To answer this question, it is first worth taking a look at the chart.

The share has lost around 20% since its high of around €260 (during the sell-off at the start of the Iran war), but has now picked up again and is currently trading at €248.35. $SIE (+0,88%)

According to the share finder, however, there is a clear overvaluation, meaning that the share price is more than 50% above fair value (€155). We will therefore review this case to see whether we are buying an overpriced company or a very interesting value pick.

What is Siemens actually doing?

1. digital industries: global market leader for factory automation. Siemens supplies the software and AI with which factories (e.g. BMW or Coca-Cola) produce autonomously and efficiently.

2. smart infrastructure: The brain of modern buildings and power grids. They ensure that data centers (AI boom!) are cooled and that renewable energy flows stably into cities.

3 Mobility: Everything to do with rail transportation. From ICE trains to digital signaling technology that allows trains to run every minute without the need for new tracks.

2. the figures

In-depth check of the current 2026 figures

1. sales growth (7-8%): Siemens revised its forecast upwards in February 2026 following an extremely strong first quarter. Growth is now expected to be in the upper half of the range. The driver is "Industrial AI", which will scale massively in 2026.

2. operating margin (16.1%): This is the highest figure in the Group's history. Siemens is benefiting from the fact that the high-margin software business now accounts for almost 25% of total sales.

3rd profit explosion (+15.4%): EPS (earnings per share) is currently estimated at between €10.70 and €11.10 for 2026. This is a significant leap compared to 2025, due to efficiency gains from the company's own use of AI.

The current KCV (price to cash flow ratio) is 17.92 and therefore around 6 percentage points above the historical average of 12.

From this perspective, the share looks expensively valued.

The majority of analysts at Marketscreener recommend buying. Whereby the forecast price targets mean an average upside potential of 13

% on average.

But why is the Kgv and especially the KCV now above the historical average? For me, there is currently no overvaluation, because if you only look at the average, you are only looking in the rear-view mirror and not forward, but the future is traded on the stock market. And many analysts have raised their forecasts to €300:

1. the "SaaS trap" in cash flow (KCV)

Siemens is massively converting its software business (especially in Digital Industries) to subscriptions (SaaS).

- In the past: A customer bought a license for €1 million. The money was immediately in the till (low KCV).

- Today: The customer pays €200,000 per year over 5 years. Much less cash flows in the first year, although the contract is more valuable in the long term (high KCV).

- Conclusion: The cash flow currently looks "worse" because Siemens is swapping the one-off payments for predictable, more valuable long-term income. This artificially inflates the KCV.

2. margin expansion:

Siemens now earns significantly more per euro earned than in the past.

- Old Siemens: Lots of hardware, low-margin major projects, operating margins around 10%.

- New Siemens (2026): Focus on automation and industrial AI. Margins in the industrial business are now between 15.6 % and 18 %.

- Logic: A company that makes 50% more profit with the same turnover logically earns a higher multiple (P/E ratio).

3. the "Industrial AI" bonus

Siemens is no longer just a mechanical engineering company, but the market leader for the digital twin.

- In April 2026, Siemens will be valued on the stock market more like a tech company (similar to Schneider Electric or Microsoft) than a traditional industrial group.

- Tech companies have historically always had P/E ratios of 20+ because they grow faster and are more scalable.

However, there are of course also risks:

China lump: Siemens is extremely dependent on China. Geopolitical tensions or a "China-first" policy for software could immediately choke off the most important growth market.

- The valuation trap: Siemens is currently valued like a tech company (P/E ratio ~22). If the global economy slips into a recession, the market could once again value it like a "boring" industrial group (P/E ratio ~14) - this would correspond to a share price fall of around 35%.

- SaaS drought: The switch to subscriptions means less cash flow in the short term. If the economy weakens at the same time, the financial cushion from previous one-off payments will be lost.

- Big tech competition: Giants such as Microsoft and Amazon are pushing into Siemens' territory with their own industrial cloud solutions. Siemens must prove that its industry knowledge is more valuable than the pure computing power

of the IT giants.

