Siemens Healthineers: A Difficult Path to Outperformance

Research evidence excerpt

Siemens Healthineers: A Difficult Path to Outperformance

Deutsche Bank

Research

Rating Company Date

Hold Siemens 15 May 2026

Forecast Change

Europe Healthineers

Germany

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (EUR) 33.93

SHLG.DE SHL GR GER SHLG

Price Target (EUR) 38.00

Healthcare

52-week range (EUR) 49.53 - 33.57

Medical Technologies &

Services

A Difficult Path to Outperformance

Valuation & Risks

Falko Friedrichs

Takeaway Summary Research Analyst

We believe it will continue to be difficult for the stock to outperform and are +49-69-910-36270

therefore maintaining our Hold rating. Although the FY26 guidance was reduced,

Jan Koch, CFA

it still implies a meaningful pick-up in growth and margins. Furthermore, we find Research Analyst

current consensus expectations for 13% adjusted EPS growth in FY27 to be +49-69-910-47428

ambitious; our own forecast is 4% lower. However, the major overhang on the

Fynn Scherzler

shares remains Siemens AG's plan to sell down its stake through a lengthy and

Research Analyst

unfavorable structure for Healthineers shareholders. This spin-off is now expected

+49-69-910-40764

in early 2027, creating uncertainty around the magnitude of the potential share

flowback. Sachin Gadilingappa

Research Associate

Forecast Changes & Valuation

We have left our adjusted EPS estimate for 2026 unchanged but have reduced our Key changes

forecasts for the outer years by 3-4%. Consequently, our target price is lowered to TP 42.00 to 38.00 ↓ -9.5%

€38 (from €42), reflecting both our earnings revisions and a slight reduction in our

DB EPS (EUR) - ↑ 0.2%

target P/E multiple to 15x (from 16x) to account for the continued sector-wide de-

23,593 to

rating. We value Siemens Healthineers based on an average of our DCF analysis and Revenue (EURm) ↓ -0.5%