Siemens AG : More work to do in 2019. We maintain our Neutral recommendation after Q4
>Q4 slightly below our expectations but above the consensus - Siemens reported figures that were in line with or slightly above the consensus, whereas our estimates were c.7% higher than the consensus. Q4 was marked by heavy restructuring charges (€ 527m) but no other sizeable one-offs. Sales and orders posted +5% organic growth, but the operating margin fell 20bp to 9.3% (according to Siemens’ calculation mode); PG generated losses. Net profit was hurt by a 53% tax ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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