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Carl Zeiss Meditec

SWX:AFX
Snowflake Description

Flawless balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AFX
SWX
€9B
Market Cap
  1. Home
  2. CH
  3. Healthcare
Company description

Carl Zeiss Meditec AG operates as a medical technology company in Germany, the United States, Japan, other Europe countries, and internationally. The last earnings update was 97 days ago. More info.


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AFX Share Price and Events
7 Day Returns
0%
SWX:AFX
0.7%
CH Medical Equipment
-0.4%
CH Market
1 Year Returns
16.5%
SWX:AFX
33.3%
CH Medical Equipment
12.3%
CH Market
AFX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Carl Zeiss Meditec (AFX) 0% 0% 0% 16.5% 175.8% 254.8%
CH Medical Equipment 0.7% 2.5% 4.3% 33.3% 85.6% 109.4%
CH Market -0.4% 2.6% 6.7% 12.3% 21.5% 13.4%
1 Year Return vs Industry and Market
  • AFX underperformed the Medical Equipment industry which returned 33.3% over the past year.
  • AFX outperformed the Market in Switzerland which returned 12.3% over the past year.
Price Volatility
AFX
Industry
5yr Volatility vs Market

AFX Value

 Is Carl Zeiss Meditec undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Carl Zeiss Meditec to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Carl Zeiss Meditec.

SWX:AFX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year CH Government Bond Rate 3.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:AFX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Medical Equipment Unlevered Beta Simply Wall St/ S&P Global 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.84 (1 + (1- 30%) (0.66%))
0.895
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.9
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (0.895 * 5.96%)
8.61%

Discounted Cash Flow Calculation for SWX:AFX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Carl Zeiss Meditec is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SWX:AFX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 8.61%)
2020 184.30 Analyst x5 169.69
2021 207.95 Analyst x4 176.28
2022 254.30 Analyst x1 198.48
2023 277.40 Analyst x1 199.35
2024 306.60 Analyst x1 202.86
2025 329.32 Est @ 7.41% 200.61
2026 349.63 Est @ 6.17% 196.10
2027 368.16 Est @ 5.3% 190.12
2028 385.44 Est @ 4.69% 183.26
2029 401.89 Est @ 4.27% 175.94
Present value of next 10 years cash flows €1,892.00
SWX:AFX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €401.89 × (1 + 3.28%) ÷ (8.61% – 3.28%)
€7,777.80
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €7,777.80 ÷ (1 + 8.61%)10
€3,404.91
SWX:AFX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €1,892.00 + €3,404.91
€5,296.91
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €5,296.91 / 89.44
€59.22
SWX:AFX Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in SWX:AFX represents 0.92913x of XTRA:AFX
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.92913x
Value per Share
(Listing Adjusted, CHF)
= Value per Share (EUR) x Listing Adjustment Factor
= € 59.22 x 0.92913
CHF55.03
Value per share (CHF) From above. CHF55.03
Current discount Discount to share price of CHF94.40
= -1 x (CHF94.40 - CHF55.03) / CHF55.03
-71.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Carl Zeiss Meditec is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Carl Zeiss Meditec's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Carl Zeiss Meditec's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:AFX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €1.71
XTRA:AFX Share Price ** XTRA (2019-11-14) in EUR €101.6
Switzerland Medical Equipment Industry PE Ratio Median Figure of 7 Publicly-Listed Medical Equipment Companies 33.29x
Switzerland Market PE Ratio Median Figure of 171 Publicly-Listed Companies 19.37x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Carl Zeiss Meditec.

SWX:AFX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:AFX Share Price ÷ EPS (both in EUR)

= 101.6 ÷ 1.71

59.33x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carl Zeiss Meditec is overvalued based on earnings compared to the CH Medical Equipment industry average.
  • Carl Zeiss Meditec is overvalued based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Carl Zeiss Meditec's expected growth come at a high price?
Raw Data
SWX:AFX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 59.33x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
12.2%per year
Switzerland Medical Equipment Industry PEG Ratio Median Figure of 6 Publicly-Listed Medical Equipment Companies 2.34x
Switzerland Market PEG Ratio Median Figure of 124 Publicly-Listed Companies 2.14x

*Line of best fit is calculated by linear regression .

