Siemens Ltd. share price target

sectors like Food & Beverage, Chemicals, Water, Smart Infrastructures (Data centers, Hospitals, Commercial offices and Airports), Captive Power and Railways. The industrial production has witnessed slowdown with marginal improvement (few buckets) in utilization which stands at ~74%. Private capex continues to elusive with Govt continue to do the major capex in the country. New capex has been mainly happening to improve operating efficiencies, no major greenfield capex. Renewables have been doing well and will continue to witness traction for next 2 years on rising demand for grid stabilization...

Our management meeting with SIEM indicated the sustained thrust of the company to transform itself from being a product company (62-65% of sales) to a complete solution provider. SIEM is focused on 1) Digitization and localization 2) Creating smart infrastructure and 3) Increasing customer by leveraging its strong balance sheet and offering innovative financing. SIEM...

Q1FY19 revenue grew by 16%YoY supported by strong growth in Digital factory (36%) and Process Industries & Drives (PID-31%) segments. EBITDA grew by 13%YoY while EBITDA margin declined 30bps. Margins improved in all segments except in Mobility and PID....

26 November 2018 We attended Siemens Indias (SIEM) analyst meet, where the company discussed on its financial performance, order trajectory and key focus areas to drive future The FY18 performance was supported by 28% YoY growth in base orders (

Revenue decreased by 6.28% to Rs. 2964.4 Cr in Q3SY18 when compared to the previous quarter Siemens Ltd Q3SY18 results Comment

8 August 2018 in 3QFY18 (year ending September). The revenue miss can be primarily attributed to the weak performance in Mobility segment (-21% YoY). Adj. net profit rose 26% YoY to INR2.0b (est. 9.8% was marginally below our estimate of 10.1%. Margin expansion of 130bp YoY was led by better cost management (other expenses as a % of sales declined 220bp YoY to 10.1%; INR3.5b).

Need strong order inflows to maintain growth trajectory... Siemens India Ltd (Siemens), a 75% owned Indian Subsidiary of Siemens AG, is an integrated technology provider and engineering leader. It operates in eight segments: Power & Gas, Energy Management, Building Technologies, Mobility, Digital Factory, Process Industries and Drives, Healthcare, Metals Technologies and Others. Siemens reported a revenue growth of 12%YoY to Rs32.8bn for March quarter supported by healthy growth in Energy Management (21%YoY) and Digital factory (18.5 % YoY) segments. EBITDA grew 16%YoY to Rs3.2bn and margins expanded by 32bps to 9.8% aided by increased margins in Energy Management and Building Technologies....

Revenue rose by 33.85% to Rs. 3163.1 Cr in Q2SY18 when compared to the previous quarter. Siemens Ltd Q2SY18 results Comment

On a reported basis,revenue grew 12% YoY to INR32.8b (our estimate: INR37.4b). The revenue miss can be attributed to weak performance in the mobility (-43% YoY),power and gas (-8 % YoY) and process industries and drives (-2% YoY)segments. EBITDA grew 16% YoY to INR3.2b, with margin at 9.8% (+30bpYoY; our estimate: 10.8%). Adjusted net profit from operations increased23% YoY to INR2.2b, below our estimate of INR2.8b

yoy, driven by 21% yoy growth in Energy Management (EM) and 14% growth in Digital Factory(DF). EBITDAM increased by 102bps to 11.2% and APAT increased by 19% yoy. Order intake improved by 2.1% yoy to Rs 32.6bn. Order flows continue to be driven primarily from digitalization and infrastructure projects. Despite consistent growth in order inflows, the order backlog of Rs132bn (~1xFY2018E sales) is not adequate for revenue visibility. SIEM would have to report strong order flows in the next 3-4 quarters to maintain its revenue and profitability growth trajectory in FY19E and FY20E. We downgrade FY18/FY19 EPS estimates by 1% each to factor in lower revenue...