Fielmann Group – Will “Junior” be able to execute the 5 year plan once again ?
DISCLAIMER: This is not Investment Advice. PLEASE DO YOUR OWN RESEARCH !!!!
Soundtrack:
There were quite a few songs that fit the topic, but in the end I really like Disco so ”Sexy Eyes” from Dr. Hook is my favorite;
Editorial Notes on AI use:
I do use AI tools (Gemini, Claude, NotebookLM) extensively during the research but I write everything “by hand”. In some cases, I will however copy & paste a summary or result table from a query after checking that the content is plausible. But I will always explicitly mention if I do this explicitly.
Management Summary:
Fielmann Group, the majority family owned German optical retailer has seen a significant multiple compression over the past 10 years despite a very decent operational performance since the Covid lows.
Based on a credible 5 year plan laid out in 2025, Fielmann is attractively priced and if they continue to execute under the leadership of the second generation family CEO, the stock offers significant potential over the next 4-5 years.
For this high margin, high return on capital business with a rock solid balance sheet and strong cashflow generation, the current valuation of ~15 NTM P/E and ~3,3% dividend yield looks attractive.
And here is the full write-up:
value and opportunity 