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Siemens: Oddo still on hold

( - The spin-off will be effective from 28 September: each Siemens AG shareholder will receive one new Siemens Energy (SE) share for every two SIE GY shares held.

Siemens AG will retain 35.1% of the capital, with the intention of reducing this stake in the next 12-18 months.

In 2019, Siemens Energy's consolidated revenues reached 28.8 billion euros, with an operating profit of 1.5 billion euros (margin of 5.3%). For the current year, the group expects a 2.5% decline in revenues with an operating margin of around zero (between -1% and +1%), Oddo says. However, according to estimates, revenue should recover by 2% to 12%, with a margin expected between 3% and 5% in 2021.

However, Oddo does not see any valuation potential for the spin-off. Consequently, it maintains its neutral rating on the share with a target price of 112 euros.

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