Siemens Energy: Oddo BHF on hold, but boosts TP

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Siemens Energy shares, with a significantly higher target price, up from E25 to E37.


Oddo BHF anticipates a "solid" Q4, with no major surprises, and organic sales growth of 15%, thanks in large part to Grid Technologies (GT), whose growth should reach 38%.

The group is expected to provide guidance for 2025, and in this respect we have incorporated a higher operating loss for Gamesa (-E787m vs. -E418m previously), taking into account the gradual ramp-up of offshore (expected to show a loss in 2025), the broker says.

Against this background, Oddo BHF leaves its forecasts for Gamesa unchanged from 2026. However, estimates for GS (Gas Services) and GT have been raised for 2025 and beyond, both in terms of organic growth and operating EBIT margin (now expected at 10.7% for GS and 10.4% for GT in 2025)

Visibility remains low on the risks associated with onshore quality issues (and offshore ramp-up costs), although the fact that the Group has not identified any new issues in recent months is encouraging, the analyst concludes.


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