Siemens: Oddo remains 'Neutral'
(CercleFinance.com) - This Friday morning, Oddo reconfirms its 'Neutral' recommendation on the Siemens share, as well as its price target of 115.
9 euros, following the publication of second-quarter results.
The German industrial conglomerate posted revenues of 20.1 billion euros. Adjusted operating results declined 8% to 2.2 billion, in particular due to the 'energy' segments Power & Gas and Siemens Gamesa. As a result, Siemens' adjusted margin downgraded from 12.3 to 11.7%, even though quarterly net profits skyrocketed 39% to 2 billion euros, chiefly thanks to the 900-million-euro positive impact from the group's transfer of Atos shares to its pension fund.
“We consider this financial year as a transition, improved by ad-hoc gains”, indicates Oddo.
“The macro environment should remain stable but 2018 will see some headwinds, notably a decline in the Power & Gas markets, the need for a recovery of SGRE and the negative impact of exchange rates on revenues and margins”, notes the broker.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
9 euros, following the publication of second-quarter results.
The German industrial conglomerate posted revenues of 20.1 billion euros. Adjusted operating results declined 8% to 2.2 billion, in particular due to the 'energy' segments Power & Gas and Siemens Gamesa. As a result, Siemens' adjusted margin downgraded from 12.3 to 11.7%, even though quarterly net profits skyrocketed 39% to 2 billion euros, chiefly thanks to the 900-million-euro positive impact from the group's transfer of Atos shares to its pension fund.
“We consider this financial year as a transition, improved by ad-hoc gains”, indicates Oddo.
“The macro environment should remain stable but 2018 will see some headwinds, notably a decline in the Power & Gas markets, the need for a recovery of SGRE and the negative impact of exchange rates on revenues and margins”, notes the broker.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.