Siemens Healthineers

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%)

- HSBC raises the target price for RHEINMETALL from EUR 660 to EUR 700. Buy. $RHM (+0,31%)

- HSBC raises the target price for DEUTSCHE TELEKOM from EUR 33.50 to EUR 34. Buy. $DTE (-0,03%)

- DEUTSCHE BANK RESEARCH raises the price target for ALLIANZ SE from EUR 275 to EUR 310. Buy. $ALV (+0%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS ENERGY from EUR 52 to EUR 57. Buy. $ENR (-0,82%)

- UBS upgrades AIR PRODUCTS & CHEMICALS from Neutral to Buy and raises target price from USD 338 to USD 375. $APD (+0,09%)

- ODDO BHF raises the price target for SWISS RE from CHF 127 to CHF 138. Outperform. $SREN (+0%)

- BARCLAYS raises the price target for MUNICH RE from EUR 523 to EUR 551. Overweight. $MUV2 (+0%)

- BARCLAYS raises the target price for HANNOVER RÜCK from EUR 206 to EUR 217. Underweight. $HNR1 (+0%)

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- MORGAN STANLEY lowers the target price for BAYER from EUR 35 to EUR 30. Equal-Weight. $BAYN (+0,15%)

- KEPLER CHEUVREUX lowers the target price for SIEMENS HEALTHINEERS from EUR 60.50 to EUR 59. Buy. $SHL (+0%)

- KEPLER CHEUVREUX downgrades KNAUS TABBERT to Hold. Target price EUR 15. $KTA (-0,07%)

- DEUTSCHE BANK RESEARCH lowers the price target for SGL CARBON from EUR 10.60 to EUR 9. Buy. $SGL (+0%)

- DEUTSCHE BANK RESEARCH lowers the price target for PVA TEPLA from EUR 18 to EUR 14.50. Hold. $TPE (+0%)

- DEUTSCHE BANK RESEARCH lowers the price target for KERING from EUR 340 to EUR 320. Buy. $KER (+0%)

- ODDO BHF downgrades BECHTLE to Neutral. Target price 37 EUR. $BC8 (+0%)

- BARCLAYS lowers the price target for UNITED INTERNET from EUR 27 to EUR 23. Equal-Weight. $UTDI (+0%)

- BARCLAYS lowers the price target for 1&1 from EUR 19 to EUR 17. Equal-Weight. $1U1 (+0%)

- BERENBERG lowers the target price for AIR LIQUIDE from EUR 195 to EUR 190. Buy. $AI (+0%)

- HSBC downgrades PORSCHE SE from Hold to Reduce and lowers target price from EUR 36 to EUR 26. $PAH3 (+0%)

Analsyst updates, 08.11.

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- GOLDMAN upgrades BIONTECH from Neutral to Buy and raises price target from USD 90 to USD 137. $BNTX (+0,12%)

- BOFA raises target price for UNDER ARMOUR from USD 9 to USD 13. Neutral. $UAA (+0,17%)

- DEUTSCHE BANK RESEARCH raises the price target for DELIVERY HERO from EUR 29 to EUR 35. Hold. $DHE

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS from EUR 197 to EUR 200. Buy. $SIE (+0%)

- JEFFERIES raises the price target for HOCHTIEF from EUR 135 to EUR 138. Buy. $HOT (+0%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS HEALTHINEERS from EUR 60 to EUR 62. Buy. $SHL (+0%)

- DEUTSCHE BANK RESEARCH raises the price target for NORDEX from EUR 18 to EUR 19. Buy. $NDX1 (+0%)

- DEUTSCHE BANK RESEARCH raises the price target for RATIONAL from 832 EUR to 841 EUR. Hold. $RAA (+0%)

- DEUTSCHE BANK RESEARCH raises the target price for AXA from 37 EUR to 39 EUR. Buy. $CS (+0%)

- WARBURG RESEARCH raises the price target for BASTEI LÜBBE from EUR 11.70 to EUR 12.20. Buy. $BST (+0%)

- DEUTSCHE BANK RESEARCH raises the price target for ARCELORMITTAL from EUR 28 to EUR 29. Buy. $MT (+0%)

- DZ BANK raises the price target for SWISS RE from CHF 130 to CHF 140. Buy. $SREN (+0%)

- ODDO BHF raises the price target for HEIDELBERG MATERIALS from EUR 99 to EUR 110. Neutral. $HEI (+0%)

- KEPLER CHEUVREUX raises the price target for DAIMLER TRUCK from EUR 35 to EUR 41. Hold. $DTG (+0%)

