Siemens AG

SIE: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€759.00	Gyxr	Mpkhkblwtk

Siemens Enjoying Exceptionally High Revenue Visibility on High Order Backlog

Denise Molina

Feb 10, 2023

We increase our fair value estimates for Siemens AG to EUR 160 from EUR 145 for the locally traded shares and to $87 from $75 for the ADR. The drivers behind our changes include increased 2023 management guidance following the robust first-quarter 2023 results, the time value of money, and currency movements. We maintain our narrow moat rating for Siemens and see moderate upside for the shares relative to our fair value estimates.

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