Fresenius' Underlying 4Q Results and Outlook Within Our Expectations
Fresenius Medical Care’s fourth-quarter results included a number of nonrecurring items, including a $200 million reserve for the Foreign Corrupt Practices Act investigation and a $236 million gain from recent tax legislation in the United States. Also, the company continues to face some hurricane-related costs and negative currency effects persist. While the FCPA issue is an ongoing concern, we’re leaving our fair value estimate and narrow moat rating unchanged as we make a few adjustments to o...
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