Siemens AG: Solid execution across SI & DI, but fully priced in

研报英文原文证据摘录

Siemens AG: Solid execution across SI & DI, but fully priced in

Equity Research

European Capital Goods

13 May 2026

Siemens AG

Solid execution across SI & DI, but

fully priced in

2Q results evidenced strong growth in SI & margin SIEGn.DE/SIE GY UNDERWEIGHT

improvement in DI, partly masked by tariff impact in Mobility Unchanged

& weakness in Healthineers. FCF remained muted. We European Capital Goods UnchangedNEUTRAL

modestly increase EBITA for FY27E (FY26E unchanged), but Price Target EUR 230.00

see limited upside to cons. Macro headwinds & valuation raised 5% from EUR 220.00

keeps us cautious; UW. Price (12-May-26) EUR 264.60 Potential Upside/Downside -13.1%

Source: Bloomberg, Barclays Research

Solid execution in 2Q26 across key segments; macro, cash generation, lack of upside to

consensus and valuation mean we see better value elsewhere: Although headline Sales and Market Cap (EUR mn) 206917

EBITA missed consensus by 2-3%, strong performance in SI (record orders) and DI (improving Shares Outstanding (mn) 782.00

margins) helped to mitigate weakness in Healthineers and a tariff-related warning in Mobility. Free Float (%) 97.48

The company appeared upbeat on electrification (although it indicated extending DC backlog 52 Wk Avg Daily Volume (mn) 1.1

duration) and automation demand (although China growth is below some Asian peers). Despite Dividend Yield (%) 2.03

continuing strong execution across key business lines, we see higher energy costs as a potential Return on Equity TTM (%) 12.72

risk to industrial activity in Europe and China (together >60% of SIE sales) in the latter part of Current BVPS (EUR) 81.85

the year. The Healthineers spin is now planned for after the AGM in 2027, as consultations with Source: Bloomberg