Carl Zeiss Meditec AG

Carl Zeiss Meditec is a holding company. Co.'s businesses are focused on two primary areas: Ophthalmology and Microsurgery. In Ophthalmology, Co.'s operations are divided in to two strategic business units: Ophthalmic Systems, which includes a range of laser and diagnostic systems for ophthalmology; and Surgical Ophthalmology, which consists of activities in the field of ophthalmic implants and consumables. In Microsurgery, Co. provides surgical microscopes and visualization solutions, e. g. for ear, nose and throat surgery, or neurosurgery. These products are mainly used to assist with the removal of tumors, as well as the treatment of vascular diseases and functional disorders.
  • TickerAFX
  • ISINDE0005313704
  • SectorHealth Care Equipment & Services
  • CountryGermany
Expert Corporate Governance Service (ECGS)

Carl Zeiss Meditec - AGM 06 August 2020

General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: Management and Supervisory Board are proposing a dividend of EUR 0.65 per share (increased by 18.18% from EUR 0.55). In view of the recent events relating to COVID-19, ECGS is in favour of postponing decisions on the dividend...

CARL ZEISS MEDITEC AG sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of CARL ZEISS MEDITEC AG (DE), active in the Medical Equipment industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date June 16, 2020, the closing price was EUR 90.75 and its target price was estimated at EUR 71.63.

Thomas J. Schiessle

China fasst Tritt, Q3 (April-Juni) entscheidet über Gj. 19-20

Das Q2/19-20 (€ 345 Mio.; nom. +0,5 %; EBIT-Marge 13,2 % (Vj.: 18,1 %)) hatte sich – wenig überraschend – stark eingetrübt. Die Lage in Europa „drehte“ sich - im Q1 war ein Zuwachs von 11 %, im Q2 ein Rückgang von 11 % zu verzeichnen. In Asien verlangsamte sich das Wachstum von 22 % in Q1 auf 4,4 %. Zum Ende hin (März) wurden die COVID-19-Belastungen zunehmend auch in den Kundenregionen EMEA und Americas spürbar, wohingegen in China die Aktivitäten wieder zügig aufgenommen wurden.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Breakout -- Add Exposure The laundry list of market characteristics consistent with historical bull markets continues to grow, helping support our ongoing belief that global equities are in the early stages of a broad-based advance. • US Dollar; EM Equities. The US dollar (DXY) exhibits signs of rolling over, something we outlined as increasingly likely in our 12/10/19 Int'l Macro Vision strategy. This is bullish for global equities -- especially EM -- and has paved the way for the MSCI EM index to break above key resistance. Add exposure... see chart below and page 2. • Europe and Japan...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Health Care Hitting On All Cylinders Global equities remain in a short-term consolidation phase, however we continue to believe the longer-term trend is up and to the right for the MSCI ACWI following the late-October breakout... see chart below. • Market Ignoring Negative Headlines. Global equity markets continue to generally shrug off seemingly bearish headlines surrounding trade, Trump impeachment hearings, and ongoing protests in Hong Kong. This tells us that the good outweighs the bad in the eyes of the market. While we view the fact that none of these issues have yet to derail global m...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Equity Strategy

Int'l Equity Strategy Global equities staged an impressive rally over the first four months of 2019. The nearly unabated advance allowed the broad major indexes (MSCI ACWI, ACWI ex-US, and EAFE) to break topside critical 14-month downtrends which began in January 2018. Heading into May, YTD uptrends were ubiquitous and market participants were generally of the belief that a US-China trade deal was a foregone conclusion. Then came Trump's May 5th tweets claiming China was attempting to renegotiate, and that tariffs would increase from 10% to 25%. The tariff escalation contributed to uptrend br...

Dave Nicoski ...
  • John Betz

Int'l Insights: Bullish Stocks

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). So, within EAFE, where would we want to be invested? Our answer: outperforming SMID-caps, as displayed via the 10-year chart (attached). We expect this outperformance to continue; stick with this trend. In today's report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels). Charts highlighted: NMC-GB, ASC-GB, TEMN-CH, EVR-GB, DIM-FR, WCH-DE, KRX-IE, POM-FR, BCVN-CH, WLN-FR, JE-GB, RUI-FR, LOGI-US, 4004-JP, HLMA-GB, ASRNL-NL,...

