Report
Delphine Brault

Siemens AG : Further gradual improvements: "Neutral" rating confirmed

>Slight upward revisions to our figures - We factored in the new guidance, resulting in an upward revision of +3/+5% to our underlying operating figures. We added in the one-off disposal gains of € 1.5bn expected in 2022e. The group is now targeting l-f-l growth in 2022 sales of 5-8% for the DI, SI and MO divisions (SHL targets 0-2%), EPS excluding PPA of € 8.70-9.10 (vs € 8.32 in 2021) and a book-to-bill >1x. This includes the new guidance from SHL (75% owned) and al...
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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