Is the Fielmann share now more attractive than the Fresenius share ?!

that Freseniusshare (WKN: 578560) and the fell man-Shares (WKN: 577220) currently have a special feature: they are both not necessarily successful. The German optician chain only recently disappointed investors. Within a few days, it fell by just over 10%.

But which of these two dividend stocks is more attractive now? Fielmann or Fresenius? Let’s look at the properties that speak in favor of one stock or another. Ultimately decide for yourself.

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Fielmann: The more attractive dividend stock?

In any case, the latest divestment means that there are a few features that make the Fielmann share more attractive than Fresenius. In any case, a first is the dividend yield. With the current share price of just under 39 euros at the moment, the value is above 3.8%. We have not seen equity certificates at such a level for a long time.

Which business model is now more attractive is also an interesting question. But maybe glasses are a little more defensive than healthcare. In any case, there is no dialysis area that is weakened. It makes the whole group more attractive. In fact, there should be growth. But here, too, it is clear that the glasses are somewhat cyclical in times of inflation. After all, it is not for nothing that the outlook has been weaker than previously anticipated.

Another positive aspect of the Fielmann share is that the solvency is above 43%. It exudes a bit of quality. At Fresenius, it is, among other things, the high level of debt that is putting pressure on investors.

Fresenius: Overall cheaper!

Overall, however, Fresenius’ dividend stock is cheaper than Fielmann’s. The dividend yield is significantly lower at 3.2 per cent. But: Other key figures point to a cheaper evaluation measure.

The exchange rate-earnings ratio is less than 10. Fielmann has a value of over 20 in a more normal financial year. But measured by free cash flow, it is at a similar level of just under 10. However, that would be a different comparison, especially since Fresenius also has a price-to-sell ratio of around 0.4. Basically, the valuation target is therefore on the side of the DAX Dividend Aristocrat.

Also relevant: DAX Dividend Aristocrat has moderate earnings growth of 6% nominal and 3% currency adjusted. That is a factor that Fielmann does not have either. Does it make Fresenius shares more attractive now?

The bottom line!

Whether Fresenius or Fielmann are more attractive is really an intriguing question. Ultimately, the business model is an important feature in the long run. Visual aids are simpler and more obvious to me. The DAX Dividend Aristocrat has anything but a cyclical or rarely in-demand business model.

Fresenius is cheaper, which could also be an argument for the DAX stock. Fielmann, on the other hand, has a higher dividend. If you are looking for maximum passive income, this may be the right place. The quality of the payouts tends to the DAX Dividend Aristocrat.

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Vincent owns shares in Fielmann and Fresenius. The Motley Fool recommends Fresenius.

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