Fresenius Medical Care

Fresenius Medical Care's Cash & Cash Equivalents rose 119% yoy to EUR 2,146 mil in 2018

By Helgi Analytics - April 2, 2020

Fresenius Medical Care's total assets reached EUR 26,242 mil at the end of 2018, up 9.23% compared to the previous year. ...

Profit Statement 2016 2017 2018
Sales EUR mil 16,191 17,784 16,547
Gross Profit EUR mil 5,225 6,018 5,155
EBITDA EUR mil 3,025 2,911 2,880
EBIT EUR mil 2,323 2,175 2,155
Financing Cost EUR mil 367 365 301
Pre-Tax Profit EUR mil 2,018 1,998 2,737
Net Profit EUR mil 1,124 1,280 1,982
Dividends EUR mil 293 325 359
Balance Sheet 2016 2017 2018
Total Assets EUR mil 25,537 24,025 26,242
Non-Current Assets EUR mil 18,602 17,651 18,395
Current Assets EUR mil 6,935 6,374 7,847
Working Capital EUR mil 2,473 2,927 3,043
Shareholders' Equity EUR mil 12,040 10,828 12,902
Liabilities EUR mil 13,498 13,197 13,340
Total Debt EUR mil 8,127 7,448 7,546
Net Debt EUR mil 7,419 6,470 5,401
Ratios 2016 2017 2018
ROE % 9.93 11.2 16.7
ROCE % 5.55 6.15 9.43
Gross Margin % 32.3 33.8 31.2
EBITDA Margin % 18.7 16.4 17.4
EBIT Margin % 14.4 12.2 13.0
Net Margin % 6.94 7.20 12.0
Net Debt/EBITDA 2.45 2.22 1.88
Net Debt/Equity 0.616 0.597 0.419
Cost of Financing % 4.56 4.68 4.02
Valuation 2016 2017 2018
Market Capitalisation USD mil 26,015 32,247 19,901
Enterprise Value (EV) USD mil 33,849 40,002 26,085
Number Of Shares mil 306 307 307
Share Price EUR 80.4 87.5 56.6
EV/EBITDA 10.4 12.2 7.73
EV/Sales 1.95 2.00 1.35
Price/Earnings (P/E) 21.9 21.0 8.77
Price/Book Value (P/BV) 2.05 2.48 1.35
Dividend Yield % 1.19 1.21 2.07

