Financials Carl Zeiss Meditec AG London S.E.

Equities

0DHC

DE0005313704

Advanced Medical Equipment & Technology

Market Closed - London S.E. Other stock markets 11:30:00 2024-05-14 EDT			5-day change	1st Jan Change
95.02 ^EUR	+1.93%		-4.18%	-3.64%

05-10	CARL ZEISS MEDITEC AG : Hauck & Aufhauser gives a Buy rating	ZD
05-09	CARL ZEISS MEDITEC AG : Deutsche Bank sticks Neutral	ZD

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,355	9,660	14,852	9,610	7,407	8,609	-	-
Enterprise Value (EV) ¹	8,678	8,952	14,016	8,823	6,683	9,053	9,047	8,931
P/E ratio	58.4 x	78.8 x	62.9 x	32.7 x	25.5 x	33.9 x	26.9 x	23.4 x
Yield	0.62%	0.46%	0.54%	1.02%	1.33%	1.1%	1.27%	1.43%
Capitalization / Revenue	6.41 x	7.23 x	9.02 x	5.05 x	3.55 x	3.87 x	3.4 x	3.13 x
EV / Revenue	5.95 x	6.7 x	8.51 x	4.64 x	3.2 x	4.07 x	3.57 x	3.25 x
EV / EBITDA	27.3 x	37.6 x	32.2 x	18.9 x	15.8 x	20.5 x	16.1 x	14 x
EV / FCF	36.7 x	67 x	42.1 x	60.7 x	48.8 x	42.2 x	32.4 x	27.8 x
FCF Yield	2.73%	1.49%	2.37%	1.65%	2.05%	2.37%	3.09%	3.59%
Price to Book	6.69 x	6.75 x	8.95 x	4.77 x	3.43 x	3.79 x	3.45 x	3.15 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	96.25	96.25	96.25
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	2,225	2,535	2,747
EBITDA ¹	318.1	238	435.2	466.6	422.2	441.6	563.1	639.8
EBIT ¹	235	177.6	373.6	396.9	348.1	342.9	464.1	535
Operating Margin	16.1%	13.3%	22.69%	20.86%	16.66%	15.41%	18.31%	19.48%
Earnings before Tax (EBT) ¹	229.9	178.7	339	403.5	412.6	359.2	446.7	517
Net income ¹	159.8	122.4	236.3	293.9	290.4	251.3	315.8	362.1
Net margin	10.95%	9.16%	14.35%	15.45%	13.9%	11.29%	12.46%	13.18%
EPS ²	1.790	1.370	2.640	3.290	3.250	2.837	3.579	4.110
Free Cash Flow ¹	236.6	133.5	332.5	145.4	137	214.8	279.3	321
FCF margin	16.21%	10%	20.19%	7.64%	6.56%	9.65%	11.02%	11.68%
FCF Conversion (EBITDA)	74.37%	56.11%	76.41%	31.16%	32.45%	48.62%	49.61%	50.17%
FCF Conversion (Net income)	148.1%	109.12%	140.74%	49.47%	47.18%	85.45%	88.45%	88.63%
Dividend per Share ²	0.6500	0.5000	0.9000	1.100	1.100	1.059	1.223	1.373
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	582.9	700.2	-	-	-	-
EBITDA ¹	-	-	-	-	-	-	-	-	101.9	-	-	-	-	-	133.6	137.7	198.5	330	-	-	-
EBIT ¹	105.3	162.7	-	102.9	177.3	98.58	121	63.1	83.62	-	101	103.2	46	49	95	100	-	278	-	-	-
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%	17.16%	-	-	-	-	-
Earnings before Tax (EBT) ¹	96.1	-	-	120.1	-	88.33	141	-	90.71	-	132.3	116.5	54.7	67.34	-	113.7	162	-	-	-	-
Net income ¹	-	-	-	90.73	-	62.53	102.7	-	62	-	92.15	85.2	37.4	46.48	-	79.2	113.3	-	-	-	-
Net margin	-	-	-	20.38%	-	13.1%	18.02%	-	12.3%	-	17.22%	14.7%	7.87%	9.84%	-	13.59%	16.18%	-	-	-	-
EPS ²	-	1.120	0.4200	1.020	-	0.7000	1.150	0.5700	0.6900	-	1.030	0.9600	0.4200	0.5200	-	0.8841	1.245	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	1.100	-	-	-	-	1.100	-	-	-	-	1.027	-	-	-	-
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	-	-	-	-	-	444	438	322
Net Cash position ¹	678	707	835	787	725	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	1.006 x	0.7778 x	0.5034 x
Free Cash Flow ¹	237	134	333	145	137	215	279	321
ROE (net income / shareholders' equity)	11.9%	8.65%	15.3%	16%	13.4%	11.4%	13%	13.9%
ROA (Net income/ Total Assets)	8.67%	6.07%	10.7%	11.3%	9.92%	7.46%	8.15%	8.84%
Assets ¹	1,842	2,016	2,205	2,609	2,928	3,370	3,874	4,097
Book Value Per Share ²	15.60	16.00	18.60	22.50	24.10	25.40	27.90	30.60
Cash Flow per Share ²	2.460	2.000	4.050	2.100	2.800	5.090	4.260	4.780
Capex ¹	20.3	45	30.1	82	114	94.4	108	112
Capex / Sales	1.39%	3.37%	1.83%	4.31%	5.45%	4.24%	4.25%	4.06%
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

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

96.25 EUR

Average target price

106.6 EUR

Spread / Average Target

+10.75%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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GE HEALTHCARE TECHNOLOGIES INC.	+4.14%	36.99B

Other Advanced Medical Equipment & Technology