Siemens Energ

Analyst updates, 18.11.

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- MORGAN STANLEY raises the price target for SIEMENS from EUR 212 to EUR 220. Overweight. $SIE (-0.62%)

- HSBC raises the target price for RHEINMETALL from EUR 660 to EUR 700. Buy. $RHM (+1.07%)

- HSBC raises the target price for DEUTSCHE TELEKOM from EUR 33.50 to EUR 34. Buy. $DTE (+0.76%)

- DEUTSCHE BANK RESEARCH raises the price target for ALLIANZ SE from EUR 275 to EUR 310. Buy. $ALV (-0.02%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS ENERGY from EUR 52 to EUR 57. Buy. $ENR (+2.01%)

- UBS upgrades AIR PRODUCTS & CHEMICALS from Neutral to Buy and raises target price from USD 338 to USD 375. $APD (+0.81%)

- ODDO BHF raises the price target for SWISS RE from CHF 127 to CHF 138. Outperform. $SREN (+0.69%)

- BARCLAYS raises the price target for MUNICH RE from EUR 523 to EUR 551. Overweight. $MUV2 (+0.12%)

- BARCLAYS raises the target price for HANNOVER RÜCK from EUR 206 to EUR 217. Underweight. $HNR1 (+0.39%)

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- MORGAN STANLEY lowers the target price for BAYER from EUR 35 to EUR 30. Equal-Weight. $BAYN (+1.17%)

- KEPLER CHEUVREUX lowers the target price for SIEMENS HEALTHINEERS from EUR 60.50 to EUR 59. Buy. $SHL (+0.9%)

- KEPLER CHEUVREUX downgrades KNAUS TABBERT to Hold. Target price EUR 15. $KTA (+4.58%)

- DEUTSCHE BANK RESEARCH lowers the price target for SGL CARBON from EUR 10.60 to EUR 9. Buy. $SGL (-1.14%)

- DEUTSCHE BANK RESEARCH lowers the price target for PVA TEPLA from EUR 18 to EUR 14.50. Hold. $TPE (+11.79%)

- DEUTSCHE BANK RESEARCH lowers the price target for KERING from EUR 340 to EUR 320. Buy. $KER (-0.19%)

- ODDO BHF downgrades BECHTLE to Neutral. Target price 37 EUR. $BC8 (+0.65%)

- BARCLAYS lowers the price target for UNITED INTERNET from EUR 27 to EUR 23. Equal-Weight. $UTDI (+0.83%)

- BARCLAYS lowers the price target for 1&1 from EUR 19 to EUR 17. Equal-Weight. $1U1 (+0.33%)

- BERENBERG lowers the target price for AIR LIQUIDE from EUR 195 to EUR 190. Buy. $AI (-0.08%)

- HSBC downgrades PORSCHE SE from Hold to Reduce and lowers target price from EUR 36 to EUR 26. $PAH3 (+0.1%)

I would like to share some of my regrets. I did not or could not buy Siemens Energy when it was at €7. I had cold feet but knew it was overdone and the stock was untradeable. The same day it went up to €10. Later, I sold all my Siemens Energy shares $ENR (+2.01%) at around €30 with 70-80% profit. 😢 I had a similar experience with Meta $META (+0.7%) I didn't buy at €90 and sold at €325 with a similar profit. Fortunately, I kept 1/3 of my position. These regrets make me angry and sad. I had "skin in the game" and still missed out on the returns! The stock market often exaggerates, whether up or down. 😔 Do you feel the same way?

Analyst updates, 15.11. 👇🏼

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- JEFFERIES raises the price target for ASML from EUR 760 to EUR 840. Buy. $ASML (-0.03%)

- RBC raises the price target for TESLA from USD 249 to USD 313. Outperform. $TSLA (+1%)

- JPMORGAN raises the price target for WALT DISNEY from USD 125 to USD 128. Overweight. $DIS (+0.14%)

- JPMORGAN raises the price target for SIEMENS from EUR 215 to EUR 230. Overweight. $SIE (-0.62%)

- BARCLAYS raises the target price for SIEMENS ENERGY from EUR 21 to EUR 35. Equal-Weight. $ENR (+2.01%)

- LBBW raises the target price for EON from EUR 13.80 to EUR 13.90. Buy. $EOAN (+2.88%)

- HAUCK AUFHÄUSER IB raises the target price for ADESSO from EUR 80 to EUR 85. Hold. $ADN1 (-1.66%)

- DEUTSCHE BANK RESEARCH raises the target price for BURBERRY from GBP 7.40 to GBP 8.60. Hold. $BRBY (+3.55%)

