Sabadell - Siemens Limited (SIEMENS) SIEMENS: UN GIGANTE EN TIEMPOS DE COVID-19; CAMBIO DE RECOMENDACIÃ“N A COMPRAR (ANÃLISIS BANCO SABADELL)

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Sabadell

Francisco Rodriguez

EUR 200.00 For Business Accounts Only

SIEMENS: UN GIGANTE EN TIEMPOS DE COVID-19; CAMBIO DE RECOMENDACIÃ“N A COMPRAR (ANÃLISIS BANCO SABADELL)

Un gigante en tiempos de Covid-19. Pasamos a COMPRAR.
Rebajamos estimaciones â€“12% medio en 2020/22e centrado en sus negocios mÃ¡s afectados por el Covid (Digital Industries + Smart Infraestructures; ~55% EBIT), pero la previsiÃ³n de recuperaciÃ³n de la actividad, y sobre todo la recurrencia mostrada en Healthcare y Mobility (~40% EBIT conjunta), asÃ como su solidez financiera (~2,5x DN/EBITDA) y capacidad de generaciÃ³n de caja (FCF op. >6%), nos hacen recuperar la confianza en SIE a este precio. El P.O. queda en 107 euros/acc. (-7% vs antes) que supone +14,5% de potencial. Volvemos a recomendar COMPRAR, viendo como principal catalizador la escisiÃ³n de Siemens Energy (~13% EBIT) que recoge sus negocios menos rentables y que harÃ¡ mÃ¡s evidente la calidad del resto sus activos.

22/05/2020 10 ES

Underlying

Siemens Limited

Siemens is an electronics products manufacturing group based in India. Co. is engaged in designing, manufacturing and marketing electrical and electronics products and equipments mainly for the power industry and the information and communication industry in India. Co. is also engaged in providing consultation services, providing back office support services and real estate management. Co. operates nine business segments with Healthcare as a separately managed business. Co.'s business segments include: Power and Gas; Wind Power and Renewables; Power Generation Services; Energy Management; Building Technologies; Mobility; Digital Factory; Process Industries and Drives; and Financial Services.

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INE003A01024 National Stock Exchange of India India

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Sabadell

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Analysts

Francisco Rodriguez

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SIEMENS: UN GIGANTE EN TIEMPOS DE COVID-19; CAMBIO DE RECOMENDACIÃ“N A COMPRAR (ANÃLISIS BANCO SABADELL)

SIEMENS: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 08 AGOSTO (ANÁLISIS BANCO SABADELL)

SIEMENS: RDOS. 2T’24 (ANÁLISIS BANCO SABADELL)

REDEIA: RDOS. 1T’25 Y CAMBIO DE P.O. A BAJO REVISIÓN (ANÁLISIS BANCO SABADELL)

BASF: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 02 MAY + 1Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

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SIEMENS: UN GIGANTE EN TIEMPOS DE COVID-19; CAMBIO DE RECOMENDACIÃ“N A COMPRAR (ANÃLISIS BANCO SABADELL)