Siemens Energy: price target raised by Oddo BHF

(CercleFinance.com) - Oddo BHF maintains its "neutral" rating on Siemens Energy shares, with its target price raised from €37 to €46.


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", emphasizes the broker.

' Nevertheless, we are revising our 2025 EPS significantly downwards, taking into account: (1) a higher-than-expected operating loss at Siemens Gamesa (1.3 billion euros expected), (2) restructuring charges at Siemens Gamesa (200 million euros) and (3) the fact that Gamesa's losses are not deductible", continues the analyst.

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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