We lower our FVE for narrow-moat Siemens' ADR shares to reflect two-for-one stock split.
Siemens delivered results above our expectations in the first quarter as profit of industrial business surged 26% year on year as strong improvement in Power and Gas, Wind Power, Building Technologies, Digital Factory and Healthcare more than offset a decline in Process Industries and Mobility. The firm reported revenue 1% higher year on year, but sales increased 3% on a comparable basis in the first quarter. The quarterly organic rate is in line with our full-year 2017 estimate of 3.2% as we do...
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