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Fresenius Medical: Encouraging 4Q23 Results

HEALTHCARE

Fresenius Medical: Encouraging 4Q23 Results

  • Broadly neutral for spreads. As we flagged recently spreads have rallied hard in the past 3 months.
  • Revenue in line at +5% YoY. Adj. EBITDA missed consensus by ~-5%, while operating income beat.
  • FCF improved to 9.6% of revenue from 8%. Net leverage improved from 3.4x to 3.2x.
  • Guidance for low to mid-single digit revenue and mid to high teens operating income improvement. Medium term margin targets reconfirmed.

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