SWX:AFX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 59.33x ÷ 12.2%

4.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carl Zeiss Meditec is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Carl Zeiss Meditec's assets?
Raw Data
SWX:AFX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €14.66
XTRA:AFX Share Price * XTRA (2019-11-14) in EUR €101.6
Switzerland Medical Equipment Industry PB Ratio Median Figure of 9 Publicly-Listed Medical Equipment Companies 6.21x
Switzerland Market PB Ratio Median Figure of 214 Publicly-Listed Companies 1.65x
SWX:AFX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:AFX Share Price ÷ Book Value per Share (both in EUR)

= 101.6 ÷ 14.66

6.93x

* Primary Listing of Carl Zeiss Meditec.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carl Zeiss Meditec is overvalued based on assets compared to the CH Medical Equipment industry average.
X
Value checks
We assess Carl Zeiss Meditec's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Medical Equipment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Medical Equipment industry average (and greater than 0)? (1 check)
  5. Carl Zeiss Meditec has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AFX Future Performance

 How is Carl Zeiss Meditec expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Carl Zeiss Meditec expected to grow at an attractive rate?
  • Carl Zeiss Meditec's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
  • Carl Zeiss Meditec's earnings growth is expected to exceed the Switzerland market average.
  • Carl Zeiss Meditec's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:AFX Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:AFX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 12.2%
SWX:AFX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 7%
Switzerland Medical Equipment Industry Earnings Growth Rate Market Cap Weighted Average 38.7%
Switzerland Medical Equipment Industry Revenue Growth Rate Market Cap Weighted Average 7.3%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 9.9%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:AFX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:AFX Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-09-30 2,047 341 1
2023-09-30 1,907 311 256 2
2022-09-30 1,810 284 244 3
2021-09-30 1,699 247 231 8
2020-09-30 1,571 218 203 10
2019-11-14
2019-09-30 1,459 182 169 3
SWX:AFX Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 1,382 153
2019-03-31 1,334 242 129
2018-12-31 1,310 127
2018-09-30 1,281 187 126
2018-06-30 1,251 124
2018-03-31 1,216 56 129
2017-12-31 1,205 132
2017-09-30 1,190 38 134
2017-06-30 1,154 123
2017-03-31 1,135 85 112
2016-12-31 1,106 113
2016-09-30 1,088 112 98

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Carl Zeiss Meditec's earnings are expected to grow by 12.2% yearly, however this is not considered high growth (20% yearly).
  • Carl Zeiss Meditec's revenue is expected to grow by 7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:AFX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from Carl Zeiss Meditec Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:AFX Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-09-30 3.40 3.40 3.40 1.00
2023-09-30 3.01 3.15 2.86 2.00
2022-09-30 2.73 2.88 2.64 3.00
2021-09-30 2.53 2.75 2.32 7.00
2020-09-30 2.26 2.48 2.02 10.00
2019-11-14
2019-09-30 1.91 2.07 1.75 10.00
SWX:AFX Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 1.71
2019-03-31 1.43
2018-12-31 1.41
2018-09-30 1.41
2018-06-30 1.39
2018-03-31 1.44
2017-12-31 1.51
2017-09-30 1.57
2017-06-30 1.48
2017-03-31 1.37
2016-12-31 1.38
2016-09-30 1.21

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Carl Zeiss Meditec is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Carl Zeiss Meditec's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Switzerland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Switzerland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Carl Zeiss Meditec has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AFX Past Performance

