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Siemens AG ADR SIEGY

Morningstar Rating
$99.00 +1.75 (1.80%)
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Company Report

Siemens Earnings: Resilient Performance Despite Slowdown in Automation Sector

Wide-moat Siemens delivered a solid first-quarter fiscal 2024, confirming that the business is well positioned for several secular growth themes, which helped offset weakness in its short-cycle automation business. Its organic order intake grew 2% to EUR 22.3 billion, exceeding company-compiled consensus of EUR 20.5 billion and outperforming its peer ABB, which has already reported its results. Management confirmed full-year revenue guidance between 4% and 8%, provided previously. A book/bill ratio of 1.2 times and a record EUR 113 billion order backlog give us confidence Siemens will achieve its target. We maintain our EUR 166 fair value estimate and view shares as fairly valued.

Price vs Fair Value

SIEGY is trading at a 8% premium.
Price
$97.25
Fair Value
$78.00
Uncertainty
Medium
1-Star Price
$688.20
5-Star Price
$64.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

All its businesses benefit from secular growth themes such as the energy transition, digitalization, and industrial automation, supporting Siemens’ superior market outlook compared with peers.

Bears

The digital industries segment is exposed to cyclical short-cycle end markets, which, combined with continuing destocking in certain regions, have resulted in its book-to-bill ratio falling below 1 times.

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News

Trading Information

Previous Close Price
$97.25
Day Range
$98.8699.18
52-Week Range
$63.3199.18
Bid/Ask
$98.98 / $99.02
Market Cap
$156.37 Bil
Volume/Avg
15,646 / 140,756

Key Statistics

Price/Earnings (Normalized)
16.52
Price/Sales
1.88
Dividend Yield (Trailing)
2.60%
Dividend Yield (Forward)
2.60%
Total Yield
3.50%

Company Profile

Siemens AG is a multi-industry company focused on the areas of automation, electrification, mobility, and healthcare. Its top three geographic regions—the United States, Germany, and China—contribute over half of group revenue. Siemens has a 75% investment in separately listed Siemens Healthineers. Recent portfolio activity included the listing of Siemens Energy, spinning out its power and gas and Siemens Gamesa business divisions in 2020.
Sector
Industrials
Industry
Specialty Industrial Machinery
Stock Style Box
Large Core
Total Number of Employees
321,000

Competitors

Valuation

Metric
SIEGY
ABBN
ROK
Price/Earnings (Normalized)
16.5220.3824.48
Price/Book Value
3.046.609.10
Price/Sales
1.882.603.62
Price/Cash Flow
13.9118.9322.09
Price/Earnings
SIEGY
ABBN
ROK

Financial Strength

Metric
SIEGY
ABBN
ROK
Quick Ratio
1.060.800.72
Current Ratio
1.351.181.25
Interest Coverage
7.4117.7711.31
Quick Ratio
SIEGY
ABBN
ROK

Profitability

Metric
SIEGY
ABBN
ROK
Return on Assets (Normalized)
4.49%9.21%11.91%
Return on Equity (Normalized)
14.02%28.61%40.93%
Return on Invested Capital (Normalized)
5.68%16.80%19.30%
Return on Assets
SIEGY
ABBN
ROK
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Specialty Industrial Machinery Industry Comparables

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Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
GE
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ETN
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ITW
Illinois Tool Works IncBzsfbd$78.5 Bil
PH
Parker Hannifin CorpYwxjsk$68.2 Bil
EMR
Emerson Electric CoYfyl$60.3 Bil
OTIS
Otis Worldwide Corp Ordinary SharesWdnd$38.5 Bil
CMI
Cummins IncPjwng$38.4 Bil
IR
Ingersoll Rand IncSxdlnj$36.2 Bil
ROK
Rockwell Automation IncRgnjn$32.8 Bil

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