Siemens' Power Grid Business Spin-Off a Strategic Benefit; Shares Attractive
We are maintaining our EUR 128 fair value estimate for narrow-moat Siemens following the solid second-quarter performance and announcement of the power and gas business spin-off, which is a modest positive on valuation but more material in terms of the company's changing strategy. We see Siemens as the leading European industrial automation supplier because of its more advanced software offerings and believe its shift to focus more on products supporting electrification (for example, autos) and ...
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