  How has Carl Zeiss Meditec performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Carl Zeiss Meditec's growth in the last year to its industry (Medical Equipment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Carl Zeiss Meditec's year on year earnings growth rate has been positive over the past 5 years.
  • Carl Zeiss Meditec's 1-year earnings growth exceeds its 5-year average (23.9% vs 16.5%)
  • Carl Zeiss Meditec's earnings growth has exceeded the CH Medical Equipment industry average in the past year (23.9% vs -9.5%).
Earnings and Revenue History
Carl Zeiss Meditec's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Carl Zeiss Meditec Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:AFX Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 1,382.16 153.46 380.95 159.43
2019-03-31 1,334.34 128.51 371.19 158.13
2018-12-31 1,309.76 126.66 362.15 157.13
2018-09-30 1,280.86 126.46 354.25 159.63
2018-06-30 1,251.50 123.85 341.67 161.29
2018-03-31 1,216.11 128.74 340.50 155.95
2017-12-31 1,204.60 132.05 340.67 148.89
2017-09-30 1,189.90 134.45 338.67 145.79
2017-06-30 1,154.47 123.03 330.65 137.51
2017-03-31 1,135.07 112.07 318.95 132.47
2016-12-31 1,105.77 112.53 311.05 129.41
2016-09-30 1,088.37 98.33 303.25 123.41
2016-06-30 1,089.96 77.77 302.55 118.00
2016-03-31 1,082.89 80.23 303.73 116.57
2015-12-31 1,061.57 60.69 300.77 114.68
2015-09-30 1,040.06 62.30 298.40 111.96
2015-06-30 984.23 69.79 291.35 111.78
2015-03-31 946.29 65.54 282.20 107.95
2014-12-31 938.07 73.18 276.57 104.37
2014-09-30 909.26 74.95 268.87 99.75
2014-06-30 931.13 83.15 269.13 98.77
2014-03-31 924.41 89.16 264.17 99.52
2013-12-31 899.73 88.90 258.86 98.23
2013-09-30 906.45 92.13 257.98 97.58
2013-06-30 880.10 85.52 249.88 97.10
2013-03-31 873.03 75.03 248.98 95.04
2012-12-31 870.53 78.29 250.81 94.99

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Carl Zeiss Meditec has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Carl Zeiss Meditec used its assets less efficiently than the CH Medical Equipment industry average last year based on Return on Assets.
  • Carl Zeiss Meditec's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Carl Zeiss Meditec's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Medical Equipment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Carl Zeiss Meditec has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AFX Health

 How is Carl Zeiss Meditec's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Carl Zeiss Meditec's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Carl Zeiss Meditec is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Carl Zeiss Meditec's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Carl Zeiss Meditec's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Carl Zeiss Meditec has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Carl Zeiss Meditec Company Filings, last reported 4 months ago.

SWX:AFX Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 1,329.04 60.42 19.73
2019-03-31 1,329.04 0.00 19.73
2018-12-31 1,314.63 10.85 7.84
2018-09-30 1,314.63 0.00 7.84
2018-06-30 1,281.80 4.23 18.47
2018-03-31 1,281.80 0.00 18.47
2017-12-31 1,241.74 5.81 8.32
2017-09-30 1,241.74 0.00 8.32
2017-06-30 1,251.15 7.88 16.28
2017-03-31 1,251.15 0.00 16.28
2016-12-31 851.16 8.98 8.71
2016-09-30 851.16 0.00 8.71
2016-06-30 826.04 0.84 17.69
2016-03-31 838.31 1.19 17.20
2015-12-31 821.04 1.23 23.34
2015-09-30 797.45 0.00 123.04
2015-06-30 792.87 3.09 12.99
2015-03-31 764.10 4.39 11.89
2014-12-31 767.22 2.31 15.37
2014-09-30 754.23 2.07 120.73
2014-06-30 730.00 1.97 13.30
2014-03-31 709.28 2.07 17.91
2013-12-31 728.12 2.16 18.91
2013-09-30 715.31 2.33 146.29
2013-06-30 712.38 2.69 10.66
2013-03-31 695.98 9.40 15.06
2012-12-31 708.05 8.71 140.57
  • Carl Zeiss Meditec has no debt.
  • Carl Zeiss Meditec has no debt compared to 5 years ago when it was 0.2%.
  • Carl Zeiss Meditec has no debt, it does not need to be covered by operating cash flow.
  • Carl Zeiss Meditec has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Carl Zeiss Meditec's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Carl Zeiss Meditec has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AFX Dividends

