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1. Company Snapshot

1.a. Company Description

Fielmann Aktiengesellschaft, together with its subsidiaries, engages in the investment in and operation of optical and hearing aid businesses.The company manufactures and sells visual aids and other optical products, including glasses, frames, lenses, sunglasses, contact lenses and accessories, and various merchandise, as well as hearing aids and accessories.As of December 31, 2021, it operated 693 stores, including 610 in Germany, 45 in Switzerland, 38 Austria, 3 in Luxembourg, 43 in Italy, 37 in Poland, 87 in Spain, 32 in Slovenia, and 15 in the rest of Europe.


The company also 78 smaller locations in Eastern Europe.It also offers its products through online stores.The company was founded in 1972 and is headquartered in Hamburg, Germany.


Fielmann Aktiengesellschaft is a subsidiary of Korva SE.

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1.b. Last Insights on FIE

Fielmann Group's recent performance has been impacted by a decline in yearly returns, which have fallen more in line with earnings growth. The company's earnings announcement last week was disappointing for investors, despite decent results. Revenue for the second quarter of 2025 was €622.9m, up 13% from 2Q 2024, with EPS of €0.62, versus €0.52 in 2Q 2024. Weakening shareholder confidence is reflected in the recent share price decline.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Fielmann Group (ETR:FIE) sheds 4.0% this week, as yearly returns fall more in line with earnings growth

Oct -31

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.81%)

6. Segments

Eyewear

Expected Growth: 7%

Fielmann's 7% growth in eyewear is driven by increasing demand for prescription glasses and contact lenses, particularly among aging populations. Expansion into Eastern Europe and online channels also contribute to growth. Additionally, the company's focus on innovative products, such as blue light blocking glasses, and its strong brand reputation support sales growth.

Contact Lenses

Expected Growth: 6%

Fielmann's 6% growth in contact lenses is driven by increasing demand for daily disposables, expansion into emerging markets, and a growing online presence. Additionally, the company's focus on innovative products, such as silicone hydrogel lenses, and strategic partnerships with eye care professionals contribute to its growth momentum.

Hearing Aids

Expected Growth: 5%

Fielmann's 5% growth in hearing aids is driven by an aging population, increasing awareness of hearing loss, and advancements in technology leading to more discreet and efficient devices. Additionally, government initiatives to improve access to hearing care and rising demand for personalized audio solutions contribute to the segment's growth.

Sunglasses

Expected Growth: 8%

Fielmann's 8% growth in sunglasses is driven by increasing demand for premium and trendy eyewear, expansion into new markets, and strategic partnerships with fashion brands. Additionally, the company's strong online presence, competitive pricing, and wide product range contribute to its growth. Furthermore, the rising popularity of outdoor activities and growing awareness of eye health also boost sales.

Other

Expected Growth: 4%

Fielmann's 'Other' segment growth is driven by increasing demand for online eye care services, expansion of its digital platform, and strategic partnerships. Additionally, the company's focus on sustainability and eco-friendly products resonates with environmentally conscious consumers, contributing to its growth.

Services

Expected Growth: 9%

Fielmann's 9% growth in services is driven by increasing demand for eye care and hearing aid services, expansion into new markets, strategic partnerships, and investments in digitalization and process optimization. Additionally, the company's focus on customer loyalty programs and employee training contributes to revenue growth.

7. Detailed Products

Eyeglasses

Fielmann offers a wide range of eyeglasses for men, women, and children, including designer brands and in-house labels.

Contact Lenses

Fielmann supplies a variety of contact lenses, including daily disposables, monthly lenses, and colored lenses.

Sunglasses

Fielmann's sunglasses collection includes trendy and functional designs from popular brands and in-house labels.

Hearing Aids

Fielmann offers a range of hearing aids from leading manufacturers, including digital and analog models.

Eye Care Services

Fielmann's eye care services include eye exams, contact lens fittings, and vision therapy.

8. Fielmann Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

Fielmann Aktiengesellschaft faces moderate threat from substitutes, as customers have limited alternatives for eye care services and products.

Bargaining Power Of Customers

Fielmann Aktiengesellschaft has a large customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Fielmann Aktiengesellschaft has a moderate dependence on suppliers for raw materials and equipment, which gives suppliers some bargaining power.

Threat Of New Entrants

Fielmann Aktiengesellschaft operates in a regulated industry with high barriers to entry, making it difficult for new entrants to join the market.

Intensity Of Rivalry

Fielmann Aktiengesellschaft operates in a highly competitive market with many established players, leading to intense rivalry among competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 21.08%
Debt Cost 3.95%
Equity Weight 78.92%
Equity Cost 6.71%
WACC 6.13%
Leverage 26.71%

11. Quality Control: Fielmann Aktiengesellschaft passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Fielmann

A-Score: 6.0/10

Value: 5.3

Growth: 5.0

Quality: 7.3

Yield: 4.4

Momentum: 6.5

Volatility: 7.7

1-Year Total Return ->

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ConvaTec

A-Score: 4.8/10

Value: 2.9

Growth: 5.3

Quality: 6.0

Yield: 3.1

Momentum: 5.0

Volatility: 6.3

1-Year Total Return ->

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Ypsomed

A-Score: 3.9/10

Value: 2.9

Growth: 8.2

Quality: 5.7

Yield: 0.6

Momentum: 2.0

Volatility: 4.0

1-Year Total Return ->

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Tecan

A-Score: 3.6/10

Value: 4.4

Growth: 4.1

Quality: 5.7

Yield: 2.5

Momentum: 0.0

Volatility: 4.7

1-Year Total Return ->

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Elekta

A-Score: 3.5/10

Value: 4.3

Growth: 4.0

Quality: 3.1

Yield: 6.9

Momentum: 0.5

Volatility: 2.3

1-Year Total Return ->

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Amplifon

A-Score: 3.2/10

Value: 4.3

Growth: 5.4

Quality: 4.8

Yield: 2.5

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

42.9$

Current Price

42.9$

Potential

-0.00%

Expected Cash-Flows