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Siemens Energy: Oddo BHF raises target after results

( - Oddo BHF maintains its 'neutral' rating on Siemens Energy shares, significantly raising its target price for them from E14.
5 to E22, after the company published better-than-expected quarterly results yesterday morning, mainly thanks to the Grid Technologies division.

Siemens Energy's quarterly sales reached E8.3bn (up 3.7% on a comparable basis), while adjusted EBITDA came in at E170m, compared with the consensus forecast of... just E3m!

Siemens Energy has also raised its 2023/24 targets, and now anticipates organic growth in consolidated sales of 10-12%, compared with 3%-7% previously.

Oddo BHF expects organic growth of 11.5% at consolidated level, including 32% for Grid technologies.

Visibility remains low on the risks associated with quality problems in the onshore business, although the fact that the Group has not identified any new problems is encouraging, the broker concludes.

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