Added to YB: 2026-08-24
Pitch date: 2026-08-20
FIE.DE [bullish]
Fielmann Group AG
Author Info
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Company Info
Fielmann Group AG engages in vision care and audiology business in Germany, Switzerland, Austria, Spain, North America, and internationally.
Market Cap
EUR 3.5B
Pitch Price
N/A
Price Target
N/A
Dividend
3.35%
EV/EBITDA
7.44
P/E
17.13
EV/Sales
1.71
Sector
Specialty Retail
Category
value
Fielmann Group - Will 'Junior' be able to execute the 5 year plan once again ?
FIE.DE (new position): German family-owned optical retailer at 14.7x NTM P/E, 3.2% yield after multiple compression despite EPS at all-time high. High-margin, ROC, debt-light, strong FCF (1.2x NI). Credible Gen2 CEO hit 2020 plan; 'Vision 2035' targets ~4.76 EUR EPS by 2030. Tailwinds: rising myopia/aging. Risks: US expansion (3 mgmt changes/2yrs), slow 2026 start, consumer cyclicality. E-comm/AI disruption limited. 3% position at ~41 EUR, exp 14-20% p.a. return over 4-5yrs.
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