Added to YB: 2026-08-27
Pitch date: 2026-08-18
FIE.DE [neutral]
Fielmann Group AG
-5.49%
current return
Author Info
DB_Silver_Fox is a CFO and value investor interested in: European & US hidden champions, simple and effective business models, and US Banks. Sign up for the newsletter.
Company Info
Fielmann Group AG engages in vision care and audiology business in Germany, Switzerland, Austria, Spain, North America, and internationally.
Market Cap
EUR 3.3B
Pitch Price
EUR 40.95
Price Target
N/A
Dividend
3.55%
EV/EBITDA
7.09
P/E
16.17
EV/Sales
1.63
Sector
Specialty Retail
Category
growth
DB_Silver_Fox | Portfolio update as of 11.08.2026 - Fielmann Group AG
FIE.DE (hold): Growth continues per author's own calculations: store network expanded from 870 (2020) to 1,262 (2025), funded by leases and acquisitions from a prior conservative net cash position, with Net Debt/EBITDA at conservative 1.18x as of 31.12.2025; over 5 years generated ~€1.8bn CFO (CAPEX ~25.7% of CFO, lease/other outflows 33%, acquisitions ~39%, ~26.5% returned to shareholders mainly via dividends); German core saturated above 50% unit share with limited organic runway, so growth depends almost entirely on US market entered from zero in 2023 by acquisition (SVS Vision, 80+ stores in 9 states; Shopko Optical bought 2024 for ~€333m part-funded by new debt, 144 stores in 13 states), adding 220 stores in eighteen months, with key risk stated as US execution; author states second-generation succession under CEO Marc Fielmann is working so far and company is investing in online sales channels.
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