Financials Carl Zeiss Meditec AG BOERSE MUENCHEN

Equities

AFXA

US14218T1051

Advanced Medical Equipment & Technology

Market Closed - BOERSE MUENCHEN Other stock markets 15:44:12 2024-06-19 EDT			5-day change	1st Jan Change
66 ^EUR	-2.22%		-19.64%	-30.05%

03:36pm	CARL ZEISS MEDITEC : CZM’s eye attractiveness fades
06-18	CARL ZEISS MEDITEC : CZM’s eye attractiveness fades

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,355	9,660	14,852	9,610	7,407	5,858	-	-
Enterprise Value (EV) ¹	8,678	8,952	14,016	8,823	6,683	6,254	6,178	6,060
P/E ratio	58.4 x	78.8 x	62.9 x	32.7 x	25.5 x	27.3 x	21 x	17.4 x
Yield	0.62%	0.46%	0.54%	1.02%	1.33%	1.49%	1.66%	1.92%
Capitalization / Revenue	6.41 x	7.23 x	9.02 x	5.05 x	3.55 x	2.73 x	2.43 x	2.23 x
EV / Revenue	5.95 x	6.7 x	8.51 x	4.64 x	3.2 x	2.92 x	2.56 x	2.3 x
EV / EBITDA	27.3 x	37.6 x	32.2 x	18.9 x	15.8 x	16.1 x	12.2 x	10.3 x
EV / FCF	36.7 x	67 x	42.1 x	60.7 x	48.8 x	29.6 x	24.1 x	20.4 x
FCF Yield	2.73%	1.49%	2.37%	1.65%	2.05%	3.38%	4.15%	4.9%
Price to Book	6.69 x	6.75 x	8.95 x	4.77 x	3.43 x	2.59 x	2.41 x	2.22 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	65.50	65.50	65.50
Announcement Date	19-12-06	20-12-12	21-12-10	22-12-09	23-12-12	-	-	-

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	2,145	2,412	2,631
EBITDA ¹	318.1	238	435.2	466.6	422.2	389.3	506.5	590
EBIT ¹	235	177.6	373.6	396.9	348.1	304	407	486.6
Operating Margin	16.1%	13.3%	22.69%	20.86%	16.66%	14.17%	16.88%	18.5%
Earnings before Tax (EBT) ¹	229.9	178.7	339	403.5	412.6	308.4	395.6	482.9
Net income ¹	159.8	122.4	236.3	293.9	290.4	209.8	272.7	328.4
Net margin	10.95%	9.16%	14.35%	15.45%	13.9%	9.78%	11.31%	12.48%
EPS ²	1.790	1.370	2.640	3.290	3.250	2.402	3.125	3.755
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%	9.86%	10.64%	11.28%
FCF Conversion (EBITDA)	74.37%	56.11%	76.41%	31.16%	32.45%	54.33%	50.65%	50.29%
FCF Conversion (Net income)	148.1%	109.12%	140.74%	49.47%	47.18%	100.83%	94.09%	90.35%
Dividend per Share ²	0.6500	0.5000	0.9000	1.100	1.100	0.9740	1.090	1.261
Announcement Date	19-12-06	20-12-12	21-12-10	22-12-09	23-12-12	-	-	-

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	581.2	621.6	1,293	-	-	-
EBITDA ¹	-	-	-	-	-	-	-	-	101.9	-	-	-	-	-	133.6	119	138.8	-	-	-	-
EBIT ¹	105.3	162.7	-	102.9	177.3	98.58	121	63.1	83.62	-	101	103.2	46	49	95	96.4	112.9	253	-	-	-
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%	16.59%	18.16%	19.57%	-	-	-
Earnings before Tax (EBT) ¹	96.1	-	-	120.1	-	88.33	141	-	90.71	-	132.3	116.5	54.7	67.34	-	116.9	90.36	-	-	-	-
Net income ¹	-	-	-	90.73	-	62.53	102.7	-	62	-	92.15	85.2	37.4	46.48	-	73.21	60.6	-	-	-	-
Net margin	-	-	-	20.38%	-	13.1%	18.02%	-	12.3%	-	17.22%	14.7%	7.87%	9.84%	-	12.6%	9.75%	-	-	-	-
EPS ²	-	1.120	0.4200	1.020	-	0.7000	1.150	0.5700	0.6900	-	1.030	0.9600	0.4200	0.5200	-	0.8218	0.6744	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	1.100	-	-	-	-	1.100	-	-	-	-	1.030	-	-	-	-
Announcement Date	20-05-11	21-05-28	22-02-11	22-05-13	22-05-13	22-08-05	22-12-09	23-02-14	23-05-15	23-05-15	23-08-06	23-12-12	24-02-14	24-05-07	24-05-07	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	396	320	201
Net Cash position ¹	678	707	835	787	725	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	1.017 x	0.6319 x	0.3414 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%	9.13%	11.2%	12.6%
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	3,769	4,126	4,132
Book Value Per Share ²	15.60	16.00	18.60	22.50	24.10	25.20	27.20	29.50
Cash Flow per Share ²	2.460	2.000	4.050	2.100	2.800	4.100	3.840	4.480
Capex ¹	20.3	45	30.1	82	114	105	104	114
Capex / Sales	1.39%	3.37%	1.83%	4.31%	5.45%	4.89%	4.3%	4.32%
Announcement Date	19-12-06	20-12-12	21-12-10	22-12-09	23-12-12	-	-	-

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

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

66.4 EUR

Average target price

91.6 EUR

Spread / Average Target

+37.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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AGILENT TECHNOLOGIES, INC.	-2.97%	39.36B
GE HEALTHCARE TECHNOLOGIES INC.	+1.23%	35.73B

Other Advanced Medical Equipment & Technology