Carl Zeiss: Historically cheap with a P/E28e of 14.2 - Is it time for the comeback?

The successful Carl Zeiss Meditec has experienced a significant downturn in earnings in recent years. Between 2023 and 2025, earnings were halved. Due to regulatory headwinds and lost contracts for older lens generations in China, the adjusted margin collapsed even in the first half of the year. For the entire fiscal year 2025/26, management is now projecting only an adjusted EBITA margin of 8 to 10%. CFO Justus Felix Wehmer commented on the situation soberly: "In the second quarter of 2025/26, we are operating in a challenging market environment...