Fresenius SE: Specialisation and critical mass is of essence
Fresenius SE: (BUY-TOP PICKS, Fair Value Fair Value EUR89 (+28%))Specialisation and critical mass is of essence
We attended Fresenius Helios CMD in Berlin and come back confident on the division’s prospects and the will of the management to add a third geography. Pressure in Germany both on sales and costs should be offset by organic growth and bolt-on at Quirónsalud together with additional sales synergies expected beyond 2020e (+EUR10m “already identifiedâ€). M&A to add a third country is clearly on the agenda and we would expect news on this front within the next 6-18months.
Fresenius is a health care group providing products and services for dialysis, hospitals and outpatient medical care. Co. operates four business segments: Fresenius Medical Care; Fresenius Kabi; Fresenius Helios; and Fresenius Vamed. Fresenius Medical Care provides dialysis care and dialysis products for patients with chronic kidney failure. Fresenius Kabi is engaged in the provision of generic drugs, infusion therapies, clinical nutrition products, related medical devices and transfusion technology. Fresenius Vamed manages projects and provides services for hospitals and other health care facilities. Fresenius Helios is a private hospital operator which only operates in Germany.
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.
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