Affirming Our Narrow-Moat Ratings for DaVita and Fresenius Medical Care; Raising FVEs
After taking a fresh look at dialysis providers DaVita and Fresenius Medical Care, we are maintaining our narrow moat and stable trend ratings for both firms. We're modestly raising our fair value estimates for both companies as we account for the cash flows they've received year to date and tweak some of our underlying assumptions. For DaVita, our fair value estimate increases to $81 per share, from $77, implying approximately 17.4 and 8.3 times our earnings and EBITDA estimates for 2019. In Fr...RegistrarFresenius Medical Care is a kidney dialysis company, operating in both the field of dialysis services and the field of dialysis products for the treatment of end-stage renal disease (ESRD). Co.'s dialysis business is vertically integrated, providing dialysis treatment at dialysis clinics it owns or operates and supplying these clinics with a range of products. In addition, Co. sells dialysis products to other dialysis service providers. In the U.S.A., Co. also provides inpatient dialysis services and other services under contract to hospitals. Co. provides patient services, including renal pharmaceutical products and in the U.S.A., laboratory services.
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