- KEPLER CHEUVREUX upgrades REDCARE PHARMACY from Reduce to Hold. $RDC (+0%)

- ODDO BHF raises the price target for HENKEL from EUR 67 to EUR 73. Neutral. $HEN (+0%)

- ODDO BHF raises the price target for FREENET from EUR 27 to EUR 28. Neutral. $FNTN (+0%)

- BARCLAYS raises the target price for ABOUT YOU from EUR 3.10 to EUR 3.40. Underweight. $YOU (+0%)

- BARCLAYS raises the target price for NEMETSCHEK from EUR 108 to EUR 125. Overweight. $NEM (+0%)

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- BOFA lowers the price target for PINTEREST from USD 45 to USD 39. Buy. $PINS

- WARBURG RESEARCH lowers the price target for DAIMLER TRUCK from EUR 56 to EUR 55. Buy. $DTG (+0%)

- UBS lowers the price target for JCDECAUX from EUR 21.60 to EUR 18.50. Neutral. $DEC (+0%)

- WARBURG RESEARCH lowers the price target for ADTRAN HOLDING from EUR 9.70 to EUR 9.30. Buy. $ADTN (+0%)

- ODDO BHF lowers the price target for NORDEX from EUR 18 to EUR 17. Outperform. $NDX1 (+0%)

- BARCLAYS lowers the target price for VESTAS from DKK 99 to DKK 80. Underweight. $VWS (+0,05%)

- KEPLER CHEUVREUX lowers the price target for FRAPORT from EUR 62 to EUR 59. Buy. $FRA (+0%)

- BARCLAYS lowers the target price for GSK from GBP 15.50 to GBP 14.50. Equal-Weight. $GSK

- BERENBERG lowers the price target for COMPUGROUP from EUR 23 to EUR 21. Buy. $COP (+0%)

- BERENBERG lowers the price target for JUNGHEINRICH from EUR 41 to EUR 39. Buy. $JUN3 (-0,72%)

- JEFFERIES lowers the target price for SUSS MICROTEC from EUR 87 to EUR 75. Buy. $SMHN (-0,43%)

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- DEUTSCHE BANK RESEARCH raises its price target for BMW from EUR 90 to EUR 95. Buy. $DBK (+0%)

- BERNSTEIN raises the price target for QUALCOMM from USD 200 to USD 215. Outperform. $QCOM (+0,14%)

- UBS raises the price target for LYFT from USD 13 to USD 18. Neutral. $LYFT (+0,2%)

- BARCLAYS raises the price target for SIEMENS HEALTH from EUR 60.50 to EUR 62.50. Overweight. $SHL (+0%)

- WARBURG RESEARCH raises the price target for KONTRON from EUR 28 to EUR 28.40. Buy. $KTN (+0%)

- UBS upgrades KINGSPAN GROUP from Neutral to Buy. Target price 90 EUR. $KRX (+0,14%)

- WARBURG RESEARCH raises the price target for ZEAL NETWORK from EUR 59 to EUR 64. Buy. $TIMA (+0%)

- GOLDMAN raises the price target for VONOVIA from EUR 42.70 to EUR 43.70. Buy. $VNA (+0%)

- BARCLAYS raises the price target for AHOLD DELHAIZE from EUR 30 to EUR 31. Equal-Weight. $AD (+0%)

- BARCLAYS raises the target price for FMC from EUR 38.50 to EUR 39. Equal-Weight. $FMC (-0,05%)

- JPMORGAN raises the target price for COMMERZBANK from EUR 18 to EUR 18.40. Overweight. $CBK (+0%)

- JPMORGAN raises the target price for PUMA SE from EUR 40 to EUR 44. Neutral. $PUM (+0%)

- JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 13.96 to GBP 14.15. Overweight. $TKWY (+0%)

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- JEFFERIES downgrades PALANTIR from Hold to Underperform. Target price USD 28. $PLTR (-1,42%)

- DEUTSCHE BANK RESEARCH lowers the price target for NOVO NORDISK from DKK 1100 to DKK 1000. Buy. $NOVO B (+1,29%)

- RBC lowers the price target for NIKE from 82 USD to 80 USD. Sector Perform. $NKE (+0,03%)

- ODDO BHF downgrades ASM INTERNATIONAL to Outperform. Target price EUR 960. $ASM (-0,17%)

- KEPLER CHEUVREUX downgrades HENSOLDT from Buy to Hold. Target price EUR 34. $HAG (+0,03%)

- DEUTSCHE BANK RESEARCH lowers the price target for ZALANDO from EUR 40 to EUR 36. Buy. $ZAL (+0%)

