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
Research Department

INFORME DIARIO 23 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, BANKIA, NEINOR, SANTANDER. EUROPA: NOKIA, SIEMENS. Rebote tímido y heterogéneo en mercados La promesa de nuevos estímulos de J. Powell ante el Congreso si la actividad se sigue deteriorando, junto con un discurso más optimista de varios miembros de la Fed animó cierta recuperación en las bolsas de Europa, aunque las diferencias entre países según el impacto de la pandemia son notables (Alemania +0,6% vs España -0,5%). En EE.UU. las buenas cifras de ventas de viviendas de segunda mano estadounidense en agosto (índice de actividad manufacturer...

Olfa Taamallah ...
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/02/2020

The presentation of the stimulus plan for the French economy is scheduled for 3 September. Whilst the amount has been known (€ 100bn) for some time now, the details will only be disclosed on that date. This document therefore seeks, on the basis of the major trends that have been communicated, to identify the players, covered by ODDO BHF Securities’ equity research department, potentially concerned by the major expenditure categories. This compilation allows us to highlight 40 groups ...

Alfred Glaser ...
  • Delphine Brault

Siemens AG : A CMD on Siemens Energy which confirms recovery ambitions. Outlook for Siemens AG unchanged

>CMD focused on Siemens Energy (SE) prior to the spin-off - The group was keen to present its financial targets and the sub-activities of the SE ensemble prior to its listing, which is planned for 28 September. SE is made up of the Gas and Power (GP) and SGRE activities, now 67%-owned (as well as 24% of Siemens India and other minor stakes); this entity generated sales of € 28.8bn in 2018 and adjusted EBITA of € 1.5bn before special charges. It has around € 2bn in ca...

Olfa Taamallah ...
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/09/2020

La présentation du plan de relance français est prévue pour le 3 septembre. Si le montant est connu (100 Md€) de longue date, les détails ne le seront qu’à ce moment-là. Ce document cherche donc, sur la base des grandes orientations qui ont été communiquées, à recenser les acteurs, couverts par le bureau de recherche d’ODDO BHF, potentiellement concernés par les grands chapitres de dépenses. Ce recensement permet de mettre en avant 40 groupes potentiellement concernés par les annonces...

Alfred Glaser ...
  • Delphine Brault

Siemens AG : Un CMD sur Siemens Energy qui confirme les ambitions de redressement. Les perspectives de Siemens AG restent les mêmes

>Un CMD focalisé sur Siemens Energy (SE) avant le spin-off - Le groupe a voulu présenter les objectifs financiers et les sous-activités de l’ensemble SE avant la cotation prévue pour le 28 septembre. SE sera composé des activités de Gas and Power (GP) et de SGRE, détenu désormais à 67% (ainsi que de 24% de Siemens India et d’autres participations mineures) ; cet ensemble a réalisé un CA de 28.8 Md€ en 2019 et 1.5 Md€ d’EBITA ajusté avant charges exceptionnelles. Il d...

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.

Research Department

INFORME DIARIO 23 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, BANKIA, NEINOR, SANTANDER. EUROPA: NOKIA, SIEMENS. Rebote tímido y heterogéneo en mercados La promesa de nuevos estímulos de J. Powell ante el Congreso si la actividad se sigue deteriorando, junto con un discurso más optimista de varios miembros de la Fed animó cierta recuperación en las bolsas de Europa, aunque las diferencias entre países según el impacto de la pandemia son notables (Alemania +0,6% vs España -0,5%). En EE.UU. las buenas cifras de ventas de viviendas de segunda mano estadounidense en agosto (índice de actividad manufacturer...

Alfred Glaser ...
  • Delphine Brault

Siemens AG : A CMD on Siemens Energy which confirms recovery ambitions. Outlook for Siemens AG unchanged

>CMD focused on Siemens Energy (SE) prior to the spin-off - The group was keen to present its financial targets and the sub-activities of the SE ensemble prior to its listing, which is planned for 28 September. SE is made up of the Gas and Power (GP) and SGRE activities, now 67%-owned (as well as 24% of Siemens India and other minor stakes); this entity generated sales of € 28.8bn in 2018 and adjusted EBITA of € 1.5bn before special charges. It has around € 2bn in ca...

Alfred Glaser ...
  • Delphine Brault

Siemens AG : Un CMD sur Siemens Energy qui confirme les ambitions de redressement. Les perspectives de Siemens AG restent les mêmes

>Un CMD focalisé sur Siemens Energy (SE) avant le spin-off - Le groupe a voulu présenter les objectifs financiers et les sous-activités de l’ensemble SE avant la cotation prévue pour le 28 septembre. SE sera composé des activités de Gas and Power (GP) et de SGRE, détenu désormais à 67% (ainsi que de 24% de Siemens India et d’autres participations mineures) ; cet ensemble a réalisé un CA de 28.8 Md€ en 2019 et 1.5 Md€ d’EBITA ajusté avant charges exceptionnelles. Il d...

Alfred Glaser ...
  • Delphine Brault

Siemens AG : A solid Q3 despite the pandemic. Target price lifted to € 112

>A Q3 impacted by COVID-19 but well ahead of expectations - Despite management’s cautious message, Siemens AG reported orders of € 14.4bn (-7% org., +5% vs consensus), revenues of € 13.5bn (-5% org., +6% vs the consensus) and adjusted EBITA (IB) 54% above expectations (€ 1,792m, 13.3% margin vs 9.8% est.). FCF was very good at € 2,464m thanks to mobility (MO) and also Siemens Energy. The group has basically defended its margins well and quickly adjusted its costs, esp...

Alfred Glaser ...
  • Delphine Brault

Siemens AG : Le T3 a été solide malgré la crise. OC relevé à 112 €

>Un T3 affecté par le COVID-19 mais bien supérieur aux attentes - Malgré un discours prudent du management, Siemens AG a publié des commandes de 14.4 Md€ (-7% en org., +5% vs consensus), des revenus de 13.5 Md€ (-5% org., +6% vs css.) et un EBITA ajusté (IB) 54% au-dessus des attentes (1 792 M€, 13.3% de marge vs 9.8% est.). Le FCF est très bon à 2 464 M€ grâce à mobility (MO) et aussi Siemens Energy. Le groupe a fondamentalement bien défendu ses marges et rapidement ...

Siemens Aktiengesellschaft: Update following change in outlook to negative

Our credit view of Siemens, reflecting its strong liquidity, underpinned by its diverse internal and external sources, and the growing asset size of SFS.

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.

Olfa Taamallah ...
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/02/2020

The presentation of the stimulus plan for the French economy is scheduled for 3 September. Whilst the amount has been known (€ 100bn) for some time now, the details will only be disclosed on that date. This document therefore seeks, on the basis of the major trends that have been communicated, to identify the players, covered by ODDO BHF Securities’ equity research department, potentially concerned by the major expenditure categories. This compilation allows us to highlight 40 groups ...

Olfa Taamallah ...
  • Sylvain Goyon, CFA
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/09/2020

La présentation du plan de relance français est prévue pour le 3 septembre. Si le montant est connu (100 Md€) de longue date, les détails ne le seront qu’à ce moment-là. Ce document cherche donc, sur la base des grandes orientations qui ont été communiquées, à recenser les acteurs, couverts par le bureau de recherche d’ODDO BHF, potentiellement concernés par les grands chapitres de dépenses. Ce recensement permet de mettre en avant 40 groupes potentiellement concernés par les annonces...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/10/2020

...

Jean Sassus ...
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/08/2020

...

Alain William

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/06/2020

...

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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