Carl Zeiss' Strong Performance Doesn't Support Current Valuation
Narrow-moat Carl Zeiss Meditec reported second-quarter results that fell in line with our expectations, and the firm remains on track to meet our forecast for the full year. We intend to keep our projections in place but will likely raise our fair value estimate by a mid-single-digit percentage to account for the cash flows received since our last update. However, the stock continues to look ever more expensive, with shares now trading near 50 times our estimate of 2019 earnings. With normalized...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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