Siemens AG

SIE: XETR (DEU)

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Siemens: Pays a Premium for Altair’s Complementary and Moat-Enhancing Software

Matthew Donen

Oct 31, 2024

Siemens announced the acquisition of industrial software provider Altair for $10.6 billion, the largest in the group’s history. The acquisition is consistent with Siemens’ strategy, complementing its existing product lifecycle management and electronic design automation software, and strengthens its leadership position in industrial software. We believe the acquisition supports our wide moat rating for Siemens and will further strengthen customer switching costs, but the valuation does appear rich at first glance. We maintain our EUR 180 fair value estimate.

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Siemens AG

Siemens: Pays a Premium for Altair’s Complementary and Moat-Enhancing Software

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