FMS - Fresenius Medical Care: A Fallen Angel But No Bargain
A sudden lack of continuity
For many years, Fresenius Medical Care (FMS) used to trade at a premium to its peers. However, this has changed in recent months, as the previously steady performer repeatedly surprised investors with guidance cuts and consensus misses. How unusual such erratic performance is for FMC can be seen on the company's Investor Relations website which still features this header:
Yet, there hasn't been much continuity recently.
In May 2019, the company had tried to prepare investors for a difficult Q2:
"Earnings growth in the first quarter was supported