Intrinsic value of Fresenius Medical Care Corporation - FMS

Previous Close

$37.41

  Intrinsic Value

$41.85

stock screener

  Rating & Target

hold

+12%

Previous close

$37.41

 
Intrinsic value

$41.85

 
Up/down potential

+12%

 
Rating

hold

We calculate the intrinsic value of FMS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 23.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  16,878
  17,266
  17,710
  18,208
  18,760
  19,366
  20,025
  20,739
  21,508
  22,334
  23,217
  24,159
  25,162
  26,229
  27,360
  28,559
  29,828
  31,170
  32,589
  34,086
  35,666
  37,332
  39,088
  40,939
  42,888
  44,940
  47,100
  49,373
  51,764
  54,279
Variable operating expenses, $m
  14,675
  14,983
  15,335
  15,730
  16,168
  16,648
  17,171
  17,737
  18,347
  19,002
  18,413
  19,160
  19,956
  20,802
  21,699
  22,650
  23,657
  24,721
  25,846
  27,033
  28,286
  29,608
  31,001
  32,468
  34,014
  35,642
  37,355
  39,157
  41,054
  43,048
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  14,675
  14,983
  15,335
  15,730
  16,168
  16,648
  17,171
  17,737
  18,347
  19,002
  18,413
  19,160
  19,956
  20,802
  21,699
  22,650
  23,657
  24,721
  25,846
  27,033
  28,286
  29,608
  31,001
  32,468
  34,014
  35,642
  37,355
  39,157
  41,054
  43,048
Operating income, $m
  2,203
  2,283
  2,375
  2,478
  2,592
  2,718
  2,854
  3,002
  3,161
  3,332
  4,804
  4,999
  5,206
  5,427
  5,661
  5,909
  6,172
  6,449
  6,743
  7,053
  7,379
  7,724
  8,088
  8,470
  8,874
  9,298
  9,745
  10,215
  10,710
  11,231
EBITDA, $m
  3,943
  4,034
  4,137
  4,254
  4,383
  4,524
  4,678
  4,845
  5,025
  5,218
  5,424
  5,644
  5,878
  6,127
  6,392
  6,672
  6,968
  7,282
  7,613
  7,963
  8,332
  8,721
  9,132
  9,564
  10,019
  10,499
  11,003
  11,534
  12,093
  12,680
Interest expense (income), $m
  351
  453
  470
  490
  513
  539
  568
  600
  635
  672
  713
  756
  802
  852
  904
  960
  1,020
  1,083
  1,149
  1,220
  1,294
  1,373
  1,456
  1,543
  1,635
  1,733
  1,835
  1,943
  2,056
  2,175
  2,301
Earnings before tax, $m
  1,750
  1,814
  1,885
  1,965
  2,053
  2,149
  2,254
  2,367
  2,489
  2,619
  4,048
  4,196
  4,354
  4,522
  4,701
  4,889
  5,089
  5,300
  5,523
  5,758
  6,007
  6,268
  6,544
  6,835
  7,141
  7,463
  7,803
  8,160
  8,535
  8,930
Tax expense, $m
  473
  490
  509
  531
  554
  580
  609
  639
  672
  707
  1,093
  1,133
  1,176
  1,221
  1,269
  1,320
  1,374
  1,431
  1,491
  1,555
  1,622
  1,692
  1,767
  1,845
  1,928
  2,015
  2,107
  2,203
  2,304
  2,411
Net income, $m
  1,278
  1,324
  1,376
  1,434
  1,499
  1,569
  1,645
  1,728
  1,817
  1,912
  2,955
  3,063
  3,179
  3,301
  3,431
  3,569
  3,715
  3,869
  4,032
  4,204
  4,385
  4,576
  4,777
  4,990
  5,213
  5,448
  5,696
  5,956
  6,231
  6,519

