Siemens AG : Worsening macro and pressure on margins: target price reduced to € 98
>Operating profit and FCF below expectations for Q3 - Q3 saw order intake of € 24.5bn, sales of € 21.3bn, industrial profit of € 1,935m (9.1% margin) and net profit of € 1,137m. Overall, results came in below the consensus, except net profit; our estimates were slightly higher than the consensus. Q3 was marked by contrasting margins at the various divisions and no notable one-offs, as well as a sharp slowdown in Digital Industries (DI). FCF was unusually weak for a Q3...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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