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Fresenius SE & Co KGaA FRE

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Morningstar’s Analysis

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Fresenius SE Raises 2021 Outlook Despite Dialysis Doldrums; Shares Remain Undervalued

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Narrow-moat Fresenius SE turned in strong second-quarter operating results and raised its outlook for 2021, despite ongoing challenges in its dialysis business, Fresenius Medical Care. At first glance, we do not anticipate changing our fair value estimate, and we continue to view Fresenius SE shares as some of the most attractively valued in the healthcare industry.

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Company Profile

Business Description

Fresenius SE is a healthcare holding company based in Germany with four segments. The company owns a large stake in dialysis service provider and equipment manufacturer Fresenius Medical Care, which accounted for 49% of consolidated revenue in 2020. The Kabi segment (19% of revenue) manufactures intravenous drugs, nutrition products, infusion and transfusion therapies, and related pumps. At 26% of revenue, the Helios segment operates private hospitals in Germany, Spain, and Latin America. At 6% of revenue, Vamed provides a variety of services such as healthcare facility construction and operation management, including post-acute care rehabilitation.

Else-Kroener-Strasse 1
Bad Homburg v.d.H, 61352, Germany
T +49 61726080
Sector Healthcare
Industry Medical Care Facilities
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 312,000