Siemens "Delivering on Electrification & Automation growth and margin..."

研报英文原文证据摘录

Siemens "Delivering on Electrification & Automation growth and margin..."

nd acquisition integration costs while our new estimates still imply halving of

09/27E 12.76 13.13 3 12.33

the incremental margin in H2 FY26 to c30% from c60% delivered in H1. As a scenario,

09/28E 14.44 14.88 3 13.74

should we assume Siemens DI continues to deliver 60% incrementals, our FY26E DI Adj

EBITA margin would increase by 100bps to 20.5%. SI: the upgrade is largely topline Andre Kukhnin

growth driven as we now assume 10% organic growth for FY26 vs 7.5% before. Analyst

Although this is also at the top end of the new 8-10% guidance range, we see it still as andre.kukhnin@ubs.com

somewhat conservative as it assumes a c€6.5bn per quarter average revenue run-rate +44-20-7567 2162

for H2 FY26 while the H1 FY26 orders have now averaged at €7.35bn/quarter and last Dini Magoon

three quarters average is c€7bn. Furthermore, even with a further 10% growth assumed Associate Analyst

for FY27, we are assuming a €6.7bn average quarterly run-rate, below our orders dini.magoon@ubs.com

assumption for H2 FY26 (with book:bill landing at 1.12x as a result). Our new Adj +44-20-7567 4037

EBITA ex-severance estimates for Siemens Core are 1.4% ahead of consensus for FY26 Hemal Bhundia, CFA

and 3.5% ahead for FY27 and we therefore anticipate further small upward consensus Analyst

revisions. hemal.bhundia@ubs.com

+44-20-7901 6515

Valuation

Siemens is trading on 2027E P/E of 20.7x and EV/EBITA of 15.4x with ex-SHL valuation at

around 17x EV/EBITA. We continue to find it attractive in light of its direct European

Electrification & Automation peers (ABB, SU, LR) average 22.5-23x valuation. Siemens

Core (ex SHL) offers similar end-markets exposure and business mix to the above