Fresenius Medical Care AG

FME: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€65.00	Hfypy	Zdswc

Fresenius Medical Care Exceeds Expectations in Q4 but Guides to Continued Challenges in 2023

Julie Utterback

Feb 22, 2023

Fresenius Medical Care, the narrow-moat global dialysis leader, turned in fourth-quarter results that helped it exceed our 2022 expectations moderately. However, with continued challenges, its 2023 outlook was lower than we anticipated. Shares appeared to rise, though, on the increased visibility toward intermediate-term improvement and Fresenius SE's decision to maintain its 32% stake in the company until full intrinsic value can be unlocked, which may add near-term stability to shares. We are keeping our fair value estimate intact, and shares remain undervalued, in our opinion.

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