- DEUTSCHE BANK RESEARCH lowers the price target for VESTAS from DKK 165 to DKK 150. Hold. $VWS (+0,05%)

- BOFA downgrades SIEMENS ENERGY from Buy to Neutral. Target price EUR 40. $ENR (-0,82%)

- METZLER lowers the price target for VONOVIA from EUR 28.50 to EUR 28. Sell. $VNA (+0%)

- BARCLAYS lowers the price target for TEAMVIEWER from EUR 18 to EUR 15.50. Overweight. $TMV (+3,17%)

- 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 (+0%)

- WARBURG downgrades EDAG ENGINEERING from Buy to Hold and lowers target price from EUR 13 to EUR 9.50. $ED4 (+0%)

- 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%)

- BERENBERG lowers the price target for KRONES from EUR 157 to EUR 154. Buy. $KRN (+0%)

Siemens healthineers Q3 2024 $SHL (+0%)

Financial performance:

• Revenue: Siemens Healthineers achieved comparable revenue growth of 5.2% in fiscal year 2024, excluding antigen testing. Including these tests, growth amounted to 4.7%, despite ongoing challenges in China.
• Adjusted EBIT: Adjusted EBIT increased to around €3.5 billion, with a margin improvement of 70 basis points to 15.7%.
• Net profit: Net profit increased by 28% to €1.959 billion.

Balance sheet overview:

• As at September 30, 2024, total assets amounted to EUR 46.055 billion, down slightly compared to EUR 46.684 billion in the previous year. Cash and cash equivalents, on the other hand, increased to EUR 2.683 billion, compared to EUR 2.247 billion in the previous year.

Details of the profit and loss account:

• Turnover: Turnover in the 2024 financial year amounted to EUR 22.363 billion, compared to EUR 21.680 billion in the 2023 financial year.
• Adjusted basic earnings per share: This increased from 2.14 euros to 2.23 euros.

Cash flow overview:

• Free cash flow (FCF): FCF increased by over 60% to EUR 2.1 billion, boosted by higher profits and lower inventories.
• Operating cash flow: Operating cash flow increased to 2.826 billion euros, compared to 2.119 billion euros in the previous year.

Key figures and profitability metrics:

• EBIT margin: The adjusted EBIT margin improved to 15.7%, compared to 15.0% in the previous year.
• Cash conversion rate: The cash conversion rate increased from 0.7 in the 2023 financial year to 0.9.

Segment information:

• Imaging: Sales increased to EUR 12.267 billion, with an adjusted EBIT margin of 21.1%.
• Diagnostics: Sales fell slightly to EUR 4.417 billion, but the adjusted EBIT margin improved significantly to 5.3%.
• Varian: Sales increased to €3.866 billion, with a margin of 16.5%.
• Advanced Therapies: Sales amounted to 2.075 billion euros, with a margin of 16.3%.

Competitive position:

• Siemens Healthineers continues to expand its market share in the Imaging, Varian and Advanced Therapies segments, supported by significant innovations and a strong equipment book-to-bill ratio of 1.11.

Forecasts and management commentary:

• For fiscal year 2025, Siemens Healthineers expects mid single-digit revenue growth in the Imaging and Advanced Therapies segments and high single-digit growth in the Varian segment. Margin expansion is forecast for all segments.

Risks and opportunities:

• Challenges: Currency-related effects and the difficult market conditions in China.
• Opportunities: Expansion of access to healthcare services and continuous innovation.

Summary of results:

Positive aspects:

• Significant increase in free cash flow of over 60%.
• Strong sales growth in the Americas and EMEA regions.
• Improvement in the adjusted EBIT margin to 15.7%.
• Successful market share gains in key segments.
• Positive net profit growth of 28%.

Negative aspects:

• Decline in sales in the Chinese market.
• Negative impact of currency effects on margins.
• Decline in sales in the Diagnostics segment.
• Increased provisions for refunds in Italy.
• Challenges in the Chinese market impacting overall growth.

On Friday I quickly bought another 40 shares of $SHL (+0%) Siemens Healthineers (including Varian). AI has long since made inroads here too and medical technology will make progress year after year. I also expect the next acquisitions of smaller companies in the coming years and so, in addition to organic growth, some will also be purchased.

In the long term, the stock can only win.

@7Trader the position was opened today with a little thought for you.

Although I have to say that with Exor's $PHIA (+0%) share I am already a little bit positioned. It's a shame that they've stopped developing robotics. I would have liked to have seen a 2 $ISRG (+0,71%) seen. Especially as Siemens has invested a lot of human capital in it.

