Siemens (1K) | Hold (vs Reduce) | A new era on the horizon

研报英文原文证据摘录

Siemens (1K) | Hold (vs Reduce) | A new era on the horizon

Siemens Hold | Target Price: EUR280.00

Reporting date 6th August 2026

Conference call 06/08/2026 @ 10:30 CET

Dial in number n.a.

Siemens will report Q3 results on 6 August, which we see as a pivotal moment for investors.

Firstly, we expect another datapoint from the group showing that the cyclical trough for factory

automation within Digital Industries (DI) is clearly in the past, pushing investor debate to the

pace and extent of recovery. Furthermore, an upturn in DI hardware volumes and payback from

productivity actions raises the probability of a margin guide upgrade for 2026. Secondly,

ongoing demand strength in the US business for Smart Infrastructure (SI) should drive upgrades

to the Q4 2026 and 2027 consensus revenue and profit forecasts. Thirdly, with only one quarter

before the year-end, we expect increasing speculation Siemens will reorganise the core business

reporting, a change catalysed by the pending deconsolidation of Siemens Healthineers. Lastly,

the deconsolidation of Healthineers itself is set to occur late in Q1 calendar year 2027, offering

prospects for a further upward re-rating of the underlying business valuation at Siemens

become a more focused industrial electrification and automation World leader.

Ahead of Q3 2026 results, we upgrade our 2027 adj EBITA and adj EPS forecasts by 5% and 4%,

respectively. Our Q3 estimates are slightly above the available consensus. This is driven by

upward revisions to our DI and SI profit forecasts. The estimates continue to consolidate the

results of Siemens Healthineers, where our estimates align with consensus.

We raise our price target to EUR280, which is supported by our central case Sum of the Parts-