Multiple growth levers across industry segments: The strong focus on products/services has helped Siemens (SIEM) to mitigate the slowdown in industrial capex, as it has been able to capitalize on opex-related spending. We expect the trend to continue, driving strong growth for its products business. Any revival in capex spending can further strengthen its revenue trajectory (not a base-case scenario for us and consensus). Revenue CAGR (excl. Energy Management) estimated at 17% over FY18-21 (year ending September): We expect overall revenue growth to be driven by...