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DCF Valuation
Base-case fair value
$75.96
Intrinsic $101.28 · 25% MOS
Base-case summary
Our base-case DCF for Fresenius Medical Care AG (FMS) projects 10 years of free cash flow growth at 11.0% for years 1–5 and 5.5% for years 6–10, anchored to 11.0% historical FCF growth, then applies a 2.5% perpetual growth rate and a 8.0% discount rate. Starting from $1.3B in trailing free cash flow, this produces an intrinsic value of $101.28 per share. A 25% safety margin gives a fair value of $75.96.
See 3 scenarios side by side
Conservative, Base, and Optimistic fair values, plus the sensitivity matrix and FCF history. Free account.
Model inputs
TTM Free Cash Flow
$1.3B
Cash & equivalents
$683M
Total debt
$8.4B
Shares outstanding
303M