Carl Zeiss Meditec market cap is €15.8 b, and annual revenue was €1.28 b in FY 2018

Carl Zeiss Meditec Gross profit (H1, 2019)373 M

Carl Zeiss Meditec Gross profit margin (H1, 2019), %55.9%

Carl Zeiss Meditec Net income (H1, 2019)58.9 M

Carl Zeiss Meditec EBITDA (H1, 2019)133.3 M

Carl Zeiss Meditec EBIT (H1, 2019)110.4 M

Carl Zeiss Meditec Cash, 31-Mar-201910.4 M

Carl Zeiss Meditec EV16 B

Carl Zeiss Meditec revenue was €1.28 b in FY, 2018 which is a 7.6% year over year increase from the previous period.

Carl Zeiss Meditec revenue breakdown by business segment: 72.9% from Ophthalmic Devices and 27.1% from Microsurgery

Carl Zeiss Meditec revenue breakdown by geographic segment: 9.0% from Europe, 51.2% from Germany, 31.7% from USA and 8.1% from Japan

EUR | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|

## Revenue | 1.1b | 1.2b | 1.3b |

| 9% | 8% | |

## Cost of goods sold | 508.8m | 533.2m | 570.5m |

## Gross profit | 579.5m | 656.7m | 710.4m |

| 53% | 55% | 55% |

## Sales and marketing expense | 255.3m | 289.6m | 303.8m |

## R&D expense | 123.4m | 145.8m | 159.6m |

## General and administrative expense | 46.5m | 48.1m | 49.8m |

## Operating expense total | 425.2m | 475.9m | 513.3m |

## Depreciation and amortization | 20.2m | 24.2m | 31.3m |

## EBITDA | 174.6m | 205.1m | 228.4m |

| 16% | 17% | 18% |

## EBIT | 154.3m | 180.8m | 197.1m |

| 14% | 15% | 15% |

## Interest expense | 2.2m | 1.7m | 2.1m |

## Interest income | 1.1m | 937.0k | 977.0k |

## Pre tax profit | 142.0m | 188.6m | 179.2m |

## Income tax expense | 42.0m | 52.8m | 53.0m |

## Net Income | 100.0m | 135.8m | 126.2m |

## EPS | 1.2 | 1.6 | 1.4 |

EUR | H1, 2017 | H1, 2018 | H1, 2019 |
---|---|---|---|

## Revenue | 587.5m | 613.7m | 667.2m |

## Cost of goods sold | 265.3m | 278.4m | 294.2m |

## Gross profit | 322.2m | 335.3m | 373.0m |

| 55% | 55% | 56% |

## Sales and marketing expense | 140.9m | 142.4m | 156.1m |

## R&D expense | 69.9m | 80.0m | 78.5m |

## General and administrative expense | 24.1m | 24.6m | 28.0m |

## Operating expense total | 227.1m | 247.0m | 262.6m |

## Depreciation and amortization | 11.2m | 13.1m | 22.9m |

## EBITDA | 106.3m | 101.3m | 133.3m |

| 18% | 17% | 20% |

## EBIT | 95.1m | 88.2m | 110.4m |

| 16% | 14% | 17% |

## Interest expense | 722.0k | 1.2m | 3.9m |

## Interest income | 491.0k | 379.0k | 694.0k |

## Pre tax profit | 93.0m | 83.9m | 88.0m |

## Income tax expense | 29.1m | 27.7m | 29.1m |

## Net Income | 63.8m | 56.3m | 58.9m |

EUR | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|

## Cash | 8.7m | 3.9m | 6.7m |

## Accounts Receivable | 189.2m | 195.3m | 192.3m |

## Prepaid Expenses | 8.9m | 8.2m | 8.1m |

## Inventories | 208.3m | 234.3m | 248.1m |

## Current Assets | 858.8m | 1.2b | 1.3b |

## PP&E | 64.5m | 58.7m | 62.6m |

## Goodwill | 164.6m | 174.3m | 185.6m |

## Total Assets | 1.2b | 1.6b | 1.7b |

## Accounts Payable | 57.1m | 64.9m | 67.4m |

## Short-term debt | 25.6m | 8.6m | 19.2m |

## Current Liabilities | 285.9m | 316.1m | 280.2m |

## Long-term debt | 7.7m | 3.6m | 7.3m |

## Non-Current Liabilities | 110.7m | 65.3m | 67.2m |

## Total Debt | 33.3m | 12.1m | 26.6m |

## Common Stock | 81.3m | 89.4m | 89.4m |

## Additional Paid-in Capital | 313.9m | 620.1m | 620.1m |

## Retained Earnings | 458.3m | 555.2m | 632.5m |

## Total Equity | 851.2m | 1.2b | 1.3b |

## Debt to Equity Ratio | 0 x | 0 x | 0 x |

## Debt to Assets Ratio | 0 x | 0 x | 0 x |

## Financial Leverage | 1.5 x | 1.3 x | 1.3 x |

EUR | H1, 2017 | H1, 2018 | H1, 2019 |
