Fresenius: Muted Outlook for 2019 Dissapoints but Results in an Only Modestly Lower FVE
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...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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