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  26,748
  27,363
  28,066
  28,856
  29,731
  30,691
  31,736
  32,867
  34,086
  35,394
  36,794
  38,287
  39,877
  41,567
  43,360
  45,260
  47,271
  49,398
  51,646
  54,019
  56,523
  59,163
  61,947
  64,879
  67,968
  71,220
  74,643
  78,245
  82,034
  86,020
Adjusted assets (=assets-cash), $m
  26,748
  27,363
  28,066
  28,856
  29,731
  30,691
  31,736
  32,867
  34,086
  35,394
  36,794
  38,287
  39,877
  41,567
  43,360
  45,260
  47,271
  49,398
  51,646
  54,019
  56,523
  59,163
  61,947
  64,879
  67,968
  71,220
  74,643
  78,245
  82,034
  86,020
Revenue / Adjusted assets
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
Average production assets, $m
  10,279
  10,515
  10,785
  11,089
  11,425
  11,794
  12,195
  12,630
  13,099
  13,601
  14,139
  14,713
  15,324
  15,973
  16,662
  17,392
  18,165
  18,983
  19,846
  20,758
  21,721
  22,735
  23,805
  24,932
  26,119
  27,368
  28,684
  30,068
  31,524
  33,056
Working capital, $m
  1,975
  2,020
  2,072
  2,130
  2,195
  2,266
  2,343
  2,426
  2,516
  2,613
  2,716
  2,827
  2,944
  3,069
  3,201
  3,341
  3,490
  3,647
  3,813
  3,988
  4,173
  4,368
  4,573
  4,790
  5,018
  5,258
  5,511
  5,777
  6,056
  6,351
Total debt, $m
  7,827
  8,167
  8,555
  8,991
  9,474
  10,004
  10,581
  11,205
  11,878
  12,600
  13,372
  14,197
  15,074
  16,007
  16,997
  18,046
  19,156
  20,330
  21,571
  22,881
  24,263
  25,721
  27,257
  28,876
  30,581
  32,376
  34,265
  36,254
  38,345
  40,546
Total liabilities, $m
  14,765
  15,104
  15,493
  15,928
  16,411
  16,941
  17,518
  18,143
  18,816
  19,538
  20,310
  21,134
  22,012
  22,945
  23,935
  24,983
  26,094
  27,268
  28,509
  29,818
  31,201
  32,658
  34,195
  35,813
  37,518
  39,314
  41,203
  43,191
  45,283
  47,483
Total equity, $m
  11,983
  12,259
  12,574
  12,927
  13,319
  13,749
  14,218
  14,725
  15,271
  15,857
  16,484
  17,153
  17,865
  18,622
  19,425
  20,276
  21,178
  22,130
  23,137
  24,200
  25,322
  26,505
  27,752
  29,066
  30,450
  31,907
  33,440
  35,054
  36,751
  38,537
Total liabilities and equity, $m
  26,748
  27,363
  28,067
  28,855
  29,730
  30,690
  31,736
  32,868
  34,087
  35,395
  36,794
  38,287
  39,877
  41,567
  43,360
  45,259
  47,272
  49,398
  51,646
  54,018
  56,523
  59,163
  61,947
  64,879
  67,968
  71,221
  74,643
  78,245
  82,034
  86,020
Debt-to-equity ratio
  0.650
  0.670
  0.680
  0.700
  0.710
  0.730
  0.740
  0.760
  0.780
  0.790
  0.810
  0.830
  0.840
  0.860
  0.870
  0.890
  0.900
  0.920
  0.930
  0.950
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
Adjusted equity ratio
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,278
  1,324
  1,376
  1,434
  1,499
  1,569
  1,645
  1,728
  1,817
  1,912
  2,955
  3,063
  3,179
  3,301
  3,431
  3,569
  3,715
  3,869
  4,032
  4,204
  4,385
  4,576
  4,777
  4,990
  5,213
  5,448
  5,696
  5,956
  6,231
  6,519
Depreciation, amort., depletion, $m
  1,740
  1,750
  1,762
  1,775
  1,790
  1,806
  1,824
  1,843
  1,864
  1,886
  620
  645
  672
  701
  731
  763
  797
  833
  870
  910
  953
  997
  1,044
  1,094
  1,146
  1,200
  1,258
  1,319
  1,383
  1,450
Funds from operations, $m
  3,018
  3,074
  3,138
  3,210
  3,289
  3,375
  3,469
  3,571
  3,680
  3,798
  3,575
  3,709
  3,851
  4,002
  4,162
  4,332
  4,512
  4,702
  4,902
  5,114
  5,337
  5,573
  5,821
  6,083
  6,359
  6,649
  6,954
  7,275
  7,613
  7,969
Change in working capital, $m
  39
  45
  52
  58
  65
  71
  77
  84
  90
  97
  103
  110
  117
  125
  132
  140
  148
  157
  166
  175
  185
  195
  205
  217
  228
  240
  253
  266
  280
  294
Cash from operations, $m
  2,979
  3,029
  3,086
  3,152
  3,224
  3,305
  3,392
  3,488
  3,590
  3,701
  3,472
  3,598