---|---|---|---|

## Cash | 9.3m | 5.7m | 10.4m |

## Accounts Receivable | 180.9m | 179.7m | 173.8m |

## Inventories | 229.4m | 247.5m | 270.7m |

## Current Assets | 1.2b | 1.2b | 1.2b |

## PP&E | 64.5m | 55.7m | 116.1m |

## Goodwill | 166.4m | 170.9m | 388.7m |

## Total Assets | 1.6b | 1.6b | 1.8b |

## Accounts Payable | 55.2m | 53.1m | 75.3m |

## Short-term debt | 20.2m | 11.6m | 33.6m |

## Current Liabilities | 288.3m | 254.6m | 285.4m |

## Long-term debt | 5.6m | 1.9m | 158.7m |

## Non-Current Liabilities | 83.4m | 66.8m | 234.7m |

## Total Debt | 25.8m | 13.4m | 192.3m |

## Common Stock | 89.4m | 89.4m | 89.4m |

## Additional Paid-in Capital | 620.1m | 620.1m | 620.1m |

## Retained Earnings | 520.1m | 611.2m | 643.0m |

## Total Equity | 1.3b | 1.3b | 1.3b |

## Debt to Equity Ratio | 0 x | 0 x | 0.1 x |

## Debt to Assets Ratio | 0 x | 0 x | 0.1 x |

## Financial Leverage | 1.3 x | 1.3 x | 1.4 x |

EUR | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|

## Net Income | 100.0m | 135.8m | 126.2m |

## Depreciation and Amortization | 20.2m | 24.2m | 31.3m |

## Accounts Receivable | (2.6m) | (49.0m) | (113.0k) |

## Inventories | (15.2m) | (33.4m) | (11.8m) |

## Accounts Payable | 19.2m | 15.3m | 921.0k |

## Cash From Operating Activities | 111.8m | 37.7m | 187.2m |

## Purchases of PP&E | (12.8m) | (13.7m) | (16.5m) |

## Cash From Investing Activities | 77.3m | (55.9m) | (28.9m) |

## Short-term Borrowings | (32.0k) | 219.0k | (102.0k) |

## Long-term Borrowings | (3.2m) | 311.7m | (3.4m) |

## Dividends Paid | (30.9m) | (63.8m) | (57.7m) |

## Cash From Financing Activities | (195.0m) | 14.5m | (157.2m) |

## Net Change in Cash | (4.3m) | (4.8m) | 2.8m |

## Interest Paid | 1.6m | 1.6m | 1.9m |

## Income Taxes Paid | 43.0m | 63.4m | 50.9m |

EUR | H1, 2017 | H1, 2018 | H1, 2019 |
---|---|---|---|

## Net Income | 63.8m | 56.3m | 58.9m |

## Depreciation and Amortization | 11.2m | 13.1m | 22.9m |

## Accounts Receivable | (24.4m) | (14.8m) | 16.9m |

## Inventories | (18.6m) | (18.9m) | (17.6m) |

## Accounts Payable | (92.0k) | (14.1m) | 3.5m |

## Cash From Operating Activities | 16.5m | 34.4m | 89.1m |

## Purchases of PP&E | (6.0m) | (6.7m) | (10.1m) |

## Cash From Investing Activities | (20.1m) | (8.9m) | (122.9m) |

## Short-term Borrowings | (193.0k) | (72.0k) | (207.0k) |

## Long-term Borrowings | 313.2m | (1.6m) | (6.5m) |

## Dividends Paid | (5.6m) | (49.2m) | |

## Cash From Financing Activities | 4.7m | (23.6m) | 37.1m |

## Net Change in Cash | 598.0k | 1.7m | 3.8m |

## Interest Paid | 707.0k | 1.2m | 948.0k |

## Income Taxes Paid | 33.9m | 26.2m | 39.5m |

EUR | FY, 2016 |
---|---|

## EV/EBITDA | 16.1 x |

## EV/EBIT | 18.2 x |

## EV/CFO | 25.2 x |

## Revenue/Employee | 374.0k |

## Financial Leverage | 1.5 x |

## P/E Ratio | 28.0 |