Schneider Electric (SCHN.PA): Management call re-assures on Cognite deal rationale

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Schneider Electric (SCHN.PA): Management call re-assures on Cognite deal rationale

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01 Jul 2026 06:00:16 ET │ 10 pages

Schneider Electric (SCHN.PA)

Management call re-assures on Cognite deal rationale

CITI’S TAKE

Schneider hosted a call today following the announced US$3.1bn

Buy acquisition of Cognite last night (see our first take here). Cognite is seen as

Price (30 Jun 26 17:30) €285.40 a leader – if not unique – in it’s data contextualization capabilities, with

roots in process industries. With both this ability to contextualize data Target price €340.00

from the IT/OT silos and the capability to build AI agents on top, we think Expected share price return 19.1%

the acquisition is a natural extension of the design/asset- Expected dividend yield 1.5%

management/visualization software capabilities that Schneider already Expected total return 20.7%

has with Aveva/OSI. Schneider intends to scale Cognite to its own larger Market Cap €164,711M

customer base, and a key debate will be how quickly this can be done,

US$187,474M given that many of the entry barriers to data contextualization relate to

domain expertise and industry specific context that is not instantly

replicable across industries. Nonetheless, despite the optically high price –

at ~18x trailing sales – we think the combined Cognite/Schneider Martin WilkieAC

capability will offer significant value to customers. Maintain Buy. +44-207-986-4077

martin.wilkie@citi.com

Key investor debates – Investor debates this morning appear to have focused on two

areas – whether more software deals are coming, and whether the price is reasonable

given the broader market concerns on software/SaaS assets. On whether more deals

are yet to come, we don’t get the impression that this is the first of a series of deals,