Carl Zeiss Meditec AG

AFX: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€38.00	Lqrhss	Gxmsngqt

Carl Zeiss' Costs Creep Up to More Normal Levels in Third Quarter; Shares Remain Overvalued

Aaron Degagne

Aug 5, 2022

There were few surprises in narrow-moat Carl Zeiss Meditec's fiscal third-quarter results. While sales growth was strong in ophthalmic devices and microsurgery (11% in both segments), operating margins came down slightly as sales, marketing, and research spending returned to a more normal level. We had already expected some margin compression from higher operating costs, and there is no change to our EUR 69 fair value estimate. The shares remain materially overvalued, in our opinion.

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