Conclusion:

I am invested in Siemens myself because, for me, they have mastered the rare balancing act between "old industrial power" and "new software world". Despite the justified risks - such as dependence on China or the cyclical nature of the business - they are perfectly positioned today: They no longer sell just the hardware, but the digital brain of factories and power grids. This means they occupy the absolute future markets such as industrial AI and the digital twin, which no modern industrial company can ignore.

There is currently no direct undervaluation and anti-cyclical buying like Visa and Keyence is not possible here. However, I have taken advantage of the lower levels to add a little more and am convinced in the long term.

$VUL (-0,92%)
$SIE (+0,88%)

What is the cooperation about?

Vulcan wants to extract lithium from hot deep brine and use geothermal energy at the same time. Siemens is to ensure that the plant runs efficiently with professional technology, has stable production and is easy to control. Siemens has decades of experience with geothermal power plants.

https://www.boerse-online.de/nachrichten/aktien/siemens-kooperiert-mit-lithium-hot-stock-beginnt-jetzt-die-naechste-rally-20399330.html

As every Sunday, the most important news from the past week, as well as the most important dates for the coming week.

Also as a video:

https://youtube.com/shorts/pWXcERhrDDA?is=2Z6j9hKxP-Fi7zaq

Wednesday:

At least before the outbreak of the Iran war, producer prices in the eurozone fell by 0.7%. However, this was mainly due to falling energy costs at the time. The high oil prices are also likely to drive up energy costs.

https://www.n-tv.de/ticker/Erzeugerpreise-in-der-Industrie-im-Euroraum-sanken-vor-Ausbruch-des-Nahost-Krieges-id30692125.html

Thursday:

GDP figures for Q4 2025 had to be revised to 0.5% growth (annualized) in the US. At 1.9%, consumer spending also grew less quickly than previously estimated.

https://timesofindia.indiatimes.com/business/international-business/us-economy-grows-0-5-in-q4-shutdown-weak-consumption-weigh-on-pace/amp_articleshow/130149327.cms

Friday:

Inflation in the USA rises significantly to 3.3%. Experts had only expected inflation of 3.2%. A 12.5% jump in energy prices in particular is driving up the inflation rate.

https://www.handelsblatt.com/finanzen/geldpolitik/us-inflation-teuerungsrate-in-den-usa-steigt-auf-33-prozent/100214818.html

New AI concerns cause the $SAP (-0,1%) SAP share to fall further. SAP is now only the second largest $SIE (+0,88%) second largest stock by market capitalization in the DAX after Siemens.

https://finanzmarktwelt.de/warum-die-sap-aktie-so-dramatisch-abschmiert-385587/?amp#

The most important dates in the coming week:

Tuesday: 14:00 Producer prices (USA)

Wednesday: 20:00 Fed's Beige Book (USA)

Thursday: 11:00 Inflation data (EUR)

#erzeugerpreise
#usa
#beigebook
#inflation
#eu

Can you think of any other dates?

March was a very weak month on the markets. The Iran war kept global stock markets on tenterhooks - rising oil prices, accelerated inflation and a massive risk-off move across almost all asset classes. The DAX lost over 10%, the Nasdaq slipped into correction mode and even broadly diversified world ETFs fell significantly.

Despite the difficult environment, my portfolio remained comparatively stable and outperformed all major benchmarks:

📊 Monthly performance: -3,69%

📊 Portfolio value: ~38.367 €

📊 Performance
max. (06.01.2022): +24,98%

📊 Performance
YTD: -2,80%

Performance & comparison 🚀

March was characterized by a broad sell-off, triggered by the escalation in the Middle East, rising oil prices and the associated reassessment of inflation expectations. The ECB kept the deposit rate at 2.00%, but signaled increased uncertainty - rate cut fantasies are off the table for now.