Maybe things will go better with $AFX (+0%) better with the robots

+++ Earnings summary this morning, 31.07. +++

Adidas $ADS (+0%) achieved sales of €5.8 billion in the second quarter (previous year: €5.3 billion), EBIT of €346 million (previous year: €176 million) and net profit from continuing operations of €211 million (previous year: €96 million).

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KRONES $KRN (+0%) achieves revenue of €1.31 billion in Q2 (previous year: +16.7%, analyst forecast: €1.295 billion); EBITDA of €130.8 million (previous year: +22.8%, forecast: €130 million) and net profit of €69.2 million (previous year: +19.5%). Outlook for 2024 confirmed.

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Auto1 Group $AG1 (+0%) achieved sales of €1.52 billion in the second quarter (previous year: €1.34 billion, analyst forecast: €1.45 billion), sales of 166,292 vehicles (previous year: €141,682 vehicles); gross profit of €173.3 million (previous year: €127.8 million) and EBITDA (adjusted) of €20.7 million (previous year: -€14.8 million, forecast: €9.7 million).

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TEAMVIEWER $TMV (+3,17%) achieved revenue of €164.1 million in the second quarter (previous year: €154.2 million, forecast: €163.3 million), EBITDA (adjusted) of €67.5 million (previous year: €63.8 million, forecast: €64.3 million) and net profit of €26.5 million (previous year: €34.0 million). Outlook for 2024 confirmed.

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Fresenius $FRE (+0%) achieved adjusted sales of €5.41 billion (previous year: €5.1 billion, forecast: €5.27 billion), EBIT (adjusted) of €660 million (previous year: €571 million, forecast: €626 million) and adjusted net income after minority interests of €457 million (previous year: €393 million, forecast: €404 million) in the second quarter. Outlook confirmed.

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Siemens Healthineers $SHL (+0%) achieved sales of €5.4 billion in the third quarter (previous year: €5.2 billion, forecast: €5.5 billion), EBIT (adjusted) of €825 million (previous year: €758 million, forecast: €856 million) and net profit of €472 million (previous year: €451 million). Outlook confirmed.

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Nemetschek $NEM (+0%) confirms key figures for Q2 with revenue of €227.7m, EBITDA of €61.4m and outlook for 2024.

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Lufthansa $LHA (+0%) achieves revenue of €10.01bn (previous year: €9.38bn), EBIT (adjusted) of €686m (previous year: €1.1bn) and net profit of €469m (previous year: €881m) in Q2. Outlook confirmed on July 12.

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KION $KGX (+0%) achieved revenue of €2.9 billion in the second quarter (previous year: €2.8 billion, forecast: €2.9 billion), EBIT (adjusted) of €220.3 million (previous year: €192.3 million, forecast: €218 million) and a net profit of €70.7 million (previous year: €72.8 million).

Hello everyone,

I would also like to introduce myself and my portfolio briefly and concisely.

I've been a silent reader for a few months now. Now it's time to reveal a bit about myself.

About me:

My name is Sebastian, I'm 30 years old and I live in Bavaria. I live with my girlfriend in a house I inherited from my parents. I work in the business world as a mechanical engineer.

I can't say exactly when I started investing. I probably started about 4-5 years ago by participating in share bonus programs through my work. Otherwise, my investments have been steadily increasing since the coronavirus era. I was mainly triggered by Finfluencer. There are good and bad things about that. Good: I started investing. Bad: I bought a lot of things stupidly/blindly. I'm now trying to straighten that out and no longer follow such people.

Monthly savings rate approx. 2.5 to 3.0 k€.

I am not fully invested. I have and will continue to have a good cash position.

About the portfolio:

The aim is to create a healthy mix of growth, dividends (growth) and a stable, healthy basis. The dividends also serve somewhat as a "bonus".

As mentioned above, I have (or had) some stocks in my portfolio that I was/am not satisfied with and which I have therefore recently cleaned out and reallocated the freed-up capital. The reorganization process is still ongoing. Roughly speaking, I would generally like to have fewer individual stocks in my portfolio and will shift the weighting to ETFs.

