SRH AlsterResearch belässt Fielmann auf "BUY" - Ziel 75 Euro

Fielmann AG
Retail

Market Cap EUR 5.7bn

BUY, PT EUR 75.00 (upside 10%)

Fielmann AG_update

Ahead of schedule, Fielmann released strong prelim. FY 2020 results, beating both our and consensus estimates. An EBT of c. EUR 170m comes in c. 10% above our previous estimate pointing towards a strong Q4 2020. In addition, Fielmann expressed confidence for fiscal 2021 which is backed by the recently acquired Spanish Óptica & Audiología Universitaria as well as a much more resilient business model than it has been at the beginning of the pandemic (mainly due to improved hygiene concepts and online ordering tools). With a solid balance sheet, we expect Fielmann to execute on its Vision 2025 strategy and to resume its dividend payment as soon as FY 2020. Remains BUY with new PT EUR 75.00 (old EUR 72.00)

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