OTCPK:FSNU.F

Stock Analysis Report

Executive Summary

Fresenius SE & Co. KGaA, a health care group, provides products and services for dialysis, hospitals, and outpatient medical care worldwide.


Snowflake Analysis

Undervalued established dividend payer.


Similar Companies

Share Price & News

How has Fresenius SE KGaA's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FSNU.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

9.6%

FSNU.F

11.2%

US Healthcare

5.3%

US Market


1 Year Return

n/a

FSNU.F

1.4%

US Healthcare

-10.7%

US Market

Return vs Industry: Insufficient data to determine how FSNU.F performed against the US Healthcare industry.

Return vs Market: Insufficient data to determine how FSNU.F performed against the US Market.


Shareholder returns

FSNU.FIndustryMarket
7 Day9.6%11.2%5.3%
30 Day-17.3%-7.5%-13.6%
90 Day-28.5%-15.0%-19.8%
1 Yearn/a2.8%1.4%-8.9%-10.7%
3 Year-49.9%-49.9%23.3%17.8%15.5%8.0%
5 Year-33.9%-33.9%27.5%18.8%35.2%20.4%

Price Volatility Vs. Market

How volatile is Fresenius SE KGaA's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Fresenius SE KGaA undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FSNU.F ($40) is trading below our estimate of fair value ($161.61)

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


Price To Earnings Ratio

PE vs Industry: FSNU.F is good value based on its PE Ratio (10x) compared to the Healthcare industry average (20.9x).

PE vs Market: FSNU.F is good value based on its PE Ratio (10x) compared to the US market (13.1x).


Price to Earnings Growth Ratio

PEG Ratio: FSNU.F is poor value based on its PEG Ratio (1.2x)


Price to Book Ratio

PB vs Industry: FSNU.F is good value based on its PB Ratio (1.1x) compared to the US Healthcare industry average (2.3x).


Next Steps

Future Growth

How is Fresenius SE KGaA forecast to perform in the next 1 to 3 years based on estimates from 20 analysts?

8.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FSNU.F's forecast earnings growth (8.2% per year) is above the savings rate (1.7%).

Earnings vs Market: FSNU.F's earnings (8.2% per year) are forecast to grow slower than the US market (12.3% per year).

High Growth Earnings: FSNU.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: FSNU.F's revenue (5.3% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: FSNU.F's revenue (5.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FSNU.F's Return on Equity is forecast to be low in 3 years time (11.7%).


Next Steps

Past Performance

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

11.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FSNU.F has high quality earnings.

Growing Profit Margin: FSNU.F's current net profit margins (5.3%) are lower than last year (6%).


Past Earnings Growth Analysis

Earnings Trend: FSNU.F's earnings have grown by 11.7% per year over the past 5 years.

Accelerating Growth: FSNU.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FSNU.F had negative earnings growth (-7.1%) over the past year, making it difficult to compare to the Healthcare industry average (14%).


Return on Equity

High ROE: FSNU.F's Return on Equity (11.4%) is considered low.


Next Steps

Financial Health

How is Fresenius SE KGaA's financial position?


Financial Position Analysis

Short Term Liabilities: FSNU.F's short term assets (€15.3B) exceed its short term liabilities (€13.9B).

Long Term Liabilities: FSNU.F's short term assets (€15.3B) do not cover its long term liabilities (€26.5B).


Debt to Equity History and Analysis

Debt Level: FSNU.F's debt to equity ratio (78.3%) is considered high.

Reducing Debt: FSNU.F's debt to equity ratio has reduced from 94.9% to 78.3% over the past 5 years.

Debt Coverage: FSNU.F's debt is well covered by operating cash flow (20.5%).

Interest Coverage: FSNU.F's interest payments on its debt are well covered by EBIT (6.4x coverage).


Balance Sheet

Inventory Level: FSNU.F has a high level of physical assets or inventory.

Debt Coverage by Assets: FSNU.F's debt is not covered by short term assets (assets are 0.7x debt).


Next Steps

Dividend

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

2.48%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FSNU.F's dividend (2.48%) is higher than the bottom 25% of dividend payers in the US market (1.95%).

High Dividend: FSNU.F's dividend (2.48%) is low compared to the top 25% of dividend payers in the US market (5.37%).


Stability and Growth of Payments

Stable Dividend: FSNU.F's dividends per share have been stable in the past 10 years.

Growing Dividend: FSNU.F's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (24.8%), FSNU.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FSNU.F's dividends in 3 years are forecast to be well covered by earnings (22.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.2yrs

Average management tenure


CEO

Stephan Sturm (56yo)

3.67s

Tenure

€5,989,000

Compensation

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 Memb ...