  3,733
  3,877
  4,030
  4,192
  4,363
  4,545
  4,736
  4,939
  5,153
  5,378
  5,616
  5,867
  6,131
  6,409
  6,701
  7,009
  7,333
  7,674
Maintenance CAPEX, $m
  -442
  -451
  -461
  -473
  -486
  -501
  -517
  -535
  -554
  -574
  -597
  -620
  -645
  -672
  -701
  -731
  -763
  -797
  -833
  -870
  -910
  -953
  -997
  -1,044
  -1,094
  -1,146
  -1,200
  -1,258
  -1,319
  -1,383
New CAPEX, $m
  -195
  -236
  -270
  -303
  -336
  -369
  -402
  -435
  -468
  -503
  -538
  -574
  -611
  -649
  -689
  -730
  -773
  -817
  -864
  -912
  -962
  -1,015
  -1,070
  -1,127
  -1,187
  -1,250
  -1,315
  -1,384
  -1,456
  -1,532
Cash from investing activities, $m
  -637
  -687
  -731
  -776
  -822
  -870
  -919
  -970
  -1,022
  -1,077
  -1,135
  -1,194
  -1,256
  -1,321
  -1,390
  -1,461
  -1,536
  -1,614
  -1,697
  -1,782
  -1,872
  -1,968
  -2,067
  -2,171
  -2,281
  -2,396
  -2,515
  -2,642
  -2,775
  -2,915
Free cash flow, $m
  2,341
  2,342
  2,355
  2,375
  2,402
  2,435
  2,473
  2,518
  2,568
  2,624
  2,337
  2,404
  2,477
  2,556
  2,640
  2,731
  2,827
  2,930
  3,040
  3,156
  3,280
  3,411
  3,549
  3,696
  3,850
  4,013
  4,186
  4,367
  4,558
  4,760
Issuance/(repayment) of debt, $m
  281
  340
  388
  436
  483
  530
  577
  625
  673
  722
  773
  824
  878
  933
  990
  1,049
  1,110
  1,174
  1,241
  1,310
  1,382
  1,458
  1,536
  1,619
  1,705
  1,795
  1,889
  1,988
  2,092
  2,200
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  281
  340
  388
  436
  483
  530
  577
  625
  673
  722
  773
  824
  878
  933
  990
  1,049
  1,110
  1,174
  1,241
  1,310
  1,382
  1,458
  1,536
  1,619
  1,705
  1,795
  1,889
  1,988
  2,092
  2,200
Total cash flow (excl. dividends), $m
  2,622
  2,681
  2,743
  2,811
  2,885
  2,964
  3,050
  3,142
  3,241
  3,346
  3,110
  3,229
  3,355
  3,488
  3,630
  3,780
  3,938
  4,105
  4,281
  4,466
  4,662
  4,868
  5,086
  5,314
  5,555
  5,808
  6,075
  6,355
  6,650
  6,960
Retained Cash Flow (-), $m
  -225
  -276
  -315
  -354
  -392
  -430
  -468
  -507
  -546
  -586
  -627
  -669
  -712
  -757
  -803
  -851
  -901
  -953
  -1,007
  -1,063
  -1,122
  -1,183
  -1,247
  -1,314
  -1,384
  -1,457
  -1,533
  -1,614
  -1,698
  -1,786
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  2,398
  2,406
  2,428
  2,457
  2,493
  2,534
  2,582
  2,636
  2,695
  2,760
  2,483
  2,560
  2,643
  2,731
  2,827
  2,928
  3,037
  3,152
  3,274
  3,403
  3,540
  3,685
  3,839
  4,001
  4,171
  4,352
  4,542
  4,742
  4,953
  5,175
Discount rate, %
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
  2,284
  2,172
  2,067
  1,962
  1,856
  1,749
  1,640
  1,530
  1,419
  1,308
  1,049
  956
  864
  774
  686
  602
  522
  447
  378
  315
  259
  209
  166
  130
  99
  75
  55
  39
  28
  19
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Fresenius Medical Care AG & Co. KGaA is a kidney dialysis company. The Company provides dialysis care and related services to persons suffering from end-stage renal disease (ESRD), as well as other healthcare services. The Company's segments include North America Segment, the Europe, Middle East and Africa (EMEA) Segment, the Asia-Pacific Segment and the Latin America Segment. The Company develops and manufactures a range of dialysis machines, systems and disposable products. As of December 31, 2016, the Company sold its products to customers in more than 120 countries and also used in its internal healthcare service operations. The Company's Care Coordination services include coordinated delivery of pharmacy services, vascular, cardiovascular and endovascular specialty services, non-dialysis laboratory testing services, physician services, hospitalist and intensivist services, health plan services, ambulatory surgery center services and urgent care services.

