Siemens Energy AG (ENR1n.DE) Model Update

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05 Aug 2026 12:44:58 ET │ 11 pages

Siemens Energy AG (ENR1n.DE)

Model Update

CITI'S TAKE

We update our Siemens Energy model post fiscal 3Q26 results. The muted

share price reaction was somewhat surprising when we consider the

strong 3Q26 Gas orders and the positive commentary around next year. A

likely strong start in 1H27E should underpin another >40 GW Gas new unit

year in 2027E; beyond this, we do recognize risk, however, that this fades

from very strong levels – an important motivator of our Neutral rating –

though the P&L effect is likely only to be felt in the early 2030s. While

there was some investor debate on quarterly Gas ASP, the commentary

around better order margins was somewhat reassuring on this point, and

we would not overreact to a single quarterly print. We raise our 2026E EPS

by 6% on better Gas margins, which follows through into a 2% upgrade to

2027E EPS. Our rating and TP are unchanged.

Neutral

Price (05 Aug 26 17:30)

Target price

Expected share price return

Expected dividend yield

Expected total return

Market Cap

Vivek Midha, CFAAC

Siemens Energy AG (EUR)

Year to 30 Sep

2024A

2025A

2026E

2027E

2028E

Sales (€M)

34,465.0

39,077.0

43,841.2

48,998.2

57,926.8

Net Income (€M)

-116.9

1,564.1

4,099.1

5,723.8

7,440.3

Diluted EPS (€)

-0.14

1.77

4.74

6.72

8.87

Diluted EPS (Old) (€)

-0.14

1.77

4.47

6.57

8.84

17.0

PE (x)

-1,113.8

85.2

31.8

22.4

EV/EBITDA (x)

83.6

33.4

18.9

14.0

10.7

DPS (€)

0.00

0.70

2.15

2.95

3.90

na

0.5

1.4

2.0

2.6

Net Div Yield (%)