Carl Zeiss Meditec Valuation

Is AFX 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 AFX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AFX (€58.7) is trading below our estimate of fair value (€61.71)

Significantly Below Fair Value: AFX is trading below fair value, but not by a significant amount.


Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for AFX. This is calculated by dividing AFX's market cap by their current earnings.
What is AFX's PE Ratio?
PE Ratio25.8x
Earnings€203.20m
Market Cap€5.25b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AFX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average25.1x
EUZ Eckert & Ziegler
27.5x5.2%€988.5m
DRW3 Drägerwerk KGaA
7.3x2.0%€795.9m
SHL Siemens Healthineers
29.8x14.2%€57.9b
SBS Stratec
35.6x25.4%€356.2m
AFX Carl Zeiss Meditec
25.8x16.6%€5.3b

Price-To-Earnings vs Peers: AFX is expensive based on its Price-To-Earnings Ratio (25.8x) compared to the peer average (25.1x).


Price to Earnings Ratio vs Industry

How does AFX's PE Ratio compare vs other companies in the European Medical Equipment Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AFX 25.8xIndustry Avg. 29.6xNo. of Companies10PE01632486480+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AFX is good value based on its Price-To-Earnings Ratio (25.8x) compared to the European Medical Equipment industry average (29.4x).


Price to Earnings Ratio vs Fair Ratio

What is AFX'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.

AFX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio25.8x
Fair PE Ratio27.8x

Price-To-Earnings vs Fair Ratio: AFX is good value based on its Price-To-Earnings Ratio (25.8x) compared to the estimated Fair Price-To-Earnings Ratio (27.8x).


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 AFX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€58.70
€66.20
+12.8%
15.5%€90.00€45.00n/a15
Nov ’25€57.30
€68.80
+20.1%
14.1%€90.00€54.00n/a15
Oct ’25€66.30
€70.00
+5.6%
13.5%€90.00€54.00n/a15
Sep ’25€66.35
€71.13
+7.2%
12.1%€90.00€56.00n/a15
Aug ’25€63.75
€75.07
+17.8%
14.9%€105.00€56.00n/a15
Jul ’25€66.25
€82.00
+23.8%
24.9%€140.00€56.00n/a15
Jun ’25€84.65
€103.87
+22.7%
19.6%€145.00€68.00n/a15
May ’25€99.10
€108.67
+9.7%
18.4%€150.00€70.00n/a15
Apr ’25€115.80
€105.47
-8.9%
21.8%€150.00€59.00n/a15
Mar ’25€116.20
€101.93
-12.3%
19.7%€140.00€59.00n/a14
Feb ’25€102.00
€97.57
-4.3%
21.4%€140.00€52.00n/a14
Jan ’25€98.84
€96.62
-2.3%
20.6%€140.00€52.00n/a13
Dec ’24€84.14
€103.08
+22.5%
16.9%€140.00€74.00€56.5512
Nov ’24€80.10
€105.73
+32.0%
14.9%€140.00€87.00€57.3011
Oct ’24€82.82
€113.36
+36.9%
19.3%€175.00€87.00€66.3011
Sep ’24€91.52
€114.36
+25.0%
19.6%€175.00€87.00€66.3511
Aug ’24€103.40
€127.36
+23.2%
17.9%€175.00€90.00€63.7511
Jul ’24€99.04
€130.64
+31.9%
16.8%€175.00€90.00€66.2511
Jun ’24€109.00
€130.64
+19.8%
16.8%€175.00€90.00€84.6511
May ’24€121.80
€134.27
+10.2%
18.7%€175.00€90.00€99.1011
Apr ’24€128.00
€140.27
+9.6%
22.9%€195.00€76.00€115.8011
Mar ’24€128.75
€140.27
+8.9%
22.9%€195.00€76.00€116.2011
Feb ’24€132.15
€136.27
+3.1%
24.7%€195.00€69.00€102.0011
Jan ’24€117.90
€136.90
+16.1%
25.8%€195.00€69.00€98.8410
Dec ’23€133.05
€139.55
+4.9%
24.9%€195.00€69.00€84.1411

Analyst Forecast: Target price is less than 20% higher than the current share price.


Discover undervalued companies