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 ...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.
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