Berenberg initiated coverage of Fielmann with a "buy" rating, setting a €56 price target. This suggests a 38% upside from the €40.35 closing price, citing undervaluation. The bank believes the company's international expansion and margin recovery will drive growth. Fielmann has transformed from a domestic optician into a pan-European vision care platform.

Fielmann operates in 15 countries and generates about 30% of its revenue outside the DACH region. The company serves roughly 29 million customers through a combined digital sales and over 1,200 store strategy. Berenberg sees international expansion, especially in the US, as a key growth driver, supported by a Vision 2035 strategy.

Under the Vision 2035 strategy, Fielmann targets €4 billion in revenue by 2030, nearly doubling its 2024 revenue of €2.3 billion. The company aims for roughly 50% of revenues outside Germany by 2030. Further margin improvements are expected, driven by productivity gains and lower costs, including those of the US market.

Fielmann's entry into the U.S. market via acquisitions of SVS Vision and Shopko Optical created a 223-store network. Berenberg forecasts revenue growth to €2.78 billion by 2027 and projects 2026 EPS of €2.68. Key risks include slower international scaling, U.S. execution challenges, and persistent wage inflation.