Performance in comparison (01.03-31.03.2026):

My portfolio: -3,69%

NASDAQ 100: -6,70%

S&P 500: -3,88%

DAX: -10,27%

FTSE All-World: -5,42%

👉 The portfolio performed significantly better than all benchmark indices in an extremely weak market environment. Particularly striking: the DAX lost over 10% - driven by the direct impact of rising energy costs on European industrial stocks. The global diversification and focus on quality in the portfolio clearly paid off in this environment.

Purchases, sales & allocation 💶

No purchases or sales were made in March.

👉 In an environment of war, rising oil prices and increased volatility, the conscious decision not to carry out any transactions was part of the strategy.

The existing allocation reflects the conviction - panic selling or frantic buying in times of maximum uncertainty are not part of the approach. Cash is held ready for potential opportunities in the event of further weakness.

Top movers in March 🟢

Despite the weak overall market, individual positions showed significant strength.

The strongest performer was Cloudflare ($NET (-0,39%)) with +22.68% and a gain of +€339.97 - the share benefited massively from the AI edge infrastructure fantasy and strong Q4 figures with 33.6% revenue growth. CEO Matthew Prince is positioning Cloudflare as a central platform for the "Agentic Internet", which is going down well with investors. Also BYD ($1211 (-3,53%)) also impressed with +15.01% (+€212.72) and once again showed relative strength in the EV sector, followed by CrowdStrike ($CRWD (+0,59%)) with +9.47% (+€108.12), which recovered significantly after the previous month's weak performance.

Datadog ($DDOG (+0,98%)) gained +7.82% (+47.22€), while Bitcoin ($BTC (-0%)) showed a moderate recovery with +4.00% (+€37.26). Mercado
Libre ($MELI (-0,33%)) rounded off the list of winners with +1.95% (+€12.50) - also a rebound after the weak February with -17.33%.

Flop movers in March 🔴

The weaker side of the portfolio was broadly diversified across various sectors and reflected geopolitical pressure.

American
Lithium ($AMLI) corrected the most with -31.11% (-128.90€) - the commodity sector is under pressure from falling lithium spot prices and weak demand forecasts from China. Hermès Hermès ($RMS (-1,34%)) also came under pressure at -18.09% (€-0.54) - although the position was only established in February as a quality stock, Luxury is currently suffering from the general risk-off sentiment.

Siemens ($SIE (+0,88%)) lost -16.75% (-€135.26) - as an export-oriented industrial stock directly affected by rising energy costs and the uncertainty caused by the Middle East conflict. Keyence ($6861 (-0,94%)) lost -16.43% (-€105.85) - a significant setback after the strong February rebound of +16.21%. IREN ($IREN (+1,2%)) continued the negative trend with -14.54% (-110.45€), already the second weak month in a row after -24.10% in February. The VanEck Uranium and Nuclear ETF ($NLR (+0,53%)) rounded off the list of losers with -13.46% (-150.21€).

👉 Striking:

The setback at Keyence and Hermès shows how quickly relative strength can be lost again in volatile markets. Fundamentally, however, nothing has changed for most positions - the corrections are primarily driven by sentiment and macro factors, not by operational weakness.

Conclusion 💡

March was a stress test for the entire portfolio, but the relative outperformance against all benchmarks confirms the strategic orientation:

➡️ No panic selling - maintain discipline in the allocation

➡️ Relative strength against NASDAQ 100 (-6.70%), S&P 500 (-3.88%), DAX (-10.27%) and FTSE All-World (-5.42%)

➡️ Individual stocks such as Cloudflare (+22.68%) and BYD (+15.01%) as stabilizers in the portfolio

The environment remains challenging:

The Iran conflict, rising oil prices and the associated inflation risks will continue to shape the markets in April. The ECB has raised its inflation forecast for 2026 to 2.60% - interest rate cuts are a distant prospect. The focus remains on qualityglobal diversification and patience. In phases of maximum uncertainty, the wheat is separated from the chaff.

❓ Question for the community

Which stock surprised you the most in March - positively or negatively?

