European Daily Focus: Friday, 19th June 2026

Research evidence excerpt

European Daily Focus: Friday, 19th June 2026

Deutsche Bank

Research

Europe Strategy Date

19 June 2026

European Daily Periodical

Focus

Friday, 19th June 2026

Jonathan Jayarajan

TOP STORIES Associate Director Equity Research - EMEA

SIEMENS ENERGY (ENR1n.DE) - TI in the spotlight Products

Gael de-Bray: Tgt EUR200. Last Close EUR169.34, Buy. According to Manager +44-20-754-76037

Magazin (June 18), Siemens Energy is exploring the separation of its

"Transformation of Industry" division (TI, €5.7bn revenue, 14% of group) through an

IPO, the spin-off of a majority stake, or a merger with a competitor. If completed, we

believe the move would benefit shareholders; it would allow Siemens Energy to

fully refocus on electrification markets, eliminate its Oil&Gas/petrochemical

exposure, and mechanically improve its margin profile (we estimate by at least

+50bps). It would also simply the group's reporting structure and make its profile

even more comparable to that of GEV, potentially further reducing the gap between

the two companies' valuation multiples. We rate the stock Buy.

ARCELORMITTAL (MT.AS) - Feedback from meetings with management Figure 1: Table of Contents

Bastian Synagowitz: Tgt EUR57. Last Close EUR55.86, Buy. Deutsche Bank

Top Stories Page 01

hosted meetings with ArcelorMittal`s Head of IR & Corporate Finance Daniel Target Price Changes Page 02

Fairclough. The main focus has been the implications of the new EU safeguard Company Updates Page 03

measures on the European market and MT`s operations as well the current Sector Update Page 05

Strategy / Economics Page 05

dynamics across the portfolio. Management also reiterated the strong ambition to Global Focus Page 08

keep the extra shareholder returns above the minimum target of at least 50% of the Source : Deutsche Bank