Siemens Energy AG Ordinary Shares

ENR: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€23.80	Wldgj	Lfblmkzcy

Siemens Energy Earnings: Narrow Losses Reduced by Gamesa Turnaround; Free Cash Flow Guidance Lifted

Matthew Donen

Aug 7, 2024

No-moat Siemens Energy delivered a solid third-quarter fiscal 2024, with net losses declining as the turnaround at Siemens Gamesa progresses as expected. Orders for the quarter were strongly ahead of company-compiled consensus, underpinned by a large $1.5 billion gas service order won in the Middle East during the quarter. Moreover, revenue and operating profit were broadly in line with consensus. Shares are largely unchanged intraday and screen as slightly overvalued to our EUR 19.50 fair value estimate, which we maintain.

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