Fresenius SE & Co. KGaA

XTRA:FRE Stock Report

Market Cap: €18.1b

Fresenius SE KGaA Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: FRE (€32.79) is trading below our estimate of fair value (€89.1)

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

Key Valuation Metric

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

Key metric: As FRE is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for FRE. This is calculated by dividing FRE's market cap by their current revenue.
What is FRE's PS Ratio?
PS Ratio0.8x
Sales€22.81b
Market Cap€18.14b

Price to Sales Ratio vs Peers

How does FRE's PS Ratio compare to its peers?

The above table shows the PS ratio for FRE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.4x
FME Fresenius Medical Care
0.6x3.8%€12.0b
SYAB SYNLAB
1x4.4%€2.5b
SHL Siemens Healthineers
2.5x5.8%€55.5b
LH Labcorp Holdings
1.6x4.7%US$19.9b
FRE Fresenius SE KGaA
0.8x3.6%€18.1b

Price-To-Sales vs Peers: FRE is good value based on its Price-To-Sales Ratio (0.8x) compared to the peer average (1.4x).

Price to Sales Ratio vs Industry

How does FRE's PS Ratio compare vs other companies in the DE Healthcare Industry?

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
EIF MedNation
0.09xn/aUS$4.93m
TLIK Arzneiwerk VIDA
0.08xn/aUS$4.86m
No more companies available in this PS range
FRE 0.8xIndustry Avg. 0.6xNo. of Companies4PS00.40.81.21.62+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: FRE is expensive based on its Price-To-Sales Ratio (0.8x) compared to the European Healthcare industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

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

FRE PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.8x
Fair PS Ratio1.3x

Price-To-Sales vs Fair Ratio: FRE is good value based on its Price-To-Sales Ratio (0.8x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

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 FRE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€32.79
€40.19
+22.6%
12.4%€53.00€30.00n/a15
Nov ’25€33.94
€39.67
+16.9%
11.3%€50.00€30.00n/a15
Oct ’25€34.29
€39.41
+14.9%
11.1%€50.00€30.00n/a15
Sep ’25€33.37
€38.64
+15.8%
12.9%€50.00€30.00n/a15
Aug ’25€31.75
€38.64
+21.7%
12.9%€50.00€30.00n/a15
Jul ’25€28.30
€37.26
+31.6%
14.1%€50.00€28.00n/a16
Jun ’25€29.28
€36.73
+25.4%
14.8%€50.00€28.00n/a16
May ’25€27.97
€36.22
+29.5%
15.0%€50.00€28.00n/a16
Apr ’25€25.00
€36.22
+44.9%
15.0%€50.00€28.00n/a16
Mar ’25€25.80
€38.21
+48.1%
25.0%€70.00€28.00n/a17
Feb ’25€25.93
€38.59
+48.8%
24.1%€70.00€30.00n/a17
Jan ’25€28.07
€38.66
+37.7%
24.6%€70.00€30.00n/a16
Dec ’24€29.09
€38.48
+32.3%
25.1%€70.00€29.60n/a16
Nov ’24€24.30
€38.51
+58.5%
23.7%€68.00€29.60€33.9416
Oct ’24€29.46
€38.63
+31.1%
24.1%€68.00€29.60€34.2916
Sep ’24€29.44
€38.01
+29.1%
24.6%€68.00€28.00€33.3717
Aug ’24€28.68
€36.59
+27.6%
27.5%€69.00€27.00€31.7517
Jul ’24€25.37
€36.41
+43.5%
28.6%€69.00€26.00€28.3016
Jun ’24€25.75
€38.17
+48.2%
41.2%€92.00€26.00€29.2815
May ’24€26.22
€37.11
+41.5%
43.8%€92.00€22.00€27.9715
Apr ’24€24.85
€35.83
+44.2%
46.1%€92.00€16.60€25.0016
Mar ’24€25.09
€35.23
+40.4%
47.6%€92.00€16.60€25.8016
Feb ’24€26.61
€35.53
+33.5%
47.0%€92.00€16.60€25.9316
Jan ’24€26.25
€35.06
+33.6%
48.1%€92.00€16.60€28.0716
Dec ’23€26.51
€35.83
+35.2%
48.0%€92.00€16.60€29.0915
Nov ’23€23.26
€35.63
+53.2%
47.0%€92.00€16.60€24.3016

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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