Raising Siemens' FVE on Good Order Growth and Increasing Profitability
We increase our fair value estimate for Siemens to EUR 125 per share from EUR 114 for the local shares and to $68 per share from $60 for the ADR, owing to positive adjustment factors such as the time value of money, fine-tuning of assumptions for 2017-18 in our model, and lower pension deficit (EUR 10.5 billion at end March 2017, versus EUR 11.1 billion at end December 2016). We maintain our narrow moat rating. Owing to higher-than-expected order and revenue growth rates in the first six months ...
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