Report
Hugo Solvet

FRESENIUS MED. CARE: Good set of FY18 numbers, back to bottom-line growth in 2020 | BUY vs. NEUTRAL | EUR81

FRESENIUS MED. CARE - BUY vs. NEUTRAL | EUR81
Good set of FY18 numbers, back to bottom-line growth in 2020

FY18 results slightly ahead of 3rd guidance revisions
FY19 guidance: an expected transition year
2020 guidance: significant acceleration in bottom-line growth
FTC decision right in time
Underlying
FRESENIUS MEDICAL CARE AG

RegistrarFresenius Medical Care is a kidney dialysis company, operating in both the field of dialysis services and the field of dialysis products for the treatment of end-stage renal disease (ESRD). Co.'s dialysis business is vertically integrated, providing dialysis treatment at dialysis clinics it owns or operates and supplying these clinics with a range of products. In addition, Co. sells dialysis products to other dialysis service providers. In the U.S.A., Co. also provides inpatient dialysis services and other services under contract to hospitals. Co. provides patient services, including renal pharmaceutical products and in the U.S.A., laboratory services.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Hugo Solvet

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