We raised narrow-moat Siemens’ fair value estimate, and we believe shares are modestly undervalued.
Siemens and Alstom have agreed to combine Alstom’s assets with Siemens’ mobility business (including its rail traction drives business) to create the second-largest manufacturer of rolling stock, in order to cope with increasing competition out of China. Ahead of the deal's completion, which is expected at year-end 2018, Alstom will distribute EUR 8 per share to shareholders, resulting from a control premium (EUR 4 per share) and EUR 2.5 billion of proceeds from exercising put options in energy ...
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