- BERENBERG raises the price target for TALANX from EUR 76.20 to EUR 91.10. Buy. $TLX (+0.54%)

- BERENBERG raises the price target for HAPAG-LLOYD from EUR 163 to EUR 169. Hold. $HLAG (+0.28%)

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- JPMORGAN lowers the price target for BAYER from EUR 34 to EUR 25. Neutral. $BAYN (+1.17%)

- SANTANDER downgrades SHELL from Neutral to Outperform and lowers target price from GBP 30.50 to GBP 30. $SHEL (+0.26%)

- WARBURG RESEARCH lowers the price target for SECUNET from EUR 216 to EUR 210. Buy. $YSN (+7.06%)

- METZLER lowers the price target for SIXT-STÄMME from EUR 105 to EUR 95. Buy. $SIX2 (+0.92%)

- ODDO BHF lowers the target price for MERCK KGAA from EUR 187 to EUR 176. Outperform. $MRK (+0.79%)

- METZLER lowers the price target for SMA SOLAR from EUR 20 to EUR 16. Hold. $S92 (-0.34%)

- DEUTSCHE BANK RESEARCH lowers the price target for GRENKE from EUR 28 to EUR 24. Buy. $GLJ (+1.13%)

- BERENBERG lowers the target price for K+S from EUR 15.70 to EUR 14.70. Buy. $SDF (+0.98%)

- BERENBERG lowers the price target for AUMANN from EUR 17 to EUR 14.50. Hold. $AAG (+1.98%)

- BERENBERG lowers the price target for DERMAPHARM from EUR 58 to EUR 50. Buy. $DMP (+1.01%)

- BARCLAYS lowers the price target for SYMRISE from EUR 123 to EUR 115. Equal-Weight. $SY1 (+2.28%)

Siemens Energy $ENR (+2.01%) has raised its medium-term growth targets and expects a profit margin of 10-12% by 2028, which is higher than the previous forecast of 8%. The increase is the result of growing demand for grid technologies, which should offset losses in the Gamesa wind power division. Gamesa, whose financial setback was caused by defective turbines and restructuring costs, is expected to return to profitability by 2026. Siemens Energy is also planning to generate income from the sale of investments, for example in India, in order to further strengthen its financial position.

Personal opinion:

In my opinion, good figures and plans, but I doubt whether this is enough to "justify" the sharp rise in the share price so far.

You can find more details here: https://www.finanzen.net/nachricht/aktien/ziele-angehoben-siemens-energy-aktie-springt-auf-neues-rekordhoch-siemens-energy-grenzt-quartalsverlust-ein-mittelfristziele-fuer-2028-angehoben-14011318

The news is based on what I personally consider to be reputable sources. However, I do not guarantee their accuracy. No advice.

Analyst updates, 14.11. 👇🏼

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- JEFFERIES raises the price target for TESLA from USD 195 to USD 300. Hold. $TSLA (+1%)

- WARBURG RESEARCH raises the price target for INIT from EUR 49.50 to EUR 53. Buy $INIT

- WARBURG RESEARCH raises the price target for DEUTSCHE BANK from EUR 21.10 to EUR 21.30. Buy. $DBK (-3.5%)

- DEUTSCHE BANK RESEARCH raises the price target for AUTO1 from EUR 11 to EUR 12. Buy. $AG1 (+7.28%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS ENERGY from EUR 43 to EUR 52. Buy. $ENR (+2.01%)

- BERENBERG raises the price target for SCOUT24 from EUR 83 to EUR 110. Buy. $G24 (+0.65%)

- GOLDMAN raises the target price for RIVIAN from USD 10 to USD 12. Neutral. $RIVN (+1.3%)

- GOLDMAN raises the price target for MOLLER-MAERSK from DKK 12000 to DKK 12300. Neutral. $MAERSK B (-0.72%)

- UBS raises the price target for CISCO from USD 55 to USD 62. Neutral. $CSCO (+0.81%)

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- WARBURG RESEARCH downgrades PORSCHE SE from Buy to Hold and lowers price target from EUR 60 to EUR 36. $PAH3 (+0.1%)

- WARBURG RESEARCH lowers the price target for EXASOL from EUR 6.30 to EUR 6. Buy. $EXL (+3.18%)

- WARBURG RESEARCH lowers the price target for BRENNTAG from EUR 75 to EUR 69. Buy. $BNR (+4.91%)

- WARBURG RESEARCH lowers the price target for INFINEON from EUR 43 to EUR 39. Buy. $IFX (+0.95%)

