,244.00 975.00
2015-06-30 17,680.00 15,666.00 917.00
2015-03-31 18,042.00 15,954.00 992.00
2014-12-31 16,164.00 15,352.00 1,327.00
2014-09-30 15,471.00 14,885.00 1,035.00
2014-06-30 14,200.00 14,533.00 1,070.00
2014-03-31 14,079.00 13,770.00 829.00
2013-12-31 13,732.00 12,813.00 910.00
2013-09-30 13,379.00 11,093.00 873.00
2013-06-30 13,371.00 11,226.00 842.00
2013-03-31 13,730.00 11,054.00 850.00
2012-12-31 13,149.00 10,999.00 939.00
2012-09-30 12,954.00 11,403.00 1,769.00
2012-06-30 12,654.00 12,123.00 1,967.00
  • Fresenius SE KGaA's level of debt (102.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (97.9% vs 102.1% today).
  • Debt is not well covered by operating cash flow (14.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.1x coverage).
X
Financial health checks
We assess Fresenius SE KGaA's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Fresenius SE KGaA has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FRE Dividends

 What is Fresenius SE KGaA's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.69%
Current annual income from Fresenius SE KGaA dividends. Estimated to be 1.8% next year.
If you bought CHF2,000 of Fresenius SE KGaA shares you are expected to receive CHF34 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Fresenius SE KGaA's pays a lower dividend yield than the bottom 25% of dividend payers in Switzerland (1.96%).
  • Fresenius SE KGaA's dividend is below the markets top 25% of dividend payers in Switzerland (3.8%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BRSE:FRE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 21 Analyst Estimates (S&P Global) See Below
Europe Healthcare Industry Average Dividend Yield Market Cap Weighted Average of 46 Stocks 1.7%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 166 Stocks 3.1%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 2%
Switzerland Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BRSE:FRE Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.12 2.00
2022-12-31 1.03 3.00
2021-12-31 0.89 13.00
2020-12-31 0.84 20.00
2019-12-31 0.79 20.00
BRSE:FRE Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-20 0.800 1.605
2019-02-20 0.800 1.642
2018-04-03 0.750 1.300
2017-03-28 0.620 0.890
2016-03-17 0.550 0.802
2016-02-24 0.550 0.894
2015-03-19 0.440 0.732
2015-02-25 0.440 0.837
2014-05-20 0.417 1.042
2013-04-03 0.367 1.091
2012-08-06 0.317 1.066
2012-08-01 0.317 1.105
2012-03-09 0.317 1.206
2012-02-21 0.317 1.214
2011-02-23 0.287 1.217
2010-03-12 0.253 1.329
2010-02-24 0.253 1.558

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Fresenius SE KGaA has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Fresenius SE KGaA only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Fresenius SE KGaA's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.4x coverage).
X
Income/ dividend checks
We assess Fresenius SE KGaA's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Fresenius SE KGaA afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Fresenius SE KGaA has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FRE Management

 What is the CEO of Fresenius SE KGaA's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Stephan Sturm
COMPENSATION €6,025,000
AGE 55
TENURE AS CEO 2.8 years
CEO Bio

Mr. Stephan Sturm serves as Chairman of the Management Board, Chief Executive Officer and President at Fresenius Management SE, the General Partner of Fresenius SE & Co KGaA since July 1, 2016 and its Member of the Management Board since January 1, 2005 and also served as its Labor Relations Director since January 1, 2005. Mr. Sturm served as Chief Financial Officer at Fresenius AG since January 1, 2005. He serves as Chief Financial Officer at Fresenius SE & Co KGaA since January 1, 2005 to July 1, 2016. Mr. Sturm serves as Member of Management Board at Fresenius Kabi Ltd. He serves as Chairman of Supervisory Board at Wittgensteiner Kliniken AG since February 22, 2005. Mr. Sturm serves as Chairman of Supervisory Board and Member of Supervisory Board at Fresenius Medical Care Management AG since June 30, 2016. He serves as Deputy Chairman at VAMED AG, Austria. Mr. Sturm serves as Chairman at Fresenius Kabi AG. He serves on Supervisory Board at Fresenius Kabi AG since January 19, 2005. Mr. Sturm serves as Member of Economic Advisory Board at Fraport AG since April 29, 2016. He serves as Member of Supervisory Board at Deutsche Lufthansa Aktiengesellschaft since April 29, 2015. Mr. Sturm serves as Member of Supervisory Board at Fresenius Kabi EspaÑa, S.A.U. He serves as a Member of Advisory Council at DZ Bank AG. He served as a Member of Supervisory Board at Fresenius Medical Care AG & Co. KGAA from June 16, 2016 to July 21, 2016. Mr. Sturm studied Economics and Business Administration and holds a Degree in Business from 1982 to 1988 at the University of Mannheim.

