Carl Zeiss Meditec AG

AFX: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€89.00	Scvyl	Tvpqwllq

Carl Zeiss Earnings: Margin Headwinds From Weak China Sales Continue to Pose Near-Term Challenges

Keonhee Kim

Dec 12, 2023

Narrow-moat Carl Zeiss reported fourth-quarter earnings slightly below our expectations. Total sales were up 1.7% year over year as strong performance from microsurgery segment offset weak ophthalmology results. After rolling our model and accounting for near-term pressures, we lowered our fair value estimate to EUR 84 from EUR 87 per share.

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