Stockanalysis Fielmann (german company)

Hello everyone, I’d like to share my thoughts on Fielmann with you (and I’m looking forward to your feedback). Please note: this is not financial advice and may contain errors. |**Metric**|**Value**|**Conclusion**| |:-|:-|:-| |**Revenue**|\~ €2.4bn|\~10% annual growth over the last 5 years // momentum has slowed slightly| |**Net Income (income after taxes)**|\~ €152m (2024)|Shows growth over the last 3 years| |**Dividend**|\~ 2.6%|Covered by earnings/cash flow| |**Gross Margin**|\~ 28%|| |**Net Margin**|\~ 7%|Solid, but has declined over the last 10 years| |**Debt/Equity**|\~ 1.6|Solid| |**ROIC**|\~ 10%|Solid| **Pros (my POV):** * **Family-owned:** Approx. 70% of shares held by the family. * **Strong Leadership:** The CEO is deeply involved * **Expansion:** Actively pursuing growth in the US market. * **Strategy:** The future strategy is logical and coherent. * **Market Position:** Undisputed market leader in Germany. * **Diversification:** Increasing footprint in the hearing aid market. * **Valuation:** Currently a discrepancy between price and fair value (undervalued). * **Global Trends:** The global eyewear market continues to grow. **Cons:** * **Global Competition:** Not a global market leader. * **Margin Pressure:** Margins have come under pressure compared to 10 years ago. **Catalysts:** * Continued growth of market share in the USA. * Expansion of the hearing acoustics segment (which offers higher margins). * **Demographics:** An aging society increasingly reliant on vision and hearing aids. **Conclusion:** In my view, the stock is a value play capable of sustainable growth.