Stock AFXA CARL ZEISS MEDITEC AG
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Financials Carl Zeiss Meditec AG BOERSE MUENCHEN

Equities

AFXA

US14218T1051

Advanced Medical Equipment & Technology

Real-time BOERSE MUENCHEN
Other stock markets
 08:50:39 2024-06-24 EDT 		5-day change 1st Jan Change
67 EUR +5.51% Intraday chart for Carl Zeiss Meditec AG -24.40% -34.20%
01:35pm RBC lowers target for Carl Zeiss Meditec to 85 euros - 'Outperform' DP
09:50am UBS lowers Carl Zeiss Meditec to 'Neutral' - target to 71 euros DP

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,355 9,660 14,852 9,610 7,407 5,764 - -
Enterprise Value (EV) 1 8,678 8,952 14,016 8,823 6,683 6,220 6,102 6,012
P/E ratio 58.4 x 78.8 x 62.9 x 32.7 x 25.5 x 29.3 x 22.1 x 18.4 x
Yield 0.62% 0.46% 0.54% 1.02% 1.33% 1.45% 1.64% 1.88%
Capitalization / Revenue 6.41 x 7.23 x 9.02 x 5.05 x 3.55 x 2.72 x 2.42 x 2.23 x
EV / Revenue 5.95 x 6.7 x 8.51 x 4.64 x 3.2 x 2.94 x 2.57 x 2.33 x
EV / EBITDA 27.3 x 37.6 x 32.2 x 18.9 x 15.8 x 16.9 x 12.6 x 10.7 x
EV / FCF 36.7 x 67 x 42.1 x 60.7 x 48.8 x 29.4 x 23.8 x 20.3 x
FCF Yield 2.73% 1.49% 2.37% 1.65% 2.05% 3.4% 4.2% 4.94%
Price to Book 6.69 x 6.75 x 8.95 x 4.77 x 3.43 x 2.56 x 2.39 x 2.21 x
Nbr of stocks (in thousands) 89,441 89,441 89,441 89,441 89,441 89,441 - -
Reference price 2 104.6 108.0 166.0 107.4 82.82 64.45 64.45 64.45
Announcement Date 12/6/19 12/12/20 12/10/21 12/9/22 12/12/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,459 1,335 1,647 1,903 2,089 2,118 2,378 2,581
EBITDA 1 318.1 238 435.2 466.6 422.2 368.3 484 562.3
EBIT 1 235 177.6 373.6 396.9 348.1 282.4 386.4 461.9
Operating Margin 16.1% 13.3% 22.69% 20.86% 16.66% 13.33% 16.25% 17.89%
Earnings before Tax (EBT) 1 229.9 178.7 339 403.5 412.6 297.4 382.4 465.2
Net income 1 159.8 122.4 236.3 293.9 290.4 197.6 260.4 313.4
Net margin 10.95% 9.16% 14.35% 15.45% 13.9% 9.33% 10.95% 12.14%
EPS 2 1.790 1.370 2.640 3.290 3.250 2.198 2.918 3.498
Free Cash Flow 1 236.6 133.5 332.5 145.4 137 211.5 256.6 296.8
FCF margin 16.21% 10% 20.19% 7.64% 6.56% 9.98% 10.79% 11.5%
FCF Conversion (EBITDA) 74.37% 56.11% 76.41% 31.16% 32.45% 57.43% 53.02% 52.78%
FCF Conversion (Net income) 148.1% 109.12% 140.74% 49.47% 47.18% 107.04% 98.53% 94.69%
Dividend per Share 2 0.6500 0.5000 0.9000 1.100 1.100 0.9360 1.058 1.211
Announcement Date 12/6/19 12/12/20 12/10/21 12/9/22 12/12/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2020 S1 2021 S1 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2024 S2 2025 Q1 2025 Q2 2025 Q3
Net sales 1 714.9 767.4 410.2 445.2 855.4 477.5 569.9 470.3 504.2 974.5 535.1 579.7 475 472.1 947.2 558.5 595.5 1,156 - - -
EBITDA 1 - - - - - - - - 101.9 - - - - - 133.6 98.86 113.2 209 - - -
EBIT 1 105.3 162.7 - 102.9 177.3 98.58 121 63.1 83.62 - 101 103.2 46 49 95 79.96 86.8 151 - - -
Operating Margin 14.73% 21.2% - 23.11% 20.73% 20.64% 21.23% 13.42% 16.58% - 18.88% 17.81% 9.68% 10.38% 10.03% 14.32% 14.58% 13.06% - - -
Earnings before Tax (EBT) 1 96.1 - - 120.1 - 88.33 141 - 90.71 - 132.3 116.5 54.7 67.34 - 96.6 67.5 - - - -
Net income 1 - - - 90.73 - 62.53 102.7 - 62 - 92.15 85.2 37.4 46.48 - 63.48 50.3 - - - -
Net margin - - - 20.38% - 13.1% 18.02% - 12.3% - 17.22% 14.7% 7.87% 9.84% - 11.37% 8.45% - - - -
EPS 2 - 1.120 0.4200 1.020 - 0.7000 1.150 0.5700 0.6900 - 1.030 0.9600 0.4200 0.5200 - 0.7127 0.5584 - - - -
Dividend per Share 2 - - - - - - 1.100 - - - - 1.100 - - - - 0.7899 - - - -
Announcement Date 5/11/20 5/28/21 2/11/22 5/13/22 5/13/22 8/5/22 12/9/22 2/14/23 5/15/23 5/15/23 8/6/23 12/12/23 2/14/24 5/7/24 5/7/24 - - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 455 338 248
Net Cash position 1 678 707 835 787 725 - - -
Leverage (Debt/EBITDA) - - - - - 1.236 x 0.6975 x 0.4409 x
Free Cash Flow 1 237 134 333 145 137 212 257 297
ROE (net income / shareholders' equity) 11.9% 8.65% 15.3% 16% 13.4% 8.14% 10.3% 11.8%
ROA (Net income/ Total Assets) 8.67% 6.07% 10.7% 11.3% 9.92% 5.56% 6.61% 7.95%
Assets 1 1,842 2,016 2,205 2,609 2,928 3,551 3,940 3,943
Book Value Per Share 2 15.60 16.00 18.60 22.50 24.10 25.20 26.90 29.20
Cash Flow per Share 2 2.460 2.000 4.050 2.100 2.800 4.040 3.670 4.280
Capex 1 20.3 45 30.1 82 114 103 107 111
Capex / Sales 1.39% 3.37% 1.83% 4.31% 5.45% 4.85% 4.49% 4.3%
Announcement Date 12/6/19 12/12/20 12/10/21 12/9/22 12/12/23 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Carl Zeiss Meditec AG

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
15
Last Close Price
64.45 EUR
Average target price
82 EUR
Spread / Average Target
+27.23%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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