CARL ZEISS MEDITEC AG - BR (AFX.DE) Stock Fundamental Analysis
FRA:AFX - Deutsche Boerse Ag - DE0005313704 - Common Stock - Currency: EUR
AFX gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 63 industry peers in the Health Care Equipment & Supplies industry. AFX has only an average score on both its financial health and profitability. AFX is quite expensive at the moment. It does show a decent growth rate.
1. Profitability
1.1 Basic Checks
AFX had positive earnings in the past year.
In the past year AFX had a positive cash flow from operations.
Each year in the past 5 years AFX has been profitable.
AFX had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
AFX has a Return On Assets of 4.49%. This is in the better half of the industry: AFX outperforms 68.33% of its industry peers.
The Return On Equity of AFX (7.51%) is comparable to the rest of the industry.
AFX has a Return On Invested Capital (4.74%) which is comparable to the rest of the industry.
Measured over the past 3 years, the Average Return On Invested Capital for AFX is in line with the industry average of 8.47%.
The 3 year average ROIC (9.30%) for AFX is well above the current ROIC(4.74%). The reason for the recent decline needs to be investigated.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.49% | ||
| ROE | 7.51% | ||
| ROIC | 4.74% |
ROA(3y)8.42%
ROA(5y)8.24%
ROE(3y)12.26%
ROE(5y)11.91%
ROIC(3y)9.3%
ROIC(5y)9.86%
1.3 Margins
AFX has a Profit Margin of 7.19%. This is comparable to the rest of the industry: AFX outperforms 56.67% of its industry peers.
AFX's Profit Margin has declined in the last couple of years.
Looking at the Operating Margin, with a value of 8.55%, AFX is in line with its industry, outperforming 51.67% of the companies in the same industry.
AFX's Operating Margin has declined in the last couple of years.
AFX has a Gross Margin (52.43%) which is comparable to the rest of the industry.
AFX's Gross Margin has declined in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 8.55% | ||
| PM (TTM) | 7.19% | ||
| GM | 52.43% |
OM growth 3Y-25.26%
OM growth 5Y-12.3%
PM growth 3Y-15.52%
PM growth 5Y-4.6%
GM growth 3Y-3.56%
GM growth 5Y-1.56%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), AFX is creating some value.
Compared to 1 year ago, AFX has less shares outstanding
Compared to 5 years ago, AFX has less shares outstanding
Compared to 1 year ago, AFX has a worse debt to assets ratio.
2.2 Solvency
AFX has an Altman-Z score of 3.81. This indicates that AFX is financially healthy and has little risk of bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 3.81, AFX is in the better half of the industry, outperforming 75.00% of the companies in the same industry.
The Debt to FCF ratio of AFX is 7.17, which is on the high side as it means it would take AFX, 7.17 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of AFX (7.17) is comparable to the rest of the industry.
A Debt/Equity ratio of 0.27 indicates that AFX is not too dependend on debt financing.
With a Debt to Equity ratio value of 0.27, AFX perfoms like the industry average, outperforming 56.67% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.27 | ||
| Debt/FCF | 7.17 | ||
| Altman-Z | 3.81 |
ROIC/WACC0.7
WACC6.79%
2.3 Liquidity
A Current Ratio of 2.04 indicates that AFX has no problem at all paying its short term obligations.
AFX has a Current ratio of 2.04. This is in the better half of the industry: AFX outperforms 63.33% of its industry peers.
A Quick Ratio of 1.17 indicates that AFX should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.17, AFX is in line with its industry, outperforming 56.67% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.04 | ||
| Quick Ratio | 1.17 |
3. Growth
3.1 Past
AFX shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -39.59%.
Measured over the past 5 years, AFX shows a small growth in Earnings Per Share. The EPS has been growing by 2.35% on average per year.
Looking at the last year, AFX shows a small growth in Revenue. The Revenue has grown by 5.22% in the last year.
AFX shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 7.20% yearly.
EPS 1Y (TTM)-39.59%
EPS 3Y-8.8%
EPS 5Y2.35%
EPS Q2Q%0%
Revenue 1Y (TTM)5.22%
Revenue growth 3Y7.85%
Revenue growth 5Y7.2%
Sales Q2Q%18.62%
3.2 Future
The Earnings Per Share is expected to grow by 16.85% on average over the next years. This is quite good.
Based on estimates for the next years, AFX will show a small growth in Revenue. The Revenue will grow by 6.74% on average per year.
EPS Next Y-5.11%
EPS Next 2Y9.71%
EPS Next 3Y14.71%
EPS Next 5Y16.85%
Revenue Next Year5.98%
Revenue Next 2Y6.42%
Revenue Next 3Y7.01%
Revenue Next 5Y6.74%
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 32.15, which means the current valuation is very expensive for AFX.
AFX's Price/Earnings is on the same level as the industry average.
Compared to an average S&P500 Price/Earnings ratio of 26.25, AFX is valued a bit more expensive.
Based on the Price/Forward Earnings ratio of 23.52, the valuation of AFX can be described as rather expensive.
The rest of the industry has a similar Price/Forward Earnings ratio as AFX.
AFX is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 22.15, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 32.15 | ||
| Fwd PE | 23.52 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, AFX is valued a bit cheaper than 63.33% of the companies in the same industry.
AFX's Price/Free Cash Flow ratio is in line with the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 61.35 | ||
| EV/EBITDA | 16.54 |
4.3 Compensation for Growth
A more expensive valuation may be justified as AFX's earnings are expected to grow with 14.71% in the coming years.
PEG (NY)N/A
PEG (5Y)13.71
EPS Next 2Y9.71%
EPS Next 3Y14.71%
5. Dividend
5.1 Amount
AFX has a Yearly Dividend Yield of 1.03%.