About the individual stocks in the portfolio:

• $IUIT (+0,19%) This is a pillar of my portfolio. It runs with a monthly savings plan for €1000. The idea behind it is an ETF that gives me a good return and ideally outperforms "world ETFs". Sure, it's an ETF from one sector, but I think that's fine. The savings plan will continue to run.
• $HMWO (+0,05%) Also a pillar of my portfolio. Runs with a monthly savings plan for €1000. My selected "World ETF". Savings plan will continue to run.
• $XAIX (+0,19%) I am unsure about this. Also a sector ETF. Runs with a savings plan of €250 per month. Also technology-heavy. I'm thinking about cashing it out to compensate for the losses and to take profits from the current tech hype.
• $SHL (+0%) Largest single share position. Created through the share program mentioned above. 250€ monthly savings installment. The shares are sold selectively as soon as all the conditions of the program have been met and I have received maximum bonuses. I then switch directly to other stocks so that the SHL position does not become too large.
• $KO (+0,1%) It has recently become a pillar of my portfolio. Dividend growth, acceptable share price growth, few fluctuations. I like it. Will not be expanded for the time being.
• $MCD (-0,07%) See CoCa Cola. Has recently become a pillar of my portfolio. Dividend growth, acceptable share price growth, few fluctuations. I like it. I also see the share as strong in the real estate sector. Falling interest rates could trigger another good move here. Will not be expanded for the time being.
• $GOOGL (+0,07%) difficult. It has performed well, but is now considering realizing profits. Through my ETFs. I already have this stock indirectly in my portfolio. However, I have deliberately increased the weighting of this individual stock in my portfolio. Rather than buying more, I would rather take profits. However, I would add to it again after a correction.
• $MC (+0%) To be further expanded. Target 10k in the portfolio. I used the last small price slide as an additional purchase. Long-term investment. Will be bought at the next opportunity.
• $AMZN (-0,01%) See Google. I already have this stock indirectly in my portfolio. However, I have deliberately increased the weighting of this individual stock in my portfolio. Rather than buying more, more profit-taking. However, I would add to it again after a correction.
• $JNJ (-0,3%) To be further expanded. Target 10k in the portfolio. Dividend growth, acceptable share price growth, few fluctuations. I like it.
• $PG (-0,15%) Recently added to the portfolio. This stock should give the portfolio further stability. Target of €10k in the portfolio.
• $V (+0,1%) Recently added to the portfolio. This value should give the portfolio further stability. Target of €10k in the portfolio.
• $NKE (+0,03%) Difficult position. The recent dip was hard. Outlook also not good, if not bad. As things stand, I would like to sell this share. But I am reluctant to sell with a loss of just under € 1k. I will probably hold on for a while and then decide objectively. I had invested a little here after the dip in order to take advantage of a potential countermovement. I could have saved myself the trouble...
• $BLK and $TROW (-0,78%) same segment. I would like to decide on a share here and then expand it into a pillar of my portfolio. But which of the two...?
• $SBUX (-0,02%) Doesn't really fit into the portfolio anymore. The outlook isn't great either. I will probably sell it at +-0€ and shift the capital into a position to be expanded.
• $MPW (-0,18%) Legacy and memorial! Will continue untouched for now.

Of course, there have also been some failures so far, some of which have depressed performance considerably.

Any examples?

$YSN (+0%) : -36,80%

$PLUG (+3,87%) : -61,58%

$PYPL (+0,02%) : -14.68% (good luck for bad luck...)

$NKE (+0,03%) and $MPW (-0,18%) can probably be counted as well.

That's it. It has become a smaller wall of text. Sorry for that.

Feel free to give me feedback on my thoughts and the portfolio.

Have a nice weekend everyone!

I have spontaneously increased my position in Siemens Healthineers $SHL (+0%) spontaneously by 50%.

I like the continuous growth in profits and dividends and the ongoing acquisitions.

The two robotic systems Artis-System and Corindus-System are direct competitors to Intuitiv Surgical in some areas.

Both can be read here:

Siemens Healthineers Artis System:
https://www.siemens-healthineers.com/clinical-specialities/surgery/surgery-product-portfolio/hybrid-or/artis-pheno

Siemens Healthineers Corindus System:
https://www.massdevice.com/siemens-healthineers-cuts-corindus-surgical-robotics/

The merger (USD 16 billion) of Varian Medical Systems in 2019 marked an important step in the field of cancer and radiotherapy.

I could be wrong, but I am very much convinced that this company will become stronger and stronger in the future and that the share price will rise steadily.

🤑🤞🏼

This is the sixth company from the "Healthcare" sector to join my portfolio.

The core areas of Siemens Healthineers $SHL (+0%) are imaging for diagnostics and therapy, laboratory diagnostics, and digital health services.

$SHL (+0%) is one of the world's leading medical technology companies with over 120 years of experience and 66,000 employees in more than 70 countries.

I already had the stock on my shopping list in the summer of 2020 at around €36. Now, after an up and down, the time has come and I have bought the first shares.

The acquisitions of the last few years will hopefully soon bring good figures and boost the price 🤑🤞🏽