Siemens AG

Siemens is a technology company. Co.'s Energy sector provides a range of products, solutions and services for generating and transmitting power. The Healthcare sector provides customers a range of medical solutions across the treatment chain. The Industry sector supplies products and solutions for industrial companies, primarily in the process and manufacturing industries. The Infrastructure & Cities sector provides a range of technologies that accelerates the capabilities of metropolitan centers and urban infrastructures. The Investments segment is comprised of Co.'s equity stakes in other companies. The Financial Services segment provides business-to-business financial solutions.
  • TickerSIE
  • ISINDE0007236101
  • SectorGeneral Industrials
  • CountryGermany
Alfred Glaser ...
  • Delphine Brault
  • Jean Danjou
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/24/2020

Recent announcements of stimulus plans in France and in Europe have kindled hope. The present report analyses in detail the different segments of the French construction sector. The sector could contract by 14%e in 2020 whilst 2021 will likely be marked by a rebound (+9% estimated) but this will not be enough to return it to its pre-crisis activity levels. We favour exposure to thermal renovation and infrastructure. Thus, Saint-Gobain, Eiffage and Vinci should turn in decent performan...

Alfred Glaser ...
  • Delphine Brault

Siemens AG : Siemens Energy spin-off: (video) presentation by management

>First appearance by the management team - Christian Bruch (the new Energy CEO) and Maria Ferraro (CFO) introduced themselves and provided an overview of the businesses, with no guidance given at this stage. A CMD on 1 September should provide more detail on this front. Mr Bruch, with a dynamic approach, has just arrived from Linde AG where he was CEO of Linde Engineering (installations and projects for process industries) which is not dissimilar to Siemens’ GP in man...

Alfred Glaser ...
  • Delphine Brault
  • Jean Danjou
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/06/2020

Les annonces récentes de plans de relance en France et en Europe ont alimenté l’espoir. Cette note analyse dans le détail les différents segments dans la construction en France. Le secteur pourrait baisser de 14%e en 2020 alors que 2021 montrera un rebond (+9%e) toutefois insuffisant pour revenir sur les niveaux pré-crise. Nous privilégions les expositions à la rénovation thermique et aux infrastructures. Saint-Gobain, Eiffage et Vinci devraient ainsi tirer leur épingle du jeu, tandis...

Alfred Glaser ...
  • Delphine Brault

Siemens AG : Siemens Energy spin-off : (vidéo-) présentation du management

>L’équipe dirigeante s’est montrée pour la première fois - Christian Bruch (nouveau PDG de « Energy ») et Maria Ferraro (CFO) se sont présentés et ont fait un tour des activités, sans donner d’objectifs à ce stade. Un CMD le 1er Septembre devrait compléter cet aspect prospectif. M. Bruch, homme dynamique, vient tout juste de chez Linde AG où il était CEO de l’activité Linde Engineering (installations et projets pour industries de process) qui ressemble par différents ...

Siemens Aktiengesellschaft: Siemens' A1 to remain adequately positioned also post Siemens Energy spin-off

We expect that Siemens will remain adequately positioned in it current rating category also post spin-off of Siemens Energy AG - covid-19 should impact credit metrics only temporarily

Valérie GASTALDY

Short term view - SIEMENS : The background trend is clearly bearish.

The background trend is clearly bearish. The negative MACD confirms the trend. The rise is a consolidation that will soon bump against the level at €105.30. The next target is at €99.70, then €93.53. Passing €112.12 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - SIEMENS : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le MACD est négatif, il confirme cette tendance. La reprise est une consolidation qui va buter sur 105,30 € prochainement. Le prochain objectif est à 99,70 €, puis 93,53 €. Le franchissement de 112,12 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Short term view - SIEMENS : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €99.70. The background trend would be questioned should prices rise above €112.12.

Valérie GASTALDY

Analyse court terme - SIEMENS : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 99,70 €. La tendance de fond serait remise en cause en cas de franchissement de 112,12 €.

Valérie GASTALDY

Analyse moyen terme - SIEMENS : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 100,00 €, puis 93,70 €. Le franchissement de 129,44 € remettrait en cause la suite de la baisse.

Alfred Glaser ...
  • Delphine Brault

Siemens AG : Siemens Energy spin-off: (video) presentation by management

>First appearance by the management team - Christian Bruch (the new Energy CEO) and Maria Ferraro (CFO) introduced themselves and provided an overview of the businesses, with no guidance given at this stage. A CMD on 1 September should provide more detail on this front. Mr Bruch, with a dynamic approach, has just arrived from Linde AG where he was CEO of Linde Engineering (installations and projects for process industries) which is not dissimilar to Siemens’ GP in man...

Alfred Glaser ...
  • Delphine Brault

Siemens AG : Siemens Energy spin-off : (vidéo-) présentation du management

>L’équipe dirigeante s’est montrée pour la première fois - Christian Bruch (nouveau PDG de « Energy ») et Maria Ferraro (CFO) se sont présentés et ont fait un tour des activités, sans donner d’objectifs à ce stade. Un CMD le 1er Septembre devrait compléter cet aspect prospectif. M. Bruch, homme dynamique, vient tout juste de chez Linde AG où il était CEO de l’activité Linde Engineering (installations et projets pour industries de process) qui ressemble par différents ...

Research Department

INFORME DIARIO 27 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, NATURGY. EUROPA: SECTOR BANCOS, SIEMENS. El Ibex recupera los 7000 Jornada de subidas en las bolsas Europeas a las que unió EE.UU. El Ibex, a la cabeza de Europa se anotó un +2,2% apoyado en el sector bancario y el de turismo. En el Euro STOXX Bancos y Viajes&Ocio lideraron las ganancias frente a Servicios Financieros y Telecos que presentaron el peor comportamiento relativo. Por el lado macro, desde el BCE L. de Guindos se mostró confiado y espera que el Bundesbank continúe implementando la política monetaria del Banco Central, aunque l...