 What is Carl Zeiss Meditec's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.54%
Current annual income from Carl Zeiss Meditec dividends. Estimated to be 0.83% next year.
If you bought CHF2,000 of Carl Zeiss Meditec shares you are expected to receive CHF11 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Carl Zeiss Meditec's pays a lower dividend yield than the bottom 25% of dividend payers in Switzerland (1.85%).
  • Carl Zeiss Meditec's dividend is below the markets top 25% of dividend payers in Switzerland (3.63%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:AFX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
Switzerland Medical Equipment Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 1%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 163 Stocks 2.9%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.2%
Switzerland Bottom 25% Dividend Yield 25th Percentile 1.8%
Switzerland Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:AFX Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2024-09-30 1.19 1.00
2023-09-30 1.10 1.00
2022-09-30 0.97 2.00
2021-09-30 0.82 6.00
2020-09-30 0.76 8.00
2019-11-14
2019-09-30 0.66 8.00
SWX:AFX Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-12-07 0.550 0.636
2017-12-11 0.550 0.922
2016-12-09 0.420 1.001
2015-11-30 0.380 1.232
2014-11-21 0.400 1.679
2013-12-05 0.450 2.034
2012-12-06 0.400 1.690
2011-12-19 0.300 1.593
2011-10-17 0.300 2.139
2010-12-09 0.220 1.516
2010-10-15 0.220 1.721
2009-12-14 0.180 1.529
2009-10-15 0.180 1.696
2008-12-09 0.180 1.873

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Carl Zeiss Meditec is not paying a notable dividend for Switzerland, therefore no need to check if the payments are stable.
  • Carl Zeiss Meditec is not paying a notable dividend for Switzerland, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Carl Zeiss Meditec's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Carl Zeiss Meditec's dividends as it is not paying a notable one for Switzerland.
Future Payout to shareholders
  • No need to calculate the sustainability of Carl Zeiss Meditec's dividends in 3 years as they are not expected to pay a notable one for Switzerland.
X
Income/ dividend checks
We assess Carl Zeiss Meditec's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Carl Zeiss Meditec afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Carl Zeiss Meditec has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AFX Management

 What is the CEO of Carl Zeiss Meditec's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ludwin Monz
COMPENSATION €1,841,700
AGE 56
TENURE AS CEO 9.7 years
CEO Bio

Dr. Ludwin Monz, Ph.D., M.B.A. has been the Chairman of Management Board at Carl Zeiss Meditec AG since October 8, 2007. Dr. Monz has been the Chief Executive Officer and President of Carl Zeiss Meditec AG since March 4, 2010. Dr. Monz serves as an Executive Vice President and General Manager of The Medical Technology Business Group. He was the Director of Research & Development for Geodetic Systems Division of Carl Zeiss Jena from 1996 to 1998, Vice President & General Manager of Geodetic Systems Division of Carl Zeiss Jena from 1998 to 1999, Vice President of Technology at Spectra Precision Inc., Dayton, USA from 1999 to 2000, Director of Research & Development at Carl Zeiss, Surgical Products Division from 2000 to 2002, Vice President & General Manager of Surgical Products Division at Carl Zeiss, Oberkochen from 2002 to 2005. He served as the Chief Executive Officer and President of Carl Zeiss Surgical GmbH since 2005. Dr. Monz serves as the Chairman of Management Board at Carl Zeiss Surgical Gmbh. He serves as Member of the Executive Board at Carl Zeiss Ltd. He has been a Member of Executive Board at Carl Zeiss AG since January 1, 2014. Dr. Monz studied Physics and Doctorate at the University of Mainz, Germany and an M.B.A. at Henley Management College, Oxfordshire, England. He has been Member of the university council of Friedrich Schiller University, Jena, Germany and Member of the board of trustees of the Leibniz Institute of Photonic Technology Jena, Germany. He is Chairman of the Board of Directors of Carl Zeiss Meditec Inc., Dublin, USA, Carl Zeiss Meditec Co. Ltd., Tokyo, Japan, Carl Zeiss Meditec Iberia S.A., Tres Cantos, Spain and Carl Zeiss Meditec Iberia S.A., Tres Cantos, Spain. He is Member of the Board of Directors of Carl Zeiss Co. Ltd., Tokyo, Japan. He is Member of the Management Board of Carl Zeiss AG, Oberkochen, Germany.

