Initiating Coverage of Carl Zeiss Meditec AG With Narrow Moat and Stable Trend Ratings; FVE EUR 42
We are initiating coverage of Carl Zeiss Meditec AG, a Germany-based medical device manufacturer, with a narrow moat and stable trend ratings. Our estimate of fair value is EUR 42 per share, a modest discount to the current market price. This valuation, combined with our high uncertainty estimate, puts shares at a 3-star rating.Our narrow moat rating for Carl Zeiss Meditec is driven by our assessment of its refractive eye surgery and microsurgery business segments, which have developed moats un...
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.
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