Fresenius Medical Care

Fresenius Medical Care is the world's largest provider of dialysis, running a global network of clinics for patients with kidney failure and manufacturing much of the equipment and consumables they depend on. The underlying demand is remarkably steady, since dialysis is life-sustaining treatment that continues regardless of the economy. Despite that resilience, the company has wrestled with rising costs, labour shortages in its US clinics and a complex corporate structure, which has weighed on profits and the share price. It has a long history of paying and modestly raising its dividend, but recent margin pressure means the current appeal rests as much on a turnaround in profitability as on the income itself.