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summary Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                              
Sales EUR mil ... ... ...                           10,739 11,003 11,937 15,089 16,191    
Gross Profit EUR mil ... ... ...                           3,581 3,569 3,767 4,806 5,225    
EBIT EUR mil ... ... ...                           1,704 1,674 1,702 2,122 2,323    
Net Profit EUR mil ... ... ...                           924 836 788 928 1,124    
ROE % ... ... ...                           13.3 11.4 9.66 9.48 9.93    
EBIT Margin % ... ... ...                           15.9 15.2 14.3 14.1 14.4    
Net Margin % ... ... ...                           8.60 7.60 6.60 6.15 6.94    
Employees                                 86,153 90,690 99,895 104,033 109,319    
balance sheet                                              
Total Assets EUR mil ... ... ...                           16,918 16,767 20,976 23,344 25,537    
Non-Current Assets EUR mil ... ... ...                           12,274 12,208 15,424 17,115 18,602    
Current Assets EUR mil ... ... ...                           4,643 4,559 5,552 6,229 6,935    
Shareholders' Equity EUR mil ... ... ...                           7,373 7,349 8,969 10,606 12,040    
Liabilities EUR mil ... ... ...                           9,544 9,418 12,007 12,738 13,498    
Non-Current Liabilities EUR mil ... ... ...                           7,142 6,841 9,133 8,919 8,721    
Current Liabilities EUR mil ... ... ...                           2,402 2,577 2,874 3,819 4,776    
Net Debt/EBITDA ... ... ...                           2.65 2.59 3.27 2.69 2.45    
Net Debt/Equity ... ... ...                           0.782 0.763 0.814 0.703 0.616    
Cost of Financing % ... ... ... ...                         5.59 4.97 4.45 4.47 4.56    
cash flow                                              
Total Cash From Operations EUR mil ... ... ...                           1,587 1,532 1,403 1,767 1,934    
Total Cash From Investing EUR mil ... ... ...                           -526 -563 -702 -859 -931    
Total Cash From Financing EUR mil ... ... ... ...                         -893 -995 -672 -926 -801    
Net Change In Cash EUR mil ... ... ... ...                         169 -26.2 28.7 -18.1 203    
valuation                                              
Market Capitalisation USD mil ... ... ...                           21,172 21,497 22,724 25,837 26,015    
Number Of Shares mil ... ... ...                           307 304 303 305 306    
Share Price EUR ... ... ...                           52.3 51.2 62.0 77.8 80.4    
Earnings Per Share (EPS) EUR ... ... ...                           3.01 2.75 2.60 3.04 3.67    
Book Value Per Share EUR ... ... ...                           24.0 24.1 29.6 34.8 39.3    
Dividend Per Share EUR ... ... ...                           0.751 0.770 0.781 0.801 0.958    
Price/Earnings (P/E) ... ... ...                           17.4 18.7 23.8 25.6 21.9    
Price/Book Value (P/BV) ... ... ...                           2.18 2.12 2.09 2.24 2.05    
Dividend Yield % ... ... ...                           1.44 1.50 1.26 1.03 1.19    
Earnings Per Share Growth % ... ... ... ...                         19.1 -8.78 -5.21 17.0 20.6    
Book Value Per Share Growth % ... ... ... ...                         12.0 0.453 22.7 17.4 13.0    
income statement Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                              
Sales EUR mil ... ... ...                           10,739 11,003 11,937 15,089 16,191    
Cost of Goods & Services EUR mil ... ... ...                           7,159 7,434 8,170 10,283 10,966    
Gross Profit EUR mil ... ... ...                           3,581 3,569 3,767 4,806 5,225    
Other Cost EUR mil ... ... ...                           1,408 1,406 1,538 2,037 2,200    
EBITDA EUR mil ... ... ...                           2,173 2,163 2,229 2,769 3,025    
Depreciation EUR mil ... ... ...                           469 488 527 647 701    
EBIT EUR mil ... ... ...                           1,704 1,674 1,702 2,122 2,323    
Financing Cost EUR mil ... ... ...                           332 308 310 353 367    
Extraordinary Cost EUR mil ... ... ...                           -132 -24.8 2.00 24.5 -60.8    
Pre-Tax Profit EUR mil ... ... ...                           1,504 1,392 1,390 1,745 2,018    
Tax EUR mil ... ... ...                           471 446 440 561 618    
Minorities EUR mil ... ... ...                           109 110 162 256 276    
Net Profit EUR mil ... ... ...                           924 836 788 928 1,124    
Dividends EUR mil ... ... ...                           229 234 236 244 293    
growth rates                                              
Total Revenue Growth % ... ... ... ...                         18.8 2.46 8.49 26.4 7.30    
Operating Cost Growth % ... ... ... ...                         25.9 -0.137 9.36 32.5 7.97    
EBITDA Growth % ... ... ... ...                         16.4 -0.465 3.08 24.2 9.25    
EBIT Growth % ... ... ... ...                         16.2 -1.71 1.64 24.7 9.49    
Pre-Tax Profit Growth % ... ... ... ...   ...                     17.6 -7.45 -0.116 25.5 15.6    
Net Profit Growth % ... ... ... ...                         19.9 -9.49 -5.72 17.8 21.1    
ratios                                              
ROE % ... ... ...                           13.3 11.4 9.66 9.48 9.93    
ROCE % ... ... ... ...                         7.00 5.99 5.04 5.04 5.55    
Gross Margin % ... ... ...                           33.3 32.4 31.6 31.9 32.3    
EBITDA Margin % ... ... ...                           20.2 19.7 18.7 18.3 18.7    
EBIT Margin % ... ... ...                           15.9 15.2 14.3 14.1 14.4    
Net Margin % ... ... ...                           8.60 7.60 6.60 6.15 6.94    
Payout Ratio % ... ... ...                           24.8 28.0 30.0 26.3 26.1    
Cost of Financing % ... ... ... ...                         5.59 4.97 4.45 4.47 4.56    
Net Debt/EBITDA ... ... ...                           2.65 2.59 3.27 2.69 2.45    
balance sheet Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                              
Non-Current Assets EUR mil ... ... ...                           12,274 12,208 15,424 17,115 18,602    
Property, Plant & Equipment EUR mil ... ... ...                           2,228 2,242 2,719 3,153 3,578    
Intangible Assets EUR mil ... ... ...                           9,193 9,004 11,530 12,758 13,761    
Goodwill EUR mil ... ... ...                           8,655 8,455 10,812 11,994 12,958    
