Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price37.67 EUR
Fair value59.00
Ethical score70.0/100
RatingOPPORTUNITY
Our investment reviews on this name
2026-07-30Read Markup37.67+0.0% to today ✓
2026-07-02Read Distribution37.67+0.0% to today
Our analytic regime reads on this name, dated and marked against today's price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Fresenius SE holds its Markdown at $37.67. Consolidating, no directional conviction, held for 1 days.
As held on the ledger · 2026-06-14
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 1 days
Price at the screen
$37.67
Valuation
14.06 trailing · 9.66 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.83
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
28.83%
Below 33%
Interest-bearing debt is just 28.8% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
3.16%
Below 33%
Cash held in interest-bearing accounts and securities is 3.2% of assets, under the one-third limit.
Pass
Receivables
8.60%
Below 49%
Money owed to the company is 8.6% of assets, under the 49% limit.
Pass
Revenue purity
1.40%
Below 5%
Only 1.4% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads OPPORTUNITY: it trades at roughly a 57% discount to our $59.00 fair value, 2.00% revenue growth.
Fair value range in EUR, drawn from the 2026-06-14 screen. The gold marker is the market price at the same screen. A 56.6% margin of safety to the base estimate.
Third-party analyst targets: 14 covering, consensus Strong Buy. The average target sits +46% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-06-14 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it stands out
A 2%-growth business trading at just 9.7x forward earnings. That is a 57% discount to our $59.00 fair value: the market is pricing it cautiously while the fundamentals argue otherwise. 14 analysts rate it Strong Buy with a $55.00 average target, about 46% above today's price.
The risks · The things to watch: its business and earnings are exposed to Germany and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FRE.DE trades on XETRA (the company is based in Germany). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-08-29Markup$37.67+0.0%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 12%. Our forward projection puts the odds of a 10% gain over the next month near 15%. The street (14 analysts) rates it strong buy, with a mean price target of $55.
2026-07-30Markup · changed$37.67+0.0%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 12%. Our forward projection puts the odds of a 10% gain over the next month near 15%. The street (14 analysts) rates it strong buy, with a mean price target of $55.
2026-07-18Distribution$37.67+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 12%. Our forward projection puts the odds of a 10% gain over the next month near 15%. The street (14 analysts) rates it strong buy, with a mean price target of $55.
2026-07-03Distribution$37.67+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Distribution$37.67Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
What Holding Actually Paid · Price Plus Dividends
If $1,000 had been placed · historical, not a promise
Period
Price then
Price return
Divs per share
$1,000 became
Total return
1 month
$38.80
-2.9%
$1.05
$998
-0.2%
2 months
$43.49
-13.3%
$1.05
$891
-10.9%
3 months
$45.92
-17.9%
$1.05
$844
-15.6%
6 months
$46.61
-19.1%
$1.05
$831
-16.9%
1 year
$42.79
-11.9%
$1.05
$905
-9.5%
2 years
$28.66
+31.5%
$2.05
$1,386
+38.6%
3 years
$24.55
+53.5%
$2.05
$1,619
+61.9%
5 years
$40.39
-6.7%
$3.89
$1,029
+2.9%
Historical returns from market close data. Past performance does not guarantee future results.
The Ledger's Promise
This entry now belongs to the ledger. Whatever FRE.DE does next, these words stay.
Fresenius SE · FRE.DE · Markdown · $37.67
Recorded 2026-06-14 · before the outcome · scored mechanically