👇 Write it in the comments!

➡️ Follow @Derspekulant1 for transparent portfolio updates! 🔗 Link in bio: Getquin & Parqet Portfolio

🗞️ Newsletter: derspekulant.beehiiv.com

15 increases

13 unchanged

7 reductions

Insurance companies

Banks

Utilities

Car stocks

Type here if you like collecting dividends: https://shorturl.at/83W8R

$MBG (-1,51%)
$ALV (-0,43%)
$VOW3 (-1,38%)
$MUV2 (-3,91%)
$BMW (-1,74%)
$AIR (+0,61%)
$CBK (-2,36%)
$523232
$DTG (+0,35%)
$DHL (+3,33%)
$FME (-1,14%)
$FRE (-1,36%)
$HNR1 (-0,31%)
$MTX (+1,88%)
$RHM (+1,2%)
$SAP (-0,1%)
$ENR (+0,08%)
$BAS (+0,56%)
$BAYN (+2,35%)
$BEI (-0,91%)
$DBK (-0,85%)
$DTE (+0,04%)
$EOAN (+2,02%)
$GEA
$IFX (+0,49%)
$RWE (+1,28%)
$SY1 (-2,45%)
$ZAL (-0,9%)
$ADS (-1,68%)
$BNR (+3,31%)
$HEN (-0,6%)
$MRK (-0,72%)
$SIE (+0,88%)
$SHL (+0,81%)

Before the US attack, I had reorganized my portfolio and taken profits in order not to have too many stocks in my portfolio again, so I chose Van Eck as my anchor, and with the help of the AI I was given sectors that I completely neglected.

I am adding to these:

savings plan on the $TDIV (+0,33%) continue to run ( 1000,- Euro per month)

Buy on setbacks:

$TXN (+0,27%)

$NEE (-0,56%)

$AVGO (+0,43%)

$DB1 (-0,98%)

$DTE (+0,04%)

$HON (-0,78%)

$SIE (+0,88%)

What do you think about the portfolio or the targeted purchases?

Have a nice Wednesday.

$SIE (+0,88%) is expanding its portfolio for power distribution, storage and simulation to connect AI data centers faster.

Among other things, they are integrating the battery storage systems from $FLNC (+0%) which I am still well into the red zone. But it will, and the integration of Siemens gives me confidence. $SIE (+0,88%) itself is also on my watch list and will hopefully find its way into the portfolio soon.

https://www.datacenter-insider.de/siemens-erweitert-portfolio-zur-stromverteilung-speicherung-und-simuation-um-ki-datacenter-zu-kurzfristig-ermoeglichen-a-bb4711e3e99e41eebdfab5da025fabe4/?cmp=nl-ce263034-6f9f-4331-8a97-e5d7ea4a0405&uuid=C0FAF984-EC71-4DEE-A32D-33358A93A99F

DAX companies want to buy back their own shares on the stock market for a record 54.6 billion euros and have launched corresponding buyback programs. This year alone, shares worth 26 billion euros are likely to be taken off the market.

This is according to calculations by the Handelsblatt Research Institute. This is based on announcements made by the DAX companies and their recently presented balance sheets for the past financial year.

23 of the 40 DAX companies are currently acquiring their own shares or intend to do so in the coming months. 16 intend to spend one billion euros or more, with Deutsche Post $DHL (+3,33%)Siemens $SIE (+0,88%) and Siemens Energy $ENR (+0,08%) with six billion euros each and SAP $SAP (-0,1%) with ten billion euros.

"The high share buyback programs, together with the continued high dividends, are an important basis for the Dax remaining a promising investment despite difficult geopolitical conditions," predicts Commerzbank analyst Andreas Hürkamp.

No wonder buybacks are popular with investors: The programs tighten the supply of shares. This means that future profits and dividends are spread over fewer shares. Both effects usually drive up the share price.

