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Siemens Energy: Oddo BHF raises TP

(CercleFinance.com) - Oddo BHF maintains its "neutral" rating on Siemens Energy shares, with its target price raised from E37 to E46.


The analyst cites a 'reassuring' quarterly publication, with continued strong order intake (+42% in organic terms, with an improving margin on backlog) and better-than-expected FCF.

Our 2025 guidance (sales growth of 8%-10% on a comparable basis and adjusted EBITA margin of 3%-5%) logically includes this acceleration in demand in most divisions, the broker says.

Nevertheless, it is significantly reducing its 2025 EPS estimates, taking into account: (1) a higher-than-expected operating loss at Siemens Gamesa (E1.3bn expected), (2) restructuring charges at Siemens Gamesa (E200m) and (3) the fact that Gamesa's losses are not deductible, the analyst continues.

Against this backdrop, Oddo BHF expects organic sales growth of 9.2% and an adjusted EBIT margin of 4.4% in 2025.


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