CARL ZEISS MEDITEC AG - BR (AFX.DE) Stock Fundamental Analysis
FRA:AFX - Deutsche Boerse Ag - DE0005313704 - Common Stock - Currency: EUR
Taking everything into account, AFX scores 5 out of 10 in our fundamental rating. AFX was compared to 58 industry peers in the Health Care Equipment & Supplies industry. AFX has an average financial health and profitability rating. While showing a medium growth rate, AFX is valued expensive at the moment.
1. Profitability
1.1 Basic Checks
In the past year AFX was profitable.
In the past year AFX had a positive cash flow from operations.
AFX had positive earnings in each of the past 5 years.
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 70.69% of its industry peers.
AFX has a better Return On Equity (7.51%) than 63.79% of its industry peers.
AFX has a Return On Invested Capital (4.74%) which is comparable to the rest of the industry.
AFX had an Average Return On Invested Capital over the past 3 years of 9.30%. This is in line with the industry average of 8.02%.
The last Return On Invested Capital (4.74%) for AFX is well below the 3 year average (9.30%), which needs to be investigated, but indicates that AFX had better years and this may not be a problem.
| 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
The Profit Margin of AFX (7.19%) is comparable to the rest of the industry.
In the last couple of years the Profit Margin of AFX has declined.
AFX's Operating Margin of 8.55% is in line compared to the rest of the industry. AFX outperforms 53.45% of its industry peers.
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
The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so AFX is still creating some value.
AFX has less shares outstanding than it did 1 year ago.
AFX has less shares outstanding than it did 5 years ago.
The debt/assets ratio for AFX is higher compared to a year ago.
2.2 Solvency
AFX has an Altman-Z score of 3.80. This indicates that AFX is financially healthy and has little risk of bankruptcy at the moment.
AFX has a Altman-Z score of 3.80. This is in the better half of the industry: AFX outperforms 74.14% of its industry peers.
AFX has a debt to FCF ratio of 7.17. This is a slightly negative value and a sign of low solvency as AFX would need 7.17 years to pay back of all of its debts.
AFX's Debt to FCF ratio of 7.17 is in line compared to the rest of the industry. AFX outperforms 55.17% of its industry peers.
A Debt/Equity ratio of 0.27 indicates that AFX is not too dependend on debt financing.
AFX has a Debt to Equity ratio (0.27) which is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.27 | ||
| Debt/FCF | 7.17 | ||
| Altman-Z | 3.8 |
ROIC/WACC0.69
WACC6.84%
2.3 Liquidity
A Current Ratio of 2.04 indicates that AFX has no problem at all paying its short term obligations.
With a decent Current ratio value of 2.04, AFX is doing good in the industry, outperforming 60.34% of the companies in the same industry.
A Quick Ratio of 1.17 indicates that AFX should not have too much problems paying its short term obligations.
The Quick ratio of AFX (1.17) is comparable to the rest of the 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.
AFX shows a small growth in Revenue. In the last year, the Revenue has grown by 5.22%.
The Revenue has been growing slightly by 7.20% on average over the past years.
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
AFX is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 17.27% yearly.
Based on estimates for the next years, AFX will show a small growth in Revenue. The Revenue will grow by 7.63% on average per year.
EPS Next Y-5.11%
EPS Next 2Y9.71%
EPS Next 3Y14.71%
EPS Next 5Y17.27%
Revenue Next Year5.98%
Revenue Next 2Y6.42%
Revenue Next 3Y7.01%
Revenue Next 5Y7.63%
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 30.42, which means the current valuation is very expensive for AFX.
Compared to the rest of the industry, the Price/Earnings ratio of AFX indicates a somewhat cheap valuation: AFX is cheaper than 65.52% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.45, AFX is valued at the same level.
A Price/Forward Earnings ratio of 22.26 indicates a rather expensive valuation of AFX.
Based on the Price/Forward Earnings ratio, AFX is valued a bit cheaper than 62.07% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of AFX to the average of the S&P500 Index (21.90), we can say AFX is valued inline with the index average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 30.42 | ||
| Fwd PE | 22.26 |
4.2 Price Multiples
63.79% of the companies in the same industry are more expensive than AFX, based on the Enterprise Value to EBITDA ratio.
AFX's Price/Free Cash Flow ratio is in line with the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 58.06 | ||
| EV/EBITDA | 16.46 |
4.3 Compensation for Growth
AFX's earnings are expected to grow with 14.71% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)12.97
EPS Next 2Y9.71%
EPS Next 3Y14.71%
5. Dividend
5.1 Amount
AFX has a Yearly Dividend Yield of 1.06%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 2.07, AFX pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.42, AFX's dividend is way lower than the S&P500 average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.06% |
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
AFX pays out 33.69% of its income as dividend. This is a 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 (7/3/2025, 7:00:00 PM)
53.85
-2.75 (-4.86%)
Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Equipment & Supplies
Earnings (Last)
Earnings (Next)
Inst Owners21.46%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap4.82B
Analysts71.82
Price Target67.29 (24.96%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.06% |
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)5.98%
PT rev (3m)7.68%
EPS NQ rev (1m)0%
EPS NQ rev (3m)3.18%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.28%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.05%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.41%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 30.42 | ||
| Fwd PE | 22.26 | ||
| P/S | 2.22 | ||
| P/FCF | 58.06 | ||
| P/OCF | 24.62 | ||
| P/B | 2.32 | ||
| P/tB | 12.42 | ||
| EV/EBITDA | 16.46 |
EPS(TTM)1.77
EY3.29%
EPS(NY)2.42
Fwd EY4.49%
FCF(TTM)0.93
FCFY1.72%
OCF(TTM)2.19
OCFY4.06%
SpS24.26
BVpS23.21
TBVpS4.34
PEG (NY)N/A
PEG (5Y)12.97
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 | 3.8 |
F-Score4
WACC6.84%
ROIC/WACC0.69
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 5Y17.27%
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 5Y7.63%
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 5Y22.37%
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%