- DEUTSCHE BANK RESEARCH lowers the price target for VERBIO from EUR 20 to EUR 17. Hold. $VBK (-2.52%)

- DEUTSCHE BANK RESEARCH lowers the price target for JENOPTIK from EUR 45 to EUR 39. Buy. $JEN (-0.05%)

- DEUTSCHE BANK RESEARCH lowers the price target for ELRINGKLINGER from EUR 6 to EUR 4.50. Hold. $ZIL2 (+0.12%)

- DEUTSCHE BANK RESEARCH lowers the price target for BAYER from EUR 29 to EUR 23. Hold. $BAYN (+1.17%)

- HAUCK AUFHÄUSER IB lowers the target price for SAF-HOLLAND from EUR 30 to EUR 28. Buy. $SFQ (+1.73%)

- KEPLER CHEUVREUX lowers the target price for RWE from EUR 40 to EUR 36. Buy. $RWE (+1.49%)

- METZLER lowers the price target for JUNGHEINRICH from EUR 42 to EUR 38. Buy. $JUN3 (-0.17%)

- BARCLAYS lowers the target price for RTL from EUR 33 to EUR 26.50. Equal-Weight. $RTLL (+0.31%)

- BERENBERG downgrades VESTAS from Buy to Hold and lowers target price from DKK 180 to DKK 120. $VWS (-2.41%)

13.11.2024

Allianz becomes more optimistic for 2024 + Siemens Energy expects further growth and raises medium-term targets + Shopify benefits from positive revenue forecast for Q4 + Tonies increases revenue by 21% in Q3

The insurance group Allianz $ALV (-0.02%) is becoming more optimistic for the current year thanks to strong business and lower catastrophe losses. The operating profit is now expected to reach 14.8 to 15.8 billion euros and thus the upper half of the previously targeted range, as the Dax group announced in Munich on Wednesday. Thanks to higher premiums, Allianz achieved an operating profit of a good 3.9 billion euros in the third quarter, almost 14 percent more than a year earlier. The bottom line for shareholders was a surplus of just under 2.5 billion euros, 22 percent more than in the same period last year. Allianz had to spend almost 650 million euros on the consequences of natural disasters such as the floods in Eastern Europe and several storms in Europe and the USA. In the previous year, however, natural disasters had cost the insurer more than twice as much.

The energy technology group Siemens Energy $ENR (+2.01%) is entering the new financial year with confidence. The company announced in Munich on Tuesday that sales and operating profitability are set to improve significantly in 2024/25. Comparable sales as at the end of September are expected to increase by eight to ten percent. Christian Bruch's management expects the adjusted operating margin to be between three and five percent. The grid and gas technology businesses and further improvements in the Gamesa wind power business are expected to contribute to this. However, Siemens Energy is again expecting a billion-euro loss for the division. Analysts have so far put the margin at 4.2 percent. In the medium term, Siemens Energy was more optimistic than before and raised its targets for fiscal year 2027/28.

Shopify $SHOP (+1.11%) benefits from positive sales forecast for Q4:

• Shopify's US-listed shares are up 14.2% to $102.79 in pre-market trading.
• Shopify forecasts Q4 revenue growth in the mid to high twentieth percent range, versus analyst estimates of 22.7% - data compiled by LSEG
• The company reported Q3 revenue of $2.16 billion, up 26% year-over-year, beating the estimate of $2.11 billion.
• Gross merchandise volume (GMV), a key metric, rose 24% to $69.72 billion in Q3.
• The stock was up 15.5% year over year by the last close

Tonies $TNIE (-1.42%) is on track to achieve its forecast for the 2024 financial year

• Group sales increased by 20.9% year-on-year to EUR 95.3 million in the third quarter, driven by strong international expansion, resulting in sales growth of 26.2% to EUR 242.1 million in the first nine months
• North America drives the strong momentum of international expansion
• Further expansion of product portfolio with new own franchise and new product category strengthens market leadership through margin improvement and target group expansion
• Appointment of Ginny McCormick as Chief Experience Officer (CXO) and member of the Management Board is another important step on the way to developing Tonies into a unique global brand
• The forecast for the 2024 financial year has been confirmed

Wednesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Cheesecake Factory USD 0.27

Paccar USD 0.30

Quarterly figures / company dates USA / Asia

22:05 Cisco Systems Quarterly figures

Quarterly figures / company dates Europe

07:00 Allianz | RWE | Siemens Energy | Ströer | TAG Immobilien | Deutsche Pfandbriefbank | Heidelberger Druckmaschinen | ABN Amro quarterly figures | Fraport traffic figures

