Siemens AG

SIE: XETR (DEU)
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Siemens Earnings: Fiscal 2025 Guidance Appears Achievable Following Strong Close to 2024

Wide-moat Siemens reported a strong close to fiscal 2024, beating company-compiled consensus across most operating metrics during the fourth quarter. Fiscal 2025 guidance for revenue growth of 3%-7% is in line with our estimate of 6%, underpinned by secular growth themes in the smart infrastructure segment and a healthy backlog in the mobility division, helping to mitigate ongoing weakness in the automation business. We maintain our EUR 198 fair value estimate. While we view the shares as slightly undervalued, our preferred pick in the sector is Schneider Electric.

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