Shelley Moen

Insights: Bullish EAFE Stocks

Today's report is a bottom-up compilation of technically attractive, EAFE small-cap stocks, with one fundamental kicker: each name is accompanied by positive momentum in their FY EPS estimates... see screen on pages 12-15 • We screened for stocks whose latest EPS estimate is higher than last week's, which in turn is greater than the prior month's estimate. From this list, which was rich in relative leaders, we picked out the names that were either (1) breaking out from, or (2) pulling back to base support levels... see charts on pages 2-11 • Group themes present in this screen: • Bullish Au...

Thomas J. Schiessle

China fasst Tritt, Q3 (April-Juni) entscheidet über Gj. 19-20

Das Q2/19-20 (€ 345 Mio.; nom. +0,5 %; EBIT-Marge 13,2 % (Vj.: 18,1 %)) hatte sich – wenig überraschend – stark eingetrübt. Die Lage in Europa „drehte“ sich - im Q1 war ein Zuwachs von 11 %, im Q2 ein Rückgang von 11 % zu verzeichnen. In Asien verlangsamte sich das Wachstum von 22 % in Q1 auf 4,4 %. Zum Ende hin (März) wurden die COVID-19-Belastungen zunehmend auch in den Kundenregionen EMEA und Americas spürbar, wohingegen in China die Aktivitäten wieder zügig aufgenommen wurden.

Thomas J. Schiessle

Guidance für Gj.19-20 wg. COVID-19 suspendiert – Krisenregion USA, Q3/19-20 wird entscheidend

Das Q2/19-20 (prelim: € 345 Mio.; nom. +0,5 %) hat sich – wenig überraschend - deutlich eingetrübt. Die Lage in Europa und die Aussichten in den USA allerdings sind jüngst kritischer zu beurteilen (U-shape recovery?). Der April wird wohl global „schwierig“. Formation und Dynamik der erhofften Wende – ursprünglich für Spätsommer (Q3/19-20) angepeilt – sind augenblicklich nicht seriös abschätzbar. Die Guidance wird suspendiert. Ab 06/20 könnte eine belastbare Prognose fürs traditionell wichtige Q4 erfolgen.

Thomas J. Schiessle

Gj.19-20 bei Meditec mit sehr gutem Start – Corona-Virus verunsichert wie lange?

Der Jahresstart war beeindruckend und von uns i.W. erwartet. Das Produktportfolio verkauft sich offensichtlich sehr gut; die Kosten sind im Griff. Gegen eine hohe Vergleichsbasis dürfte u.E. das Wachstum in den kommenden Quartalen langsamer – aber deutlich schneller als bei den Wettbewerbern - steigen. Bedingung hierfür ist der zügige Sieg über die Corona-Virus-Epidemie. Aktuell sind noch keine belastbaren Aussagen über weiteren Epidemie-Verlauf dort machbar.

Thomas J. Schiessle

Gj.19-20 mit moderatem Wachstum - Q1 „sieht gut aus“

Umsatz und Gewinne werden auch in den kommenden Quartalen steigen; wenn auch u.E. deutlich langsamer als im außerordentlich margenträchtigen Gj.18-19. Der Start ins Gj. 19-20 sehe „gut aus“, so der CEO. Leichte Schätzungsanpassung unsererseits.

Thomas J. Schiessle

Dies ist keine Gewinnwarnung - das Wachstum geht bei Meditec weiter

Es bleibt dabei: die vorläufigen KPI`s haben die Guidance übertroffen. Daran ändern auch die nun ca. € 6 Mio. höheren Aufwandsbuchungen (ggü. Adhoc vom 02.10.19) nichts.Der wesentliche Grund für die Anpassung: Die F&E-Initiative setzt etwas früher ein; d.h. aber auch dass der Druck auf die EBIT-Marge c.p. früher enden wird; zumal das operative Geschäft dem Vernehmen nach anhaltend dynamisch ist.

CARL ZEISS MEDITEC AG sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of CARL ZEISS MEDITEC AG (DE), active in the Medical Equipment industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date June 16, 2020, the closing price was EUR 90.75 and its target price was estimated at EUR 71.63.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Carl Zeiss Meditec - AGM 06 August 2020

General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: Management and Supervisory Board are proposing a dividend of EUR 0.65 per share (increased by 18.18% from EUR 0.55). In view of the recent events relating to COVID-19, ECGS is in favour of postponing decisions on the dividend...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch