Carl Zeiss Meditec AG

AFX: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€64.00	Mhlbgp	Ptlpgrkw

Carl Zeiss Earnings: Weak China Performance Continues to Weigh Down Sales and Margin

Keonhee Kim

Feb 9, 2024

Narrow-moat Carl Zeiss reported first-quarter earnings that came in slightly weaker than our expectations. Total sales of EUR 475 million were up 1% year over year as weak ophthalmology revenue was offset by strong microsurgery performance. After reviewing our near-term assumptions, we slightly trim our fair value estimate to EUR 82 from EUR 84.

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