Discounted Cash Flow

Fresenius Medical Care AG ADR

FMS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $16.6b $1.1b $541.1m 6.9% $3.74
2017 $17.8b (7.3%) $1.3b (11.9%) $2.1b (294.4%) 7.2% (4.2%) $4.17 (11.5%)
2018 $16.5b (-7.0%) $2.0b (54.9%) $321.2m (-84.9%) 12.0% (66.4%) $6.47 (55.2%)
2019 $17.5b (5.6%) $1.2b (-39.5%) $2.0b (512.5%) 6.9% (-42.7%) $3.96 (-38.8%)
2020 $17.9b (2.2%) $1.2b (-2.9%) $3.9b (96.6%) 6.5% (-5.0%) $3.96 (0.0%)
2021 $17.6b (-1.3%) $969.3m (-16.8%) $2.5b (-35.6%) 5.5% (-15.6%) $3.31 (-16.4%)
2022 $19.4b (10.1%) $673.4m (-30.5%) $1.4b (-42.0%) 3.5% (-36.9%) $2.30 (-30.5%)
2023 $19.5b (0.3%) $499.0m (-25.9%) $1.9b (34.7%) 2.6% (-26.1%) $1.70 (-26.1%)
2024 $19.3b (-0.6%) $537.9m (7.8%) $1.7b (-13.2%) 2.8% (8.5%) $1.83 (7.6%)
2025 $19.6b (1.5%) $978.4m (81.9%) $2.1b (24.2%) 5.0% (79.2%) $3.36 (83.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model