Fielmann FIE.DE
What does Fielmann do?
Fielmann is an optical and hearing care company headquartered in Hamburg. The group sells eyeglasses, lenses and frames, sunglasses, contact lenses, ready-made reading glasses, as well as hearing aids and accessories. The business is conducted predominantly through a dense store network, complemented by online sales and digital services. Customers are mainly private individuals who need vision correction, partly with the involvement of statutory or private health insurers.
Regionally, the company is active in Germany, Switzerland and Austria as well as in other European markets and in North America. A distinctive feature is its strong in-house production and logistics, which closely link purchasing, finishing and sales. In competition, Fielmann faces other chains, online providers and owner-operated opticians. Its positioning rests on a well-known brand, a broad network of locations, a value-for-money promise and a high share of repeat customers. Hearing care serves as an additional growth area within the existing store structure.
Score profile
Rank vs. Medical Instruments & Supplies (25 companies). 10 = top of the group, 5 = middle. Calculated from the metrics below, without AI.
Metrics compared with the industry
On profitability and quality, Fielmann ranks in the middle in the group Medical Instruments & Supplies (5.5/10). On growth, the company ranks above average in the group Medical Instruments & Supplies (6.2/10). On valuation (higher = cheaper), the stock ranks in the middle in the group Medical Instruments & Supplies (5.0/10). On financial strength, Fielmann ranks in the bottom fifth in the group Medical Instruments & Supplies (1.0/10).
| Metric | Stock | Group median | Ranking |
|---|---|---|---|
| Forward P/E | 16.0x | 18.6x | better than 62 % |
| Trailing P/E | 16.7x | 32.9x | better than 87 % |
| PEG ratio | 3.2x | 1.3x | better than 7 % |
| Price/sales | 1.5x | 3.0x | better than 82 % |
| Price/book | 3.7x | 2.9x | better than 31 % |
| Revenue growth | 4.7% | 4.6% | better than 54 % |
| Earnings growth | 11.3% | 0.0% | better than 70 % |
| Gross margin | 80.3% | 53.8% | better than 98 % |
| Operating margin | 13.9% | 13.9% | better than 50 % |
| Net margin | 8.6% | 8.6% | better than 46 % |
| Return on equity | 0.0% | 5.9% | better than 24 % |
| Debt/equity | 80.5% | 33.6% | better than 14 % |
| Free cash flow yield | 0.0% | 3.5% | better than 6 % |
| Dividend yield | 3.2% | 1.0% | – |
| Payout ratio | 55.1% | 43.3% | – |
Valuation: what is Fielmann worth?
Two valuation approaches – a discounted cash flow model and a valuation at the industry’s median multiples – give Fielmann a model range of 50.57 EUR to 50.57 EUR per share.
8 analysts, average rating “Buy”, average price target 54.88 EUR (+26.5%).
The full DCF matrix, the reverse DCF (what growth the price implies) and scenarios are part of the Pro analysis.
What the business depends on
- Demand for vision correction grows structurally with an aging population and increasing visual impairment, for example due to intensive screen use.
- A dense store network, high brand awareness and a loyal customer base support customer traffic, repurchase rates and store utilization.
- The sale of higher-value lenses and additional products as well as the hearing care business influence average revenue per customer and the margin.
Risks
- Personnel and rental costs weigh on earnings, especially as operations require sufficient numbers of qualified opticians and hearing care professionals.
- Online providers and aggressive competitors can increase price pressure and shift market share in the eyeglasses business.
- Changes in health insurance reimbursements or regulatory requirements in the healthcare sector can affect demand and pricing.
What to look for with Fielmann
Like-for-like sales growth on existing store space shows whether customer numbers and revenue per customer are growing organically, independent of expansion or acquisitions.