Research Department

INFORME DIARIO 22 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCELOR, BANKIA, OHL, SECTOR BANCOS, SECTOR ELÉCTRICO, SECTOR TURISMO, TELEFONICA, .EUROPA: INTESA SANPAOLO, SIEMENS Alternancia entre ganancias y pérdidas Caídas del orden del -1,0% en Europa después de un nuevo rebrote de riesgo geopolítico entre EE.UU. y China. En el Euro STOXX la mayoría de los sectores presentaron caídas, con Tecnología y Bancos como los peores frente a Viajes&Ocio y Retail que presentaron mayores subidas. Por el lado macro, en la Eurozona los PMI preliminares de mayo se recuperaron más de lo esperado y perfilan un crecimien...

Alfred Glaser ...
  • Delphine Brault

Siemens AG : Siemens is actively fighting against the crisis. The spin-off of the energy division is continuing

>Q2 impacted by COVID-19 but Q3 to be worse - The group reported an organic decline in orders of -9% and a drop in revenues (€ 14.2bn) of -1%. The figures now no longer include the energy business (GP, SGRE). The operating margin (12.1%) is down 10bp in reported terms and by 240bp l-f-l: it contracted by 230bp in digital industries (15.9%, revenues down by -10% and very unfavourable mix) and 510bp in smart infrastructure (5.2% including € 103m of severance charges), a...

Siemens Aktiengesellschaft: Siemens' A1 to remain adequately positioned also post Siemens Energy spin-off

We expect that Siemens will remain adequately positioned in it current rating category also post spin-off of Siemens Energy AG - covid-19 should impact credit metrics only temporarily

Siemens Aktiengesellschaft - March 2020 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Siemens Aktiengesellschaft: Update to credit analysis

Our credit view of Siemens, reflecting its large scale, with multiple market leadership positions, and our expectation of continued a solid balance sheet after the Siemens Energy spinoff.

Siemens Aktiengesellschaft - December 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Siemens Aktiengesellschaft: Slow start to FY20 - purchase of Iberdrola's minority stake in SGRE is credit positive

Q1 figures came in below expectations, however full year's guidance was confirmed and credit metrics remained adequate for current rating category

Alfred Glaser ...
  • Delphine Brault
  • Jean Danjou
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/24/2020

Recent announcements of stimulus plans in France and in Europe have kindled hope. The present report analyses in detail the different segments of the French construction sector. The sector could contract by 14%e in 2020 whilst 2021 will likely be marked by a rebound (+9% estimated) but this will not be enough to return it to its pre-crisis activity levels. We favour exposure to thermal renovation and infrastructure. Thus, Saint-Gobain, Eiffage and Vinci should turn in decent performan...

Alfred Glaser ...
  • Delphine Brault
  • Jean Danjou
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/06/2020

Les annonces récentes de plans de relance en France et en Europe ont alimenté l’espoir. Cette note analyse dans le détail les différents segments dans la construction en France. Le secteur pourrait baisser de 14%e en 2020 alors que 2021 montrera un rebond (+9%e) toutefois insuffisant pour revenir sur les niveaux pré-crise. Nous privilégions les expositions à la rénovation thermique et aux infrastructures. Saint-Gobain, Eiffage et Vinci devraient ainsi tirer leur épingle du jeu, tandis...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/12/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/05/2020

...

Alain William ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Fehmi Ben Naamane
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/08/2020

...

With a more favourable environment, SIEMENS AG improves to Slightly Positive

SIEMENS AG (DE), a company active in the Diversified Industrials industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date May 22, 2020, the closing price was EUR 93.54 and its potential was estimated at EUR 98.84.

Expert Corporate Governance Service (ECGS)

Siemens -EGM 09 July 2020

General: The EGM is to be held in the form of a virtual EGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 1: On 22 May 2020, the Management Board of Siemens AG with the approval of the Supervisory Board resolved to legally separate the Siemens Gas and Power Business and the approximately 67% stake held by Siemens AG in the listed Si...

Expert Corporate Governance Service (ECGS)

Siemens - AGM 05 February 2020

Item 6: We recommend to oppose the revised remuneration system for the Management Board due to our concerns over the structure of remuneration being paid under the system: The maximum total remuneration (excluding pension benefits and benefits in kind) may reach as much as ~643% of base salary which significantly exceeds ECGS guidelines according to which the maximum total remuneration should generally not exceed 400% of base salary.

Siemens AG – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Siemens - February 05th, 2019

General: The IPO of Siemens Healthineers was conducted on 16 March 2018 at an issue price of EUR 28.00. In total, 150m shares, representing a free float of 15%, were placed by Siemens AG, which received the resulting proceeds and continues to own 85% of the Company's shares. Siemens Healthineers is a leading medical technology company and global provider of healthcare solutions and services with over 170 years of experience and 18,000 patents. As of 30 September 2018, Siemens Healthineers had about 50,000 employees in over 70 countries. In financial year 2017/2018, the Company generated reve...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 31/01/2018

Item 6c: We recommend to oppose the election of Benoît Potier to the Supervisory Board until the AGM 2023 due to concerns over aggregate time commitments.General: In September 2017, Siemens and Alstom S.A. signed a memorandum of understanding to combine the companies' rail businesses in a 'merger of equals'. According to the memorandum, Siemens will receive newly issued shares in the combined company ('Siemens Alstom') representing 50% of the share capital assuming full dilution through exercise of all potentially dilutive securities and share-based payment plans. Furthermore, Siemens will rec...

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