A Strong Product Cycle Continues to Fuel Growth Across Zeiss' Business Units
Narrow-moat Carl Zeiss Meditec reported strong fiscal fourth-quarter and full-year results that largely tracked our expectations. As we update and roll our model, we'll likely raise our fair value estimate by a mid-single-digit percentage, largely attributable to the time value of money. While we're positive on the company's competitive positioning and longer-term fundamental outlook, current valuation levels continue to embed forecasts that we're not comfortable making in our base-case scenario...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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