Report
Oliver Metzger

Fresenius SE & CO KGaA : Q3 review – The worst seems to be over

>Q3 review – miss on bottom line - Q3 revenues of € 10,459m (+12.4% y-o-y, 1%/3% vs ODDO BHF/consensus) saw 4% organic growth and 100bp external growth. Forex tailwind was 7%. Group EBIT of € 887m (-12.0% y-o-y, margin 8.5%) came in -2%/-5% below expectations. EPS was € 0.66, which was in line with ODDO BHF’s but 6% below the consensus estimate.North America and China weigh on Kabi - Kabi experienced organic growth of 2% despite being negatively impa...
Underlying
Fresenius SE & Co. KGaA

Fresenius is a health care group providing products and services for dialysis, hospitals and outpatient medical care. Co. operates four business segments: Fresenius Medical Care; Fresenius Kabi; Fresenius Helios; and Fresenius Vamed. Fresenius Medical Care provides dialysis care and dialysis products for patients with chronic kidney failure. Fresenius Kabi is engaged in the provision of generic drugs, infusion therapies, clinical nutrition products, related medical devices and transfusion technology. Fresenius Vamed manages projects and provides services for hospitals and other health care facilities. Fresenius Helios is a private hospital operator which only operates in Germany.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Oliver Metzger

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