Report
Delphine Brault

Siemens AG : A solid Q3 despite the pandemic. Target price lifted to € 112

>A Q3 impacted by COVID-19 but well ahead of expectations - Despite management’s cautious message, Siemens AG reported orders of € 14.4bn (-7% org., +5% vs consensus), revenues of € 13.5bn (-5% org., +6% vs the consensus) and adjusted EBITA (IB) 54% above expectations (€ 1,792m, 13.3% margin vs 9.8% est.). FCF was very good at € 2,464m thanks to mobility (MO) and also Siemens Energy. The group has basically defended its margins well and quickly adjusted its costs, esp...
Underlying
Siemens AG

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Delphine Brault

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