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Summary

Fresenius Medical Care is undervalued at a sub-10x P/E despite 7-9% AEPS growth and improved fundamentals.

FMS has achieved 300-400 bps margin expansion, €800M+ in savings, and reduced leverage to 2.5x, supporting a more robust investment-grade profile.

Even with flat or low growth, FMS offers 40-60% multi-year upside to a $29/share price target, justifying a 'Buy' rating.

Risks from reimbursement, inflation, and US politics are manageable; FMS’s market leadership and cost controls underpin a favorable risk/reward.

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My coverage of Fresenius Medical Care ( FMS ) goes back a number of years at this point.…