Fresenius Medical Care and Fresenius SE Both Preview Weaker-Than-Expected 2019 Outlook
Both Fresenius Medical Care and Fresenius SE previewed outlooks for 2019 below our expectations while also abandoning previous 2020 performance targets. While we had already assumed each company’s 2020 targets were unrealistic, the guidance for 2019 does fall short of our projections. We therefore anticipate modest reductions to our fair value estimates for both companies, but the recent sell-off in shares seems overdone, in our view. We don’t foresee dramatic changes to our longer-term assumpti...
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