FINANCIAL RATIOS  of  Fresenius Medical Care Corporation (FMS)

Valuation Ratios
P/E Ratio 10.2
Price to Sales 0.7
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow 23.8
Growth Rates
Sales Growth Rate 7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 26.6%
Cap. Spend. - 3 Yr. Gr. Rate 5.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 66.6%
Total Debt to Equity 79.3%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 5.9%
Return On Equity 12%
Return On Equity - 3 Yr. Avg. 11.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 32.3%
Gross Margin - 3 Yr. Avg. 31.9%
EBITDA Margin 19%
EBITDA Margin - 3 Yr. Avg. 17.7%
Operating Margin 14.7%
Oper. Margin - 3 Yr. Avg. 14.3%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 11.9%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 30.6%
Eff/ Tax Rate - 3 Yr. Avg. 31.5%
Payout Ratio 22.3%

FMS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FMS stock intrinsic value calculation we used $16547 million for the last fiscal year's total revenue generated by Fresenius Medical Care Corporation. The default revenue input number comes from 0001 income statement of Fresenius Medical Care Corporation. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FMS stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5%, whose default value for FMS is calculated based on our internal credit rating of Fresenius Medical Care Corporation, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Fresenius Medical Care Corporation.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FMS stock the variable cost ratio is equal to 87.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for FMS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6% for Fresenius Medical Care Corporation.

Corporate tax rate of 27% is the nominal tax rate for Fresenius Medical Care Corporation. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FMS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FMS are equal to 60.9%.

Life of production assets of 22.8 years is the average useful life of capital assets used in Fresenius Medical Care Corporation operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FMS is equal to 11.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $11758.411 million for Fresenius Medical Care Corporation - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 613.781 million for Fresenius Medical Care Corporation is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Fresenius Medical Care Corporation at the current share price and the inputted number of shares is $23.0 billion.

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