Public Equity Allocation Presentation. Fresenius Medical Care Ticker: NYSE: FMS

2. Overview &
Highlights
Financial
Analysis
Investment
Summary &
Valuation
Risk
Analysis
Recommendation
HOLD
Close Price
June 26th,
2019 $38.76
Target Price
$48.59
Ticker: FMS
NYSE (USD)

3. Overview &
Highlights
Financial
Analysis
Investment
Summary &
Valuation
Risk
Analysis
Fresenius
• Sector: HealthCare
• Industry: Medical Care
• Full Time Employees: 280,000+ in more than 100
countries around the globe
Fresenius, a kidney dialysis company, provides dialysis
care and related services, and other health care services
in Germany, the United States, and internationally. As of
December 31, 2018, it operated 3,928 outpatient dialysis
clinics in approximately 150 countries.

4. Overview &
Highlights
Financial
Analysis
Investment
Summary &
Valuation
Risk
Analysis
Competitive Positioning:
 North America
 Latin America
 Europe, Middle East,
Africa
 Asia-Pacific

5. Overview &
Highlights
Financial
Analysis
Investment
Summary &
Valuation
Risk
Analysis
Current Ratio
1.02
Quick Ratio
0.67
Financial
Leverage
2.68
Debt / Equity
0.80
ROI
8.85%
ROE
16.38%

6. Overview &
Highlights
Financial
Analysis
Investment
Summary &
Valuation
Risk
Analysis
0.0
2,000.0
4,000.0
6,000.0
8,000.0
10,000.0
12,000.0
14,000.0
16,000.0
18,000.0
20,000.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Revnue(inMillionsofEU)
Years
Fresenius: Revenue
Total Revenue Dialysis Services Dialysis Products
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
RevenueGrowthPercentage
Years
Fresenius: Revenue Growth Percentage
Revenue Growth % Dialysis Products Dialysis Services

7. Gross Margin (TTM) Comparison
Industry Average
Fresenius
Roche Holdings AG
Novartis AG
HCA Healthcare
Community Health Systems
Davita Inc.
Baxter International Inc.
40.53
31.23
71.07
65.41
83.22
83.41
28.09
43.30
Overview &
Highlights
Financial
Analysis
Investment
Summary &
Valuation
Risk
Analysis

8. Overview &
Highlights
Financial
Analysis
Investment
Summary &
Valuation
Risk
Analysis

9. Stock Price Compared to Industry and S&P 500
Overview &
Highlights
Financial
Analysis
Investment
Summary &
Valuation
Risk
Analysis

10. Overview &
Highlights
Financial
Analysis
Investment
Summary &
Valuation
Risk
Analysis
0
0.5
1
1.5
2
2.5
2014 2015 2016 2017 2018
AnnualDividend
FMS Annual Dividend Compared to Industry
FMS BAX RHHBY
0
2
4
6
8
10
12
2014 2015 2016 2017 2018
EPS
FMS Earnings Per Share Compared to Industry
FMS BAX HCA

11. Overview &
Highlights
Financial
Analysis
Investment
Summary &
Valuation
Risk
Analysis
Discounted Cash Flows
CAPM
13.42%
WACC
6.83%
Margin of Safety
(DCF Earnings
Based)
20.23%
EV/EBITDA
8.33%
Fair Value
$48.59
Free Cash Flow
Growth (10 Yrs)
11.6%

12. NxStage Acquisition
Currency Exchange
Economic Slowdown
Bribery Issues
Risk Analysis
Overview &
Highlights
Financial
Analysis
Investment
Summary &
Valuation
Risk
Analysis