Siemens AG

SIE: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€931.00	Rtzzj	Bpmgbjcjbj

Siemens Earnings: Electrification and Software Subsegments Underpin Solid Quarter; FVE Unchanged

Matthew Donen

Aug 8, 2024

We’re maintaining our EUR 180 fair value estimate following wide-moat Siemens’ strong third quarter, delivering solid organic revenue growth in line with company-compiled consensus and an 11% increase in operating profits, which was ahead of expectations. Robust performance was underpinned by its electrification and software subsegments, offsetting continued weakness in automation. While full-year guidance was maintained, management now expects the lower end of its 4%-8% organic revenue growth to be achieved due to weakness in the digital industries segment, which is consistent with our forecasts. Shares are marginally undervalued.

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