CEO Compensation
  • Ludwin's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Ludwin's remuneration is lower than average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the Carl Zeiss Meditec management team in years:

3.1
Average Tenure
56
Average Age
  • The tenure for the Carl Zeiss Meditec management team is about average.
Management Team

Ludwin Monz

TITLE
President
COMPENSATION
€2M
AGE
56
TENURE
9.7 yrs

Justus Wehmer

TITLE
CFO & Member of the Management Board
AGE
54
TENURE
1.1 yrs

Jan de Cler

TITLE
Head of Surgical Ophthalmology & Member of Management Board
TENURE
1.1 yrs

Sebastian Frericks

TITLE
Director of Investor Relations

Martin Wiechmann

TITLE
Head of the Planetarium Business Unit

Mike Wang

TITLE
Head of Marketing - Shanghai

Steven Schallhorn

TITLE
Chief Medical Officer for Global Ophthalmic Devices
TENURE
3.1 yrs

Jim Mazzo

TITLE
Global President of Ophthalmology
AGE
62
TENURE
3.3 yrs
Board of Directors Tenure

Average tenure and age of the Carl Zeiss Meditec board of directors in years:

4.8
Average Tenure
52
Average Age
  • The tenure for the Carl Zeiss Meditec board of directors is about average.
Board of Directors

Michael Kaschke

TITLE
Chairman of Supervisory Board
COMPENSATION
€60K
AGE
62
TENURE
9.7 yrs

Tania von der Goltz

TITLE
Deputy Chairwoman of the Supervisory Board
COMPENSATION
€22K
AGE
51
TENURE
1.6 yrs

Markus Guthoff

TITLE
Member of the Supervisory Board
COMPENSATION
€50K
AGE
55
TENURE
15.1 yrs

Christian Müller

TITLE
Supervisory Board Member
COMPENSATION
€1M
AGE
52
TENURE
0.7 yrs

Cornelia Grandy

TITLE
Employee Representative Member of Supervisory Board
COMPENSATION
€30K
TENURE
8.1 yrs

René Denner

TITLE
Member of Supervisory Board
AGE
39
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess Carl Zeiss Meditec's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Carl Zeiss Meditec has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AFX News

Simply Wall St News

AFX Company Info

Description

Carl Zeiss Meditec AG operates as a medical technology company in Germany, the United States, Japan, other Europe countries, and internationally. It operates through two segments, Ophthalmic Devices and Microsurgery. The Ophthalmic Devices segment offers optical biometers, ophthalmic surgical microscopes, phacoemulsification/vitrectomy devices, intraocular lenses, and ophthalmic viscoelastic products for the diagnosis and treatment of ophthalmic diseases in the field of cataract and retinal surgery. This segment also offers optical coherence tomography devices, perimeters, fundus cameras, slit lamps, and therapeutic and refractive lasers for the diagnosis and treatment of various eye diseases, such as refraction, glaucoma, and other retinal diseases. The Microsurgery segment provides surgical microscopes and visualization solutions for neuro, spinal, dental, and plastic and reconstructive surgeries, as well as for ear, nose, and throat surgery; and products for surgical treatment of tumors or vascular diseases, such as aneurysms. Carl Zeiss Meditec AG serves ophthalmologists and optometrists, as well as physicians and surgeons in hospitals and outpatient surgery centers. The company was founded in 2002 and is headquartered in Jena, Germany. Carl Zeiss Meditec AG is a subsidiary of Carl Zeiss AG.

Details
Name: Carl Zeiss Meditec AG
AFX
Exchange: SWX
Founded: 2002
€9,878,698,645
89,440,570
Website: http://www.zeiss.com/meditec-ag
Address: Carl Zeiss Meditec AG
Goschwitzer Strasse 51-52,
Jena,
07745,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA AFX Bearer Shares XETRA Trading Platform DE EUR 22. Mar 2000
OTCPK CZMW.F Bearer Shares Pink Sheets LLC US USD 22. Mar 2000
DB AFX Bearer Shares Deutsche Boerse AG DE EUR 22. Mar 2000
LSE 0DHC Bearer Shares London Stock Exchange GB EUR 22. Mar 2000
SWX AFX Bearer Shares SIX Swiss Exchange CH CHF 22. Mar 2000
WBAG AFX Bearer Shares Wiener Boerse AG AT EUR 22. Mar 2000
BATS-CHIXE AFXD Bearer Shares BATS 'Chi-X Europe' GB EUR 22. Mar 2000
OTCPK CZMW.Y UNSPONSORED ADR Pink Sheets LLC US USD 03. Oct 2007
Number of employees
Current staff
Staff numbers
3,179
Carl Zeiss Meditec employees.
Industry
Health Care Equipment
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/14 21:45
End of day share price update: 2019/11/14 00:00
Last estimates confirmation: 2019/11/14
Last earnings filing: 2019/08/09
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.