Fresenius Medical Care AG

FME: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€88.00	Xcfpzj	Cqc

Fresenius Medical Care Turns in Decent Q3 but Reduces 2022 Profit Outlook Again; Shares Still Cheap

Julie Utterback

Oct 31, 2022

Narrow-moat Fresenius Medical Care turned in third-quarter results that slightly exceeded expectations. However, with ongoing challenges, the firm reduced its 2022 constant currency profit outlook again. While we've tinkered with our near-term assumptions, our long-term view of free cash flow—the key driver of our fair value estimate—has not changed materially. Also, with a new CEO at the helm, we expect the firm to announce value-enhancing initiatives that could take hold in 2023 and beyond. We are keeping our fair value estimate intact, and shares still appear cheap to us.

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