Free Trial

HEALTHCARE: Fresenius (FREGR Baa3/BBB/BBB-): 2Q24 Results

HEALTHCARE

Post-restructuring focus appears to be working for Fresenius. Marginal credit positive, with spreads 10-15bp off 24 tights.

  • Fresenius reported results in-line with consensus on 8% organic growth.
  • Both divisions posted double digit EBIT growth. Adj. EBIT beat by 4%, with EBITDA 1% ahead (2 estimates).
  • Leverage reported at 3.4x, down from 3.75x at FY23 with further deleveraging expected in 2H. It has a 3-3.5x target corridor. FCF was €655mn.
  • FY24 guidance confirmed, with upgrades seen already this year. It’s optimistic to reach the upper half of the 6-10% EBIT growth range.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.