First-Quarter Update Puts Zeiss On Track to Meet Our Forecast, But Valuation Remains Stretched
Carl Zeiss Meditec's first-quarter performance update largely fell in line with our expectations for the full year, with consolidated revenue growth of 9% on a constant currency basis. We'll likely keep our forecasts in place for the narrow-moat firm and intend to maintain our EUR 48 fair value estimate. Our valuation implies roughly 26 times and 14 times our adjusted earnings and EBITDA estimates for the company's fiscal 2019, and shares continue to look prohibitively expensive at a market valu...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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