07:30 Telecom Italia | Auto1 | Renk Group | Voestalpine | Alstom quarterly figures

08:00 RTL Group 9 months results | Siemens Energy | Ströer PK

09:30 Deutsche Pfandbriefbank PK

10:00 Porsche Automobil Holding Quarterly Figures | RWE | Heidelberger Druckmaschinen PK

10:30 Siemens Energy Analyst Conference

11:00 TAG Immobilien PK

13:00 RWE Analyst Conference

14:30 TAG Immobilien Analyst Conference

Economic data

• 07:30 FR: Unemployment rate 3Q FORECAST: 7.4% 2nd quarter: 7.3%
• 14:30 DE: German Council of Economic Experts (SVR), Pk on the annual report, Berlin
• 14:30 US: Consumer prices October PROGNOSE: +0.2% yoy/+2.5% yoy previous: +0.2% yoy/+2.4% yoy Core consumer prices PROGNOSE: +0.3% yoy/+3.3% yoy previous: +0.3% yoy/+3.3% yoy
• 14:30 US: Real income October
• 15:30 US: New York Fed President Williams, speech at Academy for Teachers Master Class
• 18:00 US: St. Louis Fed President Musalem, speech at Economic Club of Memphis event

Siemens Energy Q3 2024 $ENR (+2.01%)

Financial performance:

• Revenue: Siemens Energy reported revenue of €34.5 billion for fiscal year 2024 (FY24), representing 12.8% year-on-year comparable growth.
• Net income: The company reported a net income of €1,335 million in FY24, a significant improvement from a loss of €4,588 million in FY23.
• EBITDA: EBITDA for FY24 amounted to €3,636 million, compared to a negative EBITDA of €1,742 million in the previous year.

Balance sheet overview:

• Assets: Total assets increased to €50,874 million as of September 30, 2024, compared to €47,907 million in 2023.
• Liabilities: Total liabilities increased to 41,511 million euros, compared to 39,119 million euros in the previous year.
• Equity: Equity grew to 9,364 million euros, compared to 8,787 million euros in the previous year.

Details of the income statement:

• Gross profit: Gross profit for FY24 amounted to 4,503 million euros, a significant increase from 753 million euros in the previous year.
• Profit margin: The profit margin before exceptional items improved to 1.0% from negative 8.9% in FY23.

Cash flow overview:

• Operating cash flow: Siemens Energy generated €2,889 million from operating activities in FY2024, an increase from €1,622 million in the prior year.
• Free cash flow before taxes: Free cash flow before taxes amounted to €1,859 million, compared to €784 million in the previous year.

Key figures and profitability metrics:

• Book-to-bill ratio: The book-to-bill ratio for FY24 was 1.46.
• Order backlog: The order book reached a record €123 billion, compared to €112 billion in the previous year.

Segment information:

• Gas Services: Sales of €10,796 million with a profit margin before exceptional items of 9.5%.
• Grid Technologies: Sales of €9,280 million with a profit margin before special items of 10.5%.
• Siemens Gamesa: Sales of €10,008 million, but with a negative profit before exceptional items of €1,781 million.

Competitive position: Siemens Energy has a strong market position with a record order backlog and improved margin quality, indicating high demand in the power market.

Outlook and management commentary: For fiscal 2025, Siemens Energy expects revenue growth of 8% to 10% and a profit margin before special items of 3% to 5%. The company aims to reach breakeven at Siemens Gamesa by FY26.

Risks and opportunities:

• Risks: Challenges include the turnaround at Siemens Gamesa and the management of quality issues in the offshore segment.
• Opportunities: Strong growth in the electricity market and increasing demand for infrastructure investments offer significant opportunities.

Summary of results:

Positives:

• Revenue growth: An increase of 12.8%, reaching the upper end of the forecast.
• Net income turnaround: Significant improvement from a loss to a net income of 1,335 million euros.
• Order backlog: Record order backlog of 123 billion euros, indicating strong future demand.
• Profit margin improvement: Profit margin before exceptional items increased from negative 8.9% to 1.0%.
• Cash flow generation: Strong pre-tax free cash flow of €1.9 billion.

Negative aspects:

• Losses at Siemens Gamesa: Continued losses at Siemens Gamesa with a negative profit before special items of €1,781 million.
• Operational challenges: Continued quality issues and ramp-up challenges in the offshore segment.
• Debt level: Increase in total liabilities to 41.511 million euros.
• Profit margin pressure: Despite improvements, the overall profit margin remains low at 1.0%.
• Market risks: Potential risks from macroeconomic factors and regulatory changes.

