reports
- Jeffrey Vonk
Contracting Gas Turbine Markets Continue to Depress Siemens' Industria...
Siemens delivered mixed results in the second quarter as profit from its industrial businesses declined 8% year on year on the back of flat organic revenue, but strong order intake (in line with the high level of second-quarter 2017) offers some promise for the future. Adjusted for negative currency effects, the firm reported higher revenue in all divisions, with the exception of power and gas, or P&G, and renewable energy. Net income in the second quarter increased strongly, mainly due to b...
- Joe Cornell
Siemens AG (SIEGY) Carves-Out Siemens Healthineers (SHL) in IPO
On March 15, 2018, Siemens Healthineers AG (FRA: SHL, €30.70, Market Capitalization: €30.7 billion) carved out of Siemens AG (OTC US: SIEGY, $65.70, Market Capitalization: $111.7 billion); announced an IPO issue of 150 million shares at an issue price of €28.00 per share. On March 5, 2018, SHL had announced IPO price in the range of €26.00 - €31.00 per share. In total, 150 million existing ordinary registered shares (including overallotments) were placed in the IPO, representing a free fl oat of...
- Paul McCann
Siemens AG (SIEGY) to IPO Siemens Healthineers AG (“SHLâ€) on March...
On November 10, 2016, Siemens AG (OTC US: SIEGY, $65.97, Market Capitalization: $112.1 billion) announced plans to carve-out its healthcare division (Siemens Healthineers) into a new publicly listed entity. On March 5, 2018, Siemens Healthineers AG (FRA: “SHL”) filed an IPO prospectus for a listing on Frankfurt Stock Exchange. The listing is planned on March 16, 2018. Siemens AG will receive the proceeds from the Offering; Healthineers will not receive any proceeds from the Offering. The pricing...
- Jeffrey Vonk
Contracting Large Gas Turbine Markets and Wind Price Pressure Depress ...
Narrow-moat Siemens closed out its fourth quarter with strong order growth of 16% versus the prior year, and decent revenue growth of 1% (in line with our expectations but below market expectations). However, the industrial business' profit margin decreased 120 basis points year on year as strong improvements in energy management, building technology, process industries and drives, and healthcare were more than offset by declines in power and gas, digital factory, and renewable energy. Profit de...
- Jeffrey Vonk
We raised narrow-moat Siemens’ fair value estimate, and we believe s...
Siemens and Alstom have agreed to combine Alstom’s assets with Siemens’ mobility business (including its rail traction drives business) to create the second-largest manufacturer of rolling stock, in order to cope with increasing competition out of China. Ahead of the deal's completion, which is expected at year-end 2018, Alstom will distribute EUR 8 per share to shareholders, resulting from a control premium (EUR 4 per share) and EUR 2.5 billion of proceeds from exercising put options in ene...
- Jeffrey Vonk
We raised narrow-moat Siemens’ fair value estimate, and we believe s...
Siemens and Alstom have agreed to combine Alstom’s assets with Siemens’ mobility business (including its rail traction drives business) to create the second-largest manufacturer of rolling stock, in order to cope with increasing competition out of China. Ahead of the deal's completion, which is expected at year-end 2018, Alstom will distribute EUR 8 per share to shareholders, resulting from a control premium (EUR 4 per share) and EUR 2.5 billion of proceeds from exercising put options in ene...
- Jeffrey Vonk
Alstom and Siemens in Discussion to Tie-Up Rail Activities to Cope Wit...
On 22 Sept. 2017, Alstom confirmed discussions with Siemens to create the largest manufacturer of rolling stock. As the talks are ongoing and we have limited insight at outcomes of the negotiations at this stage, we maintain our Alstom fair value estimate of EUR 30 per share. We also retain our no-moat rating for Alstom. This announcement does not alter our narrow moat rating or our fair value estimate of EUR 125 per share for the local shares ($68 per share for the ADR) of Siemens. After stren...
- Jeffrey Vonk
Good Sales in Siemens' 3Q, but Profitability Below Expectations Due to...
Siemens delivered mixed third-quarter results. The industrial business' profit margin decreased 40 basis points year on year as strong improvements in digital factory, building technology, and healthcare were more than offset by declines in power and gas, energy management, and renewable energy. Profit development in the quarter was slightly below our expectations, especially for the P&G division, which failed to continue its strong performance in the first six months due to lower production...
- Jeffrey Vonk
Raising Siemens' FVE on Good Order Growth and Increasing Profitability
We increase our fair value estimate for Siemens to EUR 125 per share from EUR 114 for the local shares and to $68 per share from $60 for the ADR, owing to positive adjustment factors such as the time value of money, fine-tuning of assumptions for 2017-18 in our model, and lower pension deficit (EUR 10.5 billion at end March 2017, versus EUR 11.1 billion at end December 2016). We maintain our narrow moat rating. Owing to higher-than-expected order and revenue growth rates in the first six months ...
- Jeffrey Vonk
We lower our FVE for narrow-moat Siemens' ADR shares to reflect two-fo...
Siemens delivered results above our expectations in the first quarter as profit of industrial business surged 26% year on year as strong improvement in Power and Gas, Wind Power, Building Technologies, Digital Factory and Healthcare more than offset a decline in Process Industries and Mobility. The firm reported revenue 1% higher year on year, but sales increased 3% on a comparable basis in the first quarter. The quarterly organic rate is in line with our full-year 2017 estimate of 3.2% as we do...
- Jeffrey Vonk
We raised Siemens’ fair value estimate, owing to increasing profitab...
Siemens delivered results above our expectations in the first quarter as profit of industrial business surged 26% year on year as strong improvement in Power and Gas, Wind Power, Building Technologies, Digital Factory and Healthcare more than offset a decline in Process Industries and Mobility. The firm reported revenue 1% higher year on year, but sales increased 3% on a comparable basis in the first quarter. The quarterly organic rate is in line with our full-year 2017 estimate of 3.2% as we do...
- Jeffrey Vonk
Strong Start for Siemens Into Fiscal Year 2017; Earnings Outlook Raise...
Siemens delivered results above our expectations in the first quarter as profit of industrial business surged 26% year on year as strong improvement in Power and Gas, Wind Power, Building Technologies, Digital Factory and Healthcare more than offset a decline in Process Industries and Mobility. The firm reported revenue 1% higher year on year, but sales increased 3% on a comparable basis in the first quarter. The quarterly organic rate is in line with our full-year 2017 estimate of 3.2% as we do...
- Jeffrey Vonk
Strong Profitability for Siemens in Fiscal Year 2016; Public Listing H...
In line with our expectations, Siemens' focus on portfolio optimization and cost reduction mitigated the impact of cyclical swings in fiscal 2016. Full-year profit of Siemens' Industrials Business increased 13% year on year, with the EBIT margin up 70 basis points. Margin pressure in Process Industries and Drives due to ongoing weakness in oil and gas and other commodity-related markets was more than offset by strong performance in Wind Power and Energy Management. We're updating our model for ....
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.