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Carl Zeiss Meditec AG AFX

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Stock XETR Rating as of
€66.65 −1.20 (1.77%)
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As of Delayed Price Open

Company Report

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Carl Zeiss: Leadership Change Doesn’t Alter Our Favorable Long-Term Outlook

Keonhee Kim

Narrow-moat Carl Zeiss reported on Sept. 30 that Karl Lamprecht, chief executive officer and president, decided not to extend his contract. Lamprecht, who joined the firm in 2005 and has since tackled various roles, started serving as CEO in April 2020 and led the firm through the tumultuous pandemic period. Under Lamprecht’s leadership, Zeiss navigated challenges such as lockdowns across geographies and delivered impressive double-digit compound annual growth for sales and earnings over the last four years.

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Price vs Fair Value

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AFX is trading at a 881% premium.
Price
€67.85
Fair Value
€43.00
Uncertainty
Medium
1-Star Price
€134.61
5-Star Price
€23.60
Economic Moat
Wtnnj
Capital Allocation
Hcrnxkx

Bulls Say, Bears Say

Bulls

Favorable industrywide trends, such as the aging population, an increasing prevalence of myopia, and a growing access to advanced healthcare across the globe, will act as tailwinds for Zeiss.

Bears

The US represents Zeiss’ second-largest market and the company’s limited portfolio of intraocular lenses, and a weak presence in the surgical space in the region is further threatened by its competitors.

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Trading Information

Previous Close Price
€67.85
Day Range
€66.55–67.90
52-Week Range
€54.60–123.75
Bid/Ask
€66.55 / €66.70
Market Cap
€5.97 Bil
Volume/Avg
14,917 / 171,850

Key Statistics

Price/Earnings (Normalized)
30.44
Price/Sales
2.93
Dividend Yield (Trailing)
1.62%
Dividend Yield (Forward)
1.62%
Total Yield
1.62%

Company Profile

Carl Zeiss Meditec is one of the largest medical technology companies in the world, and it operates in two segments: ophthalmic devices and microsurgery. OPT, which made up 75% of sales in 2022, includes refractive lasers, surgical ophthalmic devices, equipment for ophthalmic diagnostics, as well as a portfolio of intraocular lenses and disposable medical instruments. With a low-teens share of the market, Zeiss is the second-largest player in the space. MCS is composed of implants, surgical instruments, and visualization devices used during neurosurgery, spine surgery, and otolaryngology surgery. With over 60% market share, Zeiss is the clear leader in the microsurgery space.
Sector
Healthcare
Industry
Medical Instruments & Supplies
Stock Style Box
Mid Growth
Total Number of Employees
4,823
Website
https://www.zeiss.com

Competitors

Valuation

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Metric
AFX
JNJ
BLCO
Price/Earnings (Normalized)
 30.4415.3828.16
Price/Book Value
 2.905.421.03
Price/Sales
 2.934.581.49
Price/Cash Flow
 18.6617.3930.14
Price/Earnings
AFX
JNJ
BLCO

Financial Strength

Metric
AFX
JNJ
BLCO
Quick Ratio
 2.340.770.76
Current Ratio
 3.511.071.65
Interest Coverage
 12.0824.450.28
Quick Ratio
AFX
JNJ
BLCO

Profitability

Metric
AFX
JNJ
BLCO
Return on Assets (Normalized)
 —13.17%1.77%
Return on Equity (Normalized)
 —32.42%3.37%
Return on Invested Capital (Normalized)
 —20.93%4.88%
Return on Assets
AFX
JNJ
BLCO

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