CEO Compensation
  • Stephan's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Stephan's remuneration is higher than average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the Fresenius SE KGaA management team in years:

6.3
Average Tenure
54
Average Age
  • The average tenure for the Fresenius SE KGaA management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Stephan Sturm

TITLE
CEO, President & Chairman of Management Board - Fresenius Management SE
COMPENSATION
€6M
AGE
55
TENURE
2.8 yrs

Rachel Empey

TITLE
CFO & Member of Management Board - Fresenius Management SE
COMPENSATION
€3M
AGE
42
TENURE
1.8 yrs

Francesco De Meo

TITLE
Member of Management Board - Fresenius Management SE
COMPENSATION
€4M
AGE
54
TENURE
11.3 yrs

Jürgen Götz

TITLE
Chief Legal & Compliance Officer & Labor Relations Director and Member of Management Board - GP
COMPENSATION
€3M
AGE
54
TENURE
11.8 yrs

Ernst Wastler

TITLE
Member of Management Board - Fresenius Management SE
COMPENSATION
€3M
AGE
59
TENURE
11.3 yrs

Mats Henriksson

TITLE
Member of Management Board - Fresenius Management SE
COMPENSATION
€4M
AGE
51
TENURE
6.3 yrs

Rice Powell

TITLE
Member of Management Board - Fresenius Management SE
COMPENSATION
€7M
AGE
63
TENURE
6.3 yrs

Markus Georgi

TITLE
Senior Vice President of Investor Relations
TENURE
4.1 yrs
Board of Directors Tenure

Average tenure and age of the Fresenius SE KGaA board of directors in years:

6.2
Average Tenure
59
Average Age
  • The tenure for the Fresenius SE KGaA board of directors is about average.
Board of Directors

Gerd Krick

TITLE
Chairman of Supervisory Board
COMPENSATION
€640K
AGE
80
TENURE
16.3 yrs

Niko Stumpfögger

TITLE
Deputy Chairman of the Supervisory Board
COMPENSATION
€382K
TENURE
11.8 yrs

Mike Diekmann

TITLE
Deputy Chairman of the Supervisory Board
COMPENSATION
€375K
AGE
64
TENURE
4 yrs

Klaus-Peter Müller

TITLE
Member of Supervisory Board
COMPENSATION
€340K
AGE
74
TENURE
11 yrs

Konrad Kölbl

TITLE
Member of Supervisory Board
COMPENSATION
€320K
AGE
59
TENURE
11.8 yrs

D. Albrecht

TITLE
Member of Supervisory Board
COMPENSATION
€300K
AGE
69
TENURE
8.3 yrs

Stefanie Lang

TITLE
Member of Supervisory Board
COMPENSATION
€300K
AGE
50
TENURE
3 yrs

Frauke Lehmann

TITLE
Member of Supervisory Board
COMPENSATION
€300K
AGE
55
TENURE
3 yrs

Iris Löw-Friedrich

TITLE
Member of Supervisory Board
COMPENSATION
€300K
AGE
58
TENURE
3 yrs

Oscar De Paco

TITLE
Member of Supervisory Board
COMPENSATION
€300K
AGE
44
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess Fresenius SE KGaA's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Fresenius SE KGaA has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FRE News

Simply Wall St News

FRE Company Info

Description

Fresenius SE & Co. KGaA, a health care group, provides products and services for dialysis, hospitals, and outpatient medical care worldwide. The company operates through four segments: Fresenius Medical Care, Fresenius Kabi, Fresenius Helios, and Fresenius Vamed. The Fresenius Medical Care segment offers products and services for patients with chronic kidney failure. This segment offers dialyzers, hemodialysis machines, and related disposable products, as well as dialysis-related services. The Fresenius Kabi segment specializes in the therapy and care of chronically and critically ill patients. This segment offers IV drugs, including intravenously administered generic anesthetics, analgesics, anti-infectives, and drugs for the treatment of oncological and other critical diseases; parenteral and enteral nutrition products; infusion solutions and blood volume substitutes for infusion therapy; infusion and nutrition pumps, as well as consumables; and products used in the collection and processing of blood components, as well as in transfusion medicine. The Fresenius Helios segment operates 86 hospitals, 124 outpatient clinics, and 10 prevention centers. The Fresenius Vamed segment manages projects and provides services for hospitals and other health care facilities. This segment offers project development, planning, and turnkey construction services, as well as maintenance, technical management, and operational management services. The company was formerly known as Fresenius SE and changed its name to Fresenius SE & Co. KGaA in January 2011. Fresenius SE & Co. KGaA was founded in 1912 and is headquartered in Bad Homburg vor der Höhe, Germany.

Details
Name: Fresenius SE & Co. KGaA
FRE
Exchange: BRSE
Founded: 1912
€29,632,956,009
556,450,000
Website: http://www.fresenius.com
Address: Fresenius SE & Co. KGaA
Else-Kröner-Strasse 1,
Bad Homburg vor der Höhe,
Hessen, 61352,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
DB FRE Bearer Ordinary Shares Deutsche Boerse AG DE EUR 13. Nov 1992
OTCPK FSNU.F Bearer Ordinary Shares Pink Sheets LLC US USD 13. Nov 1992
XTRA FRE Bearer Ordinary Shares XETRA Trading Platform DE EUR 13. Nov 1992
LSE 0OO9 Bearer Ordinary Shares London Stock Exchange GB EUR 13. Nov 1992
BRSE FRE Bearer Ordinary Shares Berne Stock Exchange CH CHF 13. Nov 1992
BIT FRE Bearer Ordinary Shares Borsa Italiana IT EUR 13. Nov 1992
WBAG FRE Bearer Ordinary Shares Wiener Boerse AG AT EUR 13. Nov 1992
BMV FRE N Bearer Ordinary Shares Bolsa Mexicana de Valores MX MXN 13. Nov 1992
BATS-CHIXE FRED Bearer Ordinary Shares BATS 'Chi-X Europe' GB EUR 13. Nov 1992
OTCPK FSNU.Y SPONSORED ADR Pink Sheets LLC US USD 26. Oct 2011
DB FREA SPONSORED ADR Deutsche Boerse AG DE EUR 26. Oct 2011
MUN FREN NPV (NEW SHS) Boerse Muenchen DE EUR 16. Jan 2019
Number of employees
Current staff
Staff numbers
283,795
Fresenius SE KGaA employees.
Industry
Health Care Services
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 21:45
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/22
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.