Compared to an average industry Dividend Yield of 2.34, AFX pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.38, AFX's dividend is way lower than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.03% |
5.2 History
On average, the dividend of AFX grows each year by 15.07%, which is quite nice.
Dividend Growth(5Y)15.07%
Div Incr Years1
Div Non Decr Years4
5.3 Sustainability
33.69% of the earnings are spent on dividend by AFX. This is a low number and sustainable payout ratio.
AFX's earnings are growing around the same pace than its dividend. As long as the earnings growth is kept the dividend growth is sustainable.
DP33.69%
EPS Next 2Y9.71%
EPS Next 3Y14.71%
FRA:AFX (5/30/2025, 7:00:00 PM)
56.9
-1.3 (-2.23%)
Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Equipment & Supplies
Earnings (Last)
Earnings (Next)
Inst Owners23.93%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap5.09B
Analysts71.3
Price Target63.5 (11.6%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.03% |
Yearly Dividend1.11
Dividend Growth(5Y)15.07%
DP33.69%
Div Incr Years1
Div Non Decr Years4
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-11.71%
Min EPS beat(2)-36.67%
Max EPS beat(2)13.25%
EPS beat(4)2
Avg EPS beat(4)-5.53%
Min EPS beat(4)-36.67%
Max EPS beat(4)37.18%
EPS beat(8)6
Avg EPS beat(8)8.89%
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)2.29%
Min Revenue beat(2)0.82%
Max Revenue beat(2)3.76%
Revenue beat(4)3
Avg Revenue beat(4)0.58%
Min Revenue beat(4)-2.4%
Max Revenue beat(4)3.76%
Revenue beat(8)5
Avg Revenue beat(8)-0.67%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-0.71%
PT rev (3m)3.09%
EPS NQ rev (1m)3.18%
EPS NQ rev (3m)8.05%
EPS NY rev (1m)0%
EPS NY rev (3m)-1.23%
Revenue NQ rev (1m)0.05%
Revenue NQ rev (3m)-0.34%
Revenue NY rev (1m)-0.05%
Revenue NY rev (3m)0.41%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 32.15 | ||
| Fwd PE | 23.52 | ||
| P/S | 2.35 | ||
| P/FCF | 61.35 | ||
| P/OCF | 26.02 | ||
| P/B | 2.45 | ||
| P/tB | 13.12 | ||
| EV/EBITDA | 16.54 |
EPS(TTM)1.77
EY3.11%
EPS(NY)2.42
Fwd EY4.25%
FCF(TTM)0.93
FCFY1.63%
OCF(TTM)2.19
OCFY3.84%
SpS24.26
BVpS23.21
TBVpS4.34
PEG (NY)N/A
PEG (5Y)13.71
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.49% | ||
| ROE | 7.51% | ||
| ROCE | 6.52% | ||
| ROIC | 4.74% | ||
| ROICexc | 4.83% | ||
| ROICexgc | 12.2% | ||
| OM | 8.55% | ||
| PM (TTM) | 7.19% | ||
| GM | 52.43% | ||
| FCFM | 3.82% |
ROA(3y)8.42%
ROA(5y)8.24%
ROE(3y)12.26%
ROE(5y)11.91%
ROIC(3y)9.3%
ROIC(5y)9.86%
ROICexc(3y)9.4%
ROICexc(5y)9.95%
ROICexgc(3y)15.11%
ROICexgc(5y)14.88%
ROCE(3y)12.78%
ROCE(5y)13.55%
ROICexcg growth 3Y-11.32%
ROICexcg growth 5Y-4.98%
ROICexc growth 3Y-28.53%
ROICexc growth 5Y-15.45%
OM growth 3Y-25.26%
OM growth 5Y-12.3%
PM growth 3Y-15.52%
PM growth 5Y-4.6%
GM growth 3Y-3.56%
GM growth 5Y-1.56%
F-Score4
Asset Turnover0.62
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.27 | ||
| Debt/FCF | 7.17 | ||
| Debt/EBITDA | 1.68 | ||
| Cap/Depr | 73.33% | ||
| Cap/Sales | 5.19% | ||
| Interest Coverage | 13.7 | ||
| Cash Conversion | 57.69% | ||
| Profit Quality | 53.21% | ||
| Current Ratio | 2.04 | ||
| Quick Ratio | 1.17 | ||
| Altman-Z | 3.81 |
F-Score4
WACC6.79%
ROIC/WACC0.7
Cap/Depr(3y)128.62%
Cap/Depr(5y)113.53%
Cap/Sales(3y)5.71%
Cap/Sales(5y)4.9%
Profit Quality(3y)45.51%
Profit Quality(5y)74.23%
High Growth Momentum
Growth
EPS 1Y (TTM)-39.59%
EPS 3Y-8.8%
EPS 5Y2.35%
EPS Q2Q%0%
EPS Next Y-5.11%
EPS Next 2Y9.71%
EPS Next 3Y14.71%
EPS Next 5Y16.85%
Revenue 1Y (TTM)5.22%
Revenue growth 3Y7.85%
Revenue growth 5Y7.2%
Sales Q2Q%18.62%
Revenue Next Year5.98%
Revenue Next 2Y6.42%
Revenue Next 3Y7.01%
Revenue Next 5Y6.74%
EBIT growth 1Y-40.66%
EBIT growth 3Y-19.39%
EBIT growth 5Y-5.98%
EBIT Next Year68.13%
EBIT Next 3Y30.52%
EBIT Next 5Y22.09%
FCF growth 1Y-30.57%
FCF growth 3Y-31.55%
FCF growth 5Y-11.27%
OCF growth 1Y-1.41%
OCF growth 3Y-11.98%
OCF growth 5Y2.4%