Current Assets EUR mil ... ... ...                           4,643 4,559 5,552 6,229 6,935    
Inventories EUR mil ... ... ...                           786 796 922 1,234 1,337    
Receivables EUR mil ... ... ...                           2,288 2,203 2,648 3,023 3,341    
Cash & Cash Equivalents EUR mil ... ... ...                           521 495 524 506 708    
Total Assets EUR mil ... ... ...                           16,918 16,767 20,976 23,344 25,537    
Shareholders' Equity EUR mil ... ... ...                           7,373 7,349 8,969 10,606 12,040    
Of Which Minority Interest EUR mil ... ... ...                   ...       597 652 1,165 1,507 1,791    
Liabilities EUR mil ... ... ...                           9,544 9,418 12,007 12,738 13,498    
Non-Current Liabilities EUR mil ... ... ...                           7,142 6,841 9,133 8,919 8,721    
Long-Term Debt EUR mil ... ... ...                           5,942 5,618 7,450 7,228 6,829    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ...         503 539 665 575 637    
Current Liabilities EUR mil ... ... ...                           2,402 2,577 2,874 3,819 4,776    
Short-Term Debt EUR mil ... ... ...                           346 486 373 729 1,298    
Trade Payables EUR mil ... ... ...                           1,340 1,309 1,600 1,935 2,206    
Equity And Liabilities EUR mil ... ... ...                           16,918 16,767 20,976 23,344 25,537    
growth rates                                              
Total Asset Growth % ... ... ... ...                         12.2 -0.890 25.1 11.3 9.40    
Shareholders' Equity Growth % ... ... ... ...                         12.8 -0.332 22.1 18.2 13.5    
Net Debt Growth % ... ... ... ...                         10.7 -2.73 30.1 2.09 -0.440    
Total Debt Growth % ... ... ... ...                         13.0 -2.92 28.2 1.71 2.14    
ratios                                              
Total Debt EUR mil ... ... ...                           6,288 6,104 7,823 7,957 8,127    
Net Debt EUR mil ... ... ...                           5,767 5,609 7,299 7,451 7,419    
Working Capital EUR mil ... ... ...                           1,734 1,689 1,970 2,323 2,473    
Capital Employed EUR mil ... ... ...                           14,008 13,897 17,393 19,437 21,075    
Net Debt/Equity ... ... ...                           0.782 0.763 0.814 0.703 0.616    
Cost of Financing % ... ... ... ...                         5.59 4.97 4.45 4.47 4.56    
cash flow Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
cash flow                                              
Net Profit EUR mil ... ... ...                           924 836 788 928 1,124    
Depreciation EUR mil ... ... ...                           469 488 527 647 701    
Non-Cash Items EUR mil ... ... ... ...                         214 163 369 545 259    
Change in Working Capital EUR mil ... ... ... ...                         -19.6 45.1 -281 -353 -150    
Total Cash From Operations EUR mil ... ... ...                           1,587 1,532 1,403 1,767 1,934    
Capital Expenditures EUR mil ... ... ...                           -526 -563 -702 -859 -931    
Other Investments EUR mil ... ... ...                           0 0 0 0 0    
Total Cash From Investing EUR mil ... ... ...                           -526 -563 -702 -859 -931    
Dividends Paid EUR mil ... ... ... ...                         -209 -229 -234 -236 -244    
Issuance Of Shares EUR mil ... ... ... ...                         -296 -1,089 598 472 66.1    
Issuance Of Debt EUR mil ... ... ... ...                         724 -184 1,719 134 170    
Total Cash From Financing EUR mil ... ... ... ...                         -893 -995 -672 -926 -801    
Net Change In Cash EUR mil ... ... ... ...                         169 -26.2 28.7 -18.1 203    
ratios                                              
Days Sales Outstanding days ... ... ...                           77.8 73.1 81.0 73.1 75.3    
Days Sales Of Inventory days ... ... ...                           40.1 39.1 41.2 43.8 44.5    
Days Payable Outstanding days ... ... ...                           68.3 64.3 71.5 68.7 73.4    
Cash Conversion Cycle days ... ... ...                           49.5 47.8 50.7 48.3 46.4    
Cash Earnings EUR mil ... ... ...                           1,393 1,324 1,315 1,575 1,825    
Cash Earnings Per Share EUR ... ... ...                           4.54 4.35 4.34 5.16 5.96    
Price/Cash Earnings (P/CE) ... ... ...                           11.5 11.8 14.3 15.1 13.5    
Free Cash Flow EUR mil ... ... ...                           1,061 969 701 908 1,003    
Free Cash Flow Yield % ... ... ...                           6.44 5.99 3.98 4.03 4.13    
other data Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                              
ROA % ... ... ...                           5.77 4.96 4.18 4.19 4.60    
Gross Margin % ... ... ...                           33.3 32.4 31.6 31.9 32.3    
Effective Tax Rate % ... ... ...   ...                       31.3 32.0 31.7 32.1 30.6    
Enterprise Value (EV) USD mil ... ... ...                           28,782 29,229 31,559 33,949 33,849    
EV/EBITDA ... ... ...                           10.3 10.2 11.0 10.7 10.4    
EV/Capital Employed ... ... ...                           1.56 1.53 1.50 1.60 1.52    
EV/Sales ... ... ...                           2.09 2.00 2.05 1.96 1.95    
EV/EBIT ... ... ...                           13.2 13.2 14.4 14.0 13.6    

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Finance

Fresenius Medical Care has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 5.9% a year during that time to total of EUR 2,880 mil in 2018, or 17.4% of sales. That’s compared to 17.9% average margin seen in last five years.

The company netted EUR 1,982 mil in 2018 implying ROE of 16.7% and ROCE of 9.43%. Again, the average figures were 11.4% and 6.24%, respectively when looking at the previous 5 years.

Fresenius Medical Care’s net debt amounted to EUR 5,401 mil at the end of 2018, or 0.419 of equity. When compared to EBITDA, net debt was 1.88x, down when compared to average of 2.50x seen in the last 5 years.

Valuation

Fresenius Medical Care stock traded at EUR 56.6 per share at the end of 2018 resulting in a market capitalization of USD 19,901 mil. Over the previous five years, stock price grew by 10.5% or 2.01% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 7.73x and price to earnings (PE) of 8.77x as of 2018.

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