No-Moat Siemens Gamesa Renewable Energy's Margin Upside Not Fully Priced In
We are initiating coverage on Siemens Gamesa Renewable Energy, the result of the 2017 merger between Gamesa and Siemens Wind Power, with a no-moat and stable trend rating. We believe scale will become increasingly important for wind turbine suppliers. SGRE is well positioned to become Vestas’ main competitor and achieve margin expansion in the longer term, fuelled by its three-year cost-cutting program. We expect demand for renewable energy to continue to grow, leading to the expansion of the in...Siemens Gamesa Renewable Energy is a holding company. Through its subsidiaries, Co. is engaged in the business of renewable energy sources, primarily wind power but also including solar energy where its acts as a supplier and manufacturer of technological products, installations and services. Co. is organized along the lines of: promotion, construction and sale of wind farms, engineering, design, manufacture and sale of wind turbines, manufacture of thermic and photovoltaic solar components, promotion and sale of photovoltaic solar farms. Co. also participates in both Spanish and European working groups aimed at establishing priorities for its sector's research & development work.
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