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Equity research report: Fielmann - all eyes on growth - market analysis, valuation and esg
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This paper is part of the “All Eyes on Growth” Equity Research report which
conducts a comprehensive analysis of the Fielmann Group
AG, a leading player in the optical retail industry, with the
primary goal of assessing its total shareholder's return over
a one-year period. The report combines company analysis,
financial analysis, industry overview, forecasting and
valuation methodologies as well as key risks and ESG to
formulate an investment recommendation for investors.
The Equity Research report recommends a HOLD position as the current share
price (as of 18.12.2023) of €48.94 does not allow for much
capital gain due to a calculated target share price of €49.48.
Together with a forecasted dividend of €0.51 in 2024, we
expect a total return of +2.16% until the end of 2024.
Fielmann Group AG benefits from high value chain integration of its vertically
integrated business model which allows for high quality
and cost control. Its top-line will be mainly driven by
market trends as well as expansion in new markets such as
Spain and the USA. However, with high inflation margins
could suffer due to its price leadership position which
prevents Fielmann to transfer cost increases to its
customers.
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Financial analysis Market analysis Competitor analysis Eyewear Pharmaceuticals Retail Value drivers Financial statement forecasts Wacc analysis Sensitivity analysis Monte Carlo simulation Key risks Recommendations