Siemens Healthineers AG: Another cut should de-risk FY26 and FY27

Research evidence excerpt

Siemens Healthineers AG: Another cut should de-risk FY26 and FY27

J P M O R G A N Europe Equity Research

03 August 2026

Siemens Healthineers AG Overweight

SHLG.DE, SHL GR

Another cut should de-risk FY26 and FY27 Price (31 Jul 26):€37.03

▲Price Target (Dec-27):€57.40

Prior (Jun-27):€54.30

While Q3 came up short on an underlying basis (i.e. stripping out the tariff refunds),

management reiterated FY26 EPS guidance, although this was helped by lower European Medical Technologies &

Servicestax, lower interest and lower central costs. The first two of these are not sustainable

into FY27 and management sensibly addressed this with a qualitative guide to David Adlington AC

FY27 EPS that is likely to lead most market participants to assume MSD EPS (44-20) 7134-5828

david.adlington@jpmorgan.com

growth (off the u/l EPS of c€2.25). This will drive MSD downgrades to sell-side

(likely less to buy-side). With the shares trading on c15.6x FY27E PER, the Anchal Verma

(44-20) 3493-6144

valuation looks decent on fundamentals (hence our OW), although we anchal.verma@jpmorgan.com

acknowledge the parent stake remains a medium term overhang. We update our

Philip S Omnou

price target to €57.4 (prev €54.3) as recent sector multiple expansion more than (44-20) 3493-5648

offsets the LSD downgrades to our forecasts. philip.omnou@jpmorgan.com

J.P. Morgan Securities plc

• The good. Order book-to-bill of 1.27 suggests mid-teens order growth (usual

competitive charts attached). Precision Therapies growth of 9.2% was the Specialist Sales contact details:

strongest in 2.5 years. Despite softer than expected sales growth in Imaging, Marjan Daeipour - Specialist Sales -

margins held up well. Imaging growth is expected to accelerate in Q4 to HSD. European Healthcare