$ENR (+2.01%) $ Buy in at 18€. So far 116% realized profit before taxes. Is it already overvalued or is it still worth waiting?

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- DEUTSCHE BANK RESEARCH raises its price target for BMW from EUR 90 to EUR 95. Buy. $DBK (-3.5%)

- BERNSTEIN raises the price target for QUALCOMM from USD 200 to USD 215. Outperform. $QCOM (+0.82%)

- UBS raises the price target for LYFT from USD 13 to USD 18. Neutral. $LYFT (+1.29%)

- BARCLAYS raises the price target for SIEMENS HEALTH from EUR 60.50 to EUR 62.50. Overweight. $SHL (+0.9%)

- WARBURG RESEARCH raises the price target for KONTRON from EUR 28 to EUR 28.40. Buy. $KTN (+0.18%)

- UBS upgrades KINGSPAN GROUP from Neutral to Buy. Target price 90 EUR. $KRX (+1.63%)

- WARBURG RESEARCH raises the price target for ZEAL NETWORK from EUR 59 to EUR 64. Buy. $TIMA (+0.23%)

- GOLDMAN raises the price target for VONOVIA from EUR 42.70 to EUR 43.70. Buy. $VNA (+4.8%)

- BARCLAYS raises the price target for AHOLD DELHAIZE from EUR 30 to EUR 31. Equal-Weight. $AD (+1%)

- BARCLAYS raises the target price for FMC from EUR 38.50 to EUR 39. Equal-Weight. $FMC (+1.8%)

- JPMORGAN raises the target price for COMMERZBANK from EUR 18 to EUR 18.40. Overweight. $CBK (-3.31%)

- JPMORGAN raises the target price for PUMA SE from EUR 40 to EUR 44. Neutral. $PUM (-2.71%)

- JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 13.96 to GBP 14.15. Overweight. $TKWY (-0.28%)

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- JEFFERIES downgrades PALANTIR from Hold to Underperform. Target price USD 28. $PLTR (+0.85%)

- DEUTSCHE BANK RESEARCH lowers the price target for NOVO NORDISK from DKK 1100 to DKK 1000. Buy. $NOVO B (+1.21%)

- RBC lowers the price target for NIKE from 82 USD to 80 USD. Sector Perform. $NKE (+1.25%)

- ODDO BHF downgrades ASM INTERNATIONAL to Outperform. Target price EUR 960. $ASM (+1.71%)

- KEPLER CHEUVREUX downgrades HENSOLDT from Buy to Hold. Target price EUR 34. $HAG (+0.25%)

- DEUTSCHE BANK RESEARCH lowers the price target for ZALANDO from EUR 40 to EUR 36. Buy. $ZAL (+4.9%)

- DEUTSCHE BANK RESEARCH lowers the price target for VESTAS from DKK 165 to DKK 150. Hold. $VWS (-2.41%)

- BOFA downgrades SIEMENS ENERGY from Buy to Neutral. Target price EUR 40. $ENR (+2.01%)

- METZLER lowers the price target for VONOVIA from EUR 28.50 to EUR 28. Sell. $VNA (+4.8%)

- BARCLAYS lowers the price target for TEAMVIEWER from EUR 18 to EUR 15.50. Overweight. $TMV (+0.04%)

- WARBURG RESEARCH lowers the price target for KLÖCKNER & CO from EUR 6 to EUR 5.70. Buy. $KCOB

- HAUCK AUFHÄUSER IB lowers the target price for NORMA GROUP from EUR 32 to EUR 27. Buy. $NOEJ (+1.53%)

- WARBURG downgrades EDAG ENGINEERING from Buy to Hold and lowers target price from EUR 13 to EUR 9.50. $ED4 (+2.48%)

- LBBW lowers the price target for ALLGEIER from EUR 24 to EUR 20. Buy. $AEIA

- BARCLAYS lowers the price target for HENKEL from EUR 79 to EUR 77. Equal-Weight. $HEN (+0.68%)

- BERENBERG lowers the price target for KRONES from EUR 157 to EUR 154. Buy. $KRN (+0.52%)

Who benefits from the reconstruction of Ukraine?

Yes, it's a macabre topic - but the reconstruction of Ukraine will bring investment and economic opportunities that are already being talked about. The question is: which companies could benefit the most? Will construction companies like $DG (-0.17%) and $HOT (+0.26%) , machine manufacturers such as $CAT (+1.34%) or energy companies like $ENR (+2.01%) get the biggest contracts? Who do you think could play a central role in this reconstruction project?