CEO Compensation Analysis

Compensation vs Market: Stephan's total compensation ($USD6.58M) is below average for companies of similar size in the US market ($USD11.77M).

Compensation vs Earnings: Stephan's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Stephan Sturm
CEO, President & Chairman of Management Board - Fresenius Management SE3.67yrs€5.99mno data
Rachel Empey
CFO & Member of Management Board - Fresenius Management SE2.58yrs€2.91mno data
Francesco De Meo
Member of Management Board - Fresenius Management SE12.17yrs€3.80mno data
Jürgen Götz
Chief Legal & Compliance Officer & Labor Relations Director and Member of Management Board - GP12.67yrs€3.06mno data
Ernst Wastler
Member of Management Board - Fresenius Management SE12.17yrs€1.43mno data
Mats Henriksson
Member of Management Board - Fresenius Management SE7.17yrs€3.73mno data
Rice Powell
Member of Management Board - Fresenius Management SE7.17yrs€6.87mno data
Markus Georgi
Senior Vice President of Investor Relations4.92yrsno datano data

7.2yrs

Average Tenure

56yo

Average Age

Experienced Management: FSNU.F's management team is seasoned and experienced (7.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Gerd Krick
Chairman of Supervisory Board17.17yrs€580.00kno data
Klaus-Peter Müller
Member of Supervisory Board11.83yrs€280.00no data
Michael Diekmann
Deputy Chairman of the Supervisory Board4.83yrs€315.00kno data
Konrad Kölbl
Member of Supervisory Board12.67yrs€260.00kno data
Niko Stumpfögger
Deputy Chairman of the Supervisory Board12.67yrs€335.00kno data
D. Albrecht
Member of Supervisory Board9.17yrs€240.00kno data
Iris Löw-Friedrich
Member of Supervisory Board3.83yrs€240.00no data
Stefanie Balling
Member of Supervisory Board3.83yrs€240.00kno data
Frauke Lehmann
Member of Supervisory Board3.83yrs€240.00kno data
Oscar De Paco
Member of Supervisory Board3.83yrs€240.00no data

7.0yrs

Average Tenure

60yo

Average Age

Experienced Board: FSNU.F's board of directors are considered experienced (7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Fresenius SE & Co. KGaA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Fresenius SE & Co. KGaA
  • Ticker: FSNU.F
  • Exchange: OTCPK
  • Founded: 1912
  • Industry: Health Care Services
  • Sector: Healthcare
  • Market Cap: €18.913b
  • Listing Market Cap: €20.783b
  • Shares outstanding: 557.40m
  • Website: https://www.fresenius.com

Number of Employees


Location

  • Fresenius SE & Co. KGaA
  • Else-Kröner-Strasse 1
  • Bad Homburg vor der Höhe
  • Hessen
  • 61352
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FREDB (Deutsche Boerse AG)YesBearer Ordinary SharesDEEURNov 1992
FSNU.FOTCPK (Pink Sheets LLC)YesBearer Ordinary SharesUSUSDNov 1992
FREXTRA (XETRA Trading Platform)YesBearer Ordinary SharesDEEURNov 1992
0OO9LSE (London Stock Exchange)YesBearer Ordinary SharesGBEURNov 1992
FREDBATS-CHIXE (BATS 'Chi-X Europe')YesBearer Ordinary SharesGBEURNov 1992
FREBRSE (Berne Stock Exchange)YesBearer Ordinary SharesCHCHFNov 1992
FREWBAG (Wiener Boerse AG)YesBearer Ordinary SharesATEURNov 1992
332902SWX (SIX Swiss Exchange)YesBearer Ordinary SharesCHCHFNov 1992
FREBIT (Borsa Italiana)YesBearer Ordinary SharesITEURNov 1992
FRE NBMV (Bolsa Mexicana de Valores)YesBearer Ordinary SharesMXMXNNov 1992
FSNU.YOTCPK (Pink Sheets LLC)SPON ADR EA REP 0.125 ORD SHSUSUSDOct 2011
FREADB (Deutsche Boerse AG)SPON ADR EA REP 0.125 ORD SHSDEEUROct 2011
FRENMUN (Boerse Muenchen)NPV (NEW SHS)DEEURJan 2019
FRENDB (Deutsche Boerse AG)NPV (NEW SHARES)DEEURJan 2020

Biography

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 has a strategic partnership with Vifor Pharma Group. 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/01 00:58
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.