FMS - Fresenius Medical Care: A Solid 2020 Will See Share Price Recapture 2018 Highs
Investment Thesis
Fresenius Medical Care 5-year share price performance. Source: TradingView.
Fresenius Medical Care (FMS) has a commanding ~38% share of the US Kidney Dialysis clinic treatment market from which it derives ~80% of its revenues, with medical product sales generating the other 20%. Over the past 3 years, the company's performance has been solid - it generated revenues of EUR17.8bn, EUR16.5bn, and EUR17.4bn in 2017, 2018, and 2019 respectively, delivering a net profit margin in each year of 7.2%, 12%, and 7%.
By most fundamental measures, the stock appears to be