Carl Zeiss: Historically cheap with a P/E of 14.2 - is the time ripe for a comeback?

The success-favored Carl Zeiss Meditec has been experiencing a pronounced earnings dip in recent years. Between 2023 and 2025, earnings were halved. Due to regulatory headwinds and lost tenders for older lens generations in China, the adjusted margin also collapsed in the first half of the year. For the full year 2025/26, management is only projecting an adjusted EBITA margin of 8 to 10%. CFO Justus Felix Wehmer commented on the situation soberly: "Even in the second quarter of 2025/26, we are navigating a challenging market environment with geopolitical...