However, share buybacks are controversial. They reduce companies' liquidity, which could soon be needed in view of the market turmoil caused by the war in the Middle East and the resulting threat of earnings losses.

Apple is the world's largest buyback buyer $AAPL (+0,32%). The iPhone specialist spent 96.7 billion dollars on the purchase of its own shares in the last four quarters, compared to 755 billion dollars in the last ten years. Since 2013, when Apple acquired its own shares on a large scale for the first time, its share portfolio has fallen by 44 percent, according to calculations by Handelsblatt.

A study conducted by US investment bank Goldman Sachs last fall shows that shares in companies that regularly buy up a large number of their own shares perform better. According to the study, shares in S&P 500 companies that have reduced their number of shares by four percent per year have outperformed the overall market by an average of three percentage points per year since 2012.

Goldman Sachs refers to such intensive buybacks as "buyback aristocrats" - in reference to the so-called "dividend aristocrats". These are companies that have increased their dividends for at least 25 years. In addition to Apple, the buyback aristocrats include the food group Mondelez $MDLZ (+0,72%)the healthcare specialist McKesson, the insurer Loews and the financial companies Morgan Stanley, Wells Fargo, Visa $V (-0,72%)Mastercard $MA (-0,3%) and American Express $AXP (-0,78%).

However, the financial structure of such companies is not improving. It is true that earnings per share increase following the withdrawal of repurchased shares. "At the same time, however, the risk structure of the company changes," analyzes balance sheet expert Philipp Immenkötter from asset manager Flossbach von Storch in a detailed analysis of share buybacks.

He argues that the acquisition of shares reduces the company's liquidity and increases its debt as equity decreases. "Both effects increase the risk and thus depress the valuation," explains Immmenkötter. "Ultimately, the effects balance each other out so that this cannot result in a price increase."

However, a share buyback will result in a sustained price increase if the buyback leads to a better assessment of the share by the market. This can happen, for example, when companies buy back their own shares if they are undervalued - or when companies buy back their own shares because they generate high profits and want to return these to shareholders not only through dividends but also through share buybacks.

Source text (excerpt) & graphics: Handelsblatt, 25.03.2026

Despite solid figures, a strong market position and clear future fields such as digitalization and energy technology, the share price has recently fallen significantly. We are currently at € 201 per share.

$SIE (+0,88%)

This means that the share has lost approx. 25% from its high. This also has a major impact on my portfolio, as they make up a large proportion.

The reasons are of course current uncertainties on the stock market and the concern that the energy price shock will lead to economic weakness.

Nevertheless, I think that the current sell-off is exaggerated, of course it can go even lower, but in the medium to long term I am very convinced of the company. In the short term, I think even lower levels are possible.

So the question for me is: is the market once again exaggerating in the short term - or am I missing something important?

How do you see it?

Hello everyone

How are you all doing? I hope you are well! 😃

I'd be interested to know which stocks are currently on your watchlist?

I currently have the following stocks on my watchlist:

Financials:

$SOFI (+0,83%) (I think they would be a good addition to Visa in my portfolio. Thanks for your analysis @Klein-Anleger)

Industrials:

$SIE (+0,88%), $SU (-1,36%) & $SIKA (-0,68%) (I am still looking for 1-2 stocks in the industrial sector. Siemens looks quite interesting at the moment).

Consumer:

$MC (-2,04%), $OR (+0,01%), $CDI (-1,07%) & $RMS (-1,34%) (A consumer share is actually still missing in my portfolio. But I don't think it's a good idea to buy something now under duress).

Other interesting companies/ ETFs:

I would also like to have a commodity ETF (silver, uranium & rare earths) and an EM ETF in my portfolio. $NFLX (-0,33%) is also very interesting.

Most recently I have $BV0Z6G (+0%) and 250 $SHEL (+0,72%) shares. $NOVO B (+0,72%) I bought more at a bad time, but will remain invested and buy more if necessary. At $IREN (+1,2%) I bought 100 more shares today.

I wish you all a successful day!

Best regards

Chris