Leading positions in the global dialysis market and the European clinical nutrition and infusion therapy markets. Presence in industries with positive underlying growth trends. Recurring revenues and cash flow stream from the life-saving and life-sustaining products and therapies that the group offers, such as dialysis and generic IV (intravenous) drugs. Lack of widely available substitutes to dialysis. Geographically diverse asset base, which mitigates exposure to the economic cycles of individual countries. Relatively high representation of dialysis-related revenues in the group's sales mix. Exposure to public funding and changes in reimbursement policies. Track record of debt-financed acquisitions, in line with a financial policy that could turn temporarily aggressive. Track record of average debt to EBITDA above 3x and adjusted FFO to
