Zeiss' Ophthalmic Strength Closes Out Impressive 2017; Maintaining EUR 42 FVE
Narrow-moat Carl Zeiss Meditec reported an impressive conclusion to its fiscal 2017, with results that were slightly ahead of our forecasts. However, we anticipate no material change to our EUR 42 fair value estimate as we update our model. Overall revenue came in modestly ahead of our estimate, with 9.3% year-over-year growth beating our assumption of 7.8%. Outperformance was driven by the ophthalmic device franchise, with the Americas and Asia-Pacific regions impressing in both the fourth quar...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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