Siemens AG: A tale of two halves

Research evidence excerpt

Siemens AG: A tale of two halves

Deutsche Bank

Research

Rating Company Date

Hold Siemens AG 18 May 2026

Company Update

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 14 May 2026 (EUR) 273.70

SIEGn.DE SIE GR GER SIEGn

Price Target (EUR) 255.00

Capital Goods

Diversified / Conglomerates ADR ISIN 52-week range (EUR) 273.70203.75-

SI US8261975010

A tale of two halves

Valuation & Risks

Gael de-Bray, CFA

With the planned deconsolidation of Healthineers (SHL), Siemens will simplify its

Research Analyst

governance and refocus on a more synergistic and faster-growing portfolio. +33-1-4495-6562

However, the timeline of the spin is slow and clarification on the tax treatment is still

pending. Meanwhile, SHL performance remains a drag on the group's overall Nabil Najeeb

results. Mobility's 25% profit miss and the acquisition of Italian rail signaling

+44-20-754-17410

company Mermec also serve as a reminder that Siemens' portfolio is broader than

solely automation and electrification. Indeed, in FQ2, half of the group's portfolio

Price/price relative

(DI and SI) beat consensus, while the other half (SHL, MO, SFS) missed

significantly. With the shares already trading on a 2027 P/E of 21.2x (and 23.5x

excluding SHL), we consider Siemens to be fairly valued. With this report, we review

the performance and outlook of the group's automation business in detail.

2024 2025 2026

1/ Mobility can no longer be a disregarded segment

Historically, Mobility's consistent 9% margin and predictable performance meant Siemens AG – (Rebased)

it often flew under investors' radar. The 25% profit miss in FQ2 (mainly due to project Performance (%) 1m 3m 12m

accounting effects from tariffs in the US) served as a reminder that Siemens

Absolute 15.4 9.0 22.2