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Equity research report: fielmann - all eyes on growth - business model, forecasting and risks
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This paper is a component of the "All Eyes on Growth"
Equity Research report, which examines Fielmann Group
AG, a major participant in the eyewear market. The main
objective is to evaluate total shareholder return over a one year period. In order to provide prospective investors with
actionable advice, the report integrates company analysis,
financial analysis, industry overview, forecasts, and
valuation approaches as well as major risks and ESG.
Given a projected target share price of €49.48, the Equity
Research report advises a HOLD position because the
present share price (as of 18.12.2023) of €48.94 does not
provide major room for capital gain. In addition, we
projected a dividend of €0.51 in 2024, anticipating a total
return of +2.16% until the end of 2024.
Fielmann Group AG's business model enables great quality
and cost control due to a significant level of value chain
integration. Expansions in new geographies like Spain and
the USA will be the primary drivers of top-line growth
along with the underlying market developments. On the
other hand, Fielmann faces high inflation risk due to their
position as a price leader, which does not allow them to
pass cost increases directly to customers.
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Value drivers Income statement forecast Balance sheet forecast Key risks Eyewear Pharmaceuticals Retail Fcf forecast