Siemens Healthineers AG (SHL GR) Buy: Fallen angel or a falling knife

研报英文原文证据摘录

Siemens Healthineers AG (SHL GR) Buy: Fallen angel or a falling knife

27 and no near-term catalyst 52.00

in sight, some investors might argue there could be better times to buy the stock. 41.50

Our inflation-sensitivity analysis shows the earnings impact is manageable, supported by

31.00

inflation pass-through and cost control. Further, we believe the risk-reward setup is 06/25 12/25 06/26

attractive for Siemens Healthineers at this point. Our bear case implied fair value is c23% Target price: 45.00 High: 49.53 Low: 33.40 Current: 34.96

below the current market price while our bull case implied fair value is c57% above. Source: LSEG IBES, HSBC estimates

Any further cut to guidance in conjunction with the spinoff can lead to further margin

compression, in our view. Hence, we are using a low multiple for our bear case scenario. Shubhangi Gupta*, PhD

Global Life Sciences & Healthcare Analyst

Our bull case multiple is close to the median for Siemens Healthineers. HSBC Securities and Capital Markets (India) Private

Limited

Reiterate Buy; cut TP to EUR45.00 (from EUR60.00): We use adjusted present value shubhangi.gupta@hsbc.co.in

methodology to derive our target price of EUR45.00 (from EUR60.00) on lower estimates +91 80 4555 2143

and a higher WACC. Our target price implies 28.7% upside. We reiterate our Buy rating. Rajesh Kumar*

Senior Global Life Sciences & Healthcare Analyst

We update our estimates to reflect the 7 May guidance update, resulting in 4-9% lower HSBC Bank plc

adjusted EPS for FY26-28e. Although Siemens Healthineers might have near-term rajesh4kumar@hsbcib.com +44 20 7991 1629

margin pressure, the multiple compression has been disproportionate. Investors have

Sidharth Sahoo*

been over-bearish in MedTech, in our view.