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Fresenius reported Q1 results below expectations. The excellent performance from Kabi nevertheless helped partially to offset further disappointment from Fresenius Medical Care (FMC). Despite the weakness of Q1 and boosted by the Kabi and Helios divisions, management reaffirmed its 2013 targets. The share valuation and medium-term growth outlook remain attractive and should enable Fresenius to extend its run of outperformance in 2013. We confirm our PLUS rating on the shares.
Fresenius reported 2012 results that, overall, met expectations. Business performance was underpinned, in particular, by the Kabi and Helios divisions, with the business trend improving for Fresenius Medical Care (FMC) following its major setback in Q3. Targets for 2013 are in line with expectations, but have reassured the market considering concerns about the trend witnessed at FMC and the gradually improving shortage of drugs available in the USA. The share valuation and medium-term outlook remain attractive and should enable Fresenius to extend its run of outperformance in 2013. We confirm our PLUS rating on the shares.
Fresenius has just released its nine-month results. While both sales and EBIT were slightly below expectations, net profit was in line. Strong performance by the Kabi and Helios divisions made up for disappointing sales and profit at Fresenius Medical Care. Management has confirmed its 2012 targets. We are maintaining our PLUS rating for the share.
Yesterday, Fresenius reported half-year results slightly ahead of expectations. All divisions made a positive contribution to growth. The trend will extend into the second half and on into 2013. Management confirmed its outlook for the full year. Considering the still reasonable valuation levels and attractive EPS growth being forecast for the next 3 years (averaging +13.5% a year), Fresenius shares should continue to outperform. We confirm our PLUS rating.
Yesterday, Fresenius held its Investor Day. It focused on the Kabi business segment (24% of sales - 46% of the net result). Catalysts are present across all product segments of the division (IV generic drugs, medical devices, infusion therapies and clinical nutrition). Geographical expansion is continuing, accompanied by a growing presence in emerging markets (Asia Pacific, Latin America and Africa). We confirm our PLUS rating for this share.
Yesterday, Fresenius announced its intention to acquire Rhöen Klinikum, a rival of Helios, for EUR 3.1 billion. The transaction multiples are in line with the valuation of Helios when it was acquired in 2004. This operation would enable Fresenius to 1/ achieve a significant size on the German hospital market and 2/ generate substantial cost synergies. The company also pre-announced excellent Q1 results and has raised its objectives for the year. We confirm our PLUS code for Fresenius. The share’s weakness is a buy opportunity ahead of the Investor Day which will focus on Kabi at the beginning of June.
Fresenius will benefit from three drivers in the medium term: 1/ progression of both sales and margins within Kabi, backed by the development of injectable generics (patent expiries, short-term pressure on supply) and expansion of the emerging markets; 2/ increased privatisation trend in the German hospital sector; 3/continuing stable growth generated by FMCS with the benefit of a larger target population and favourable cost refunds in the USA.
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