EFTA Document EFTA01385516

> Healthcare Deutsche Bank 41) Fresenius - Gunnar Romer, BUY, close €65.4, €83 tgt, 27% upside s Strong outlook - we expect defensive low-teens EPS growth to 2020, given sound end market dynamics, market leadership positions, and a strong management team. ■ Weak sentiment means the negatives are priced in. The shares have been weak recently on concerns over IV generics pricing and the poor performance of Akorn. - We expect consensus estimates to trough on 4Q17 results and to drive furt