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    ENR   DE000ENER6Y0

SIEMENS ENERGY AG

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Siemens Energy cuts sales outlook on heels of Siemens Gamesa

05/05/2021 | 01:23am EDT
FILE PHOTO: Siemens Energy AG starts trading after IPO

FRANKFURT (Reuters) - Siemens Energy, which supplies turbines to the power sector, on Wednesday lowered the upper end of its target range for 2021 sales, hurt by weaker-than-expected demand, project delays and the ongoing coronavirus crisis.

Revenues are now expected to grow 3-8% in the year to September, compared with a previous range of 2-12%. According to Refinitiv estimates, sales are expected to grow 6% to 29.1 billion euros ($35 billion).

The outlook cut comes less than a week after Siemens Gamesa, the world's No. 1 maker of offshore wind turbines in which Siemens Energy owns 67%, warned of customers deferring projects and the ongoing impact of COVID-19 in India and Brazil.

Spun off from former parent Siemens AG last year, Siemens Energy has seen its shares rise by more than a fifth since its listing, boosted by cost cutting measures including the reduction of 7,800 jobs, or 8.5% of the total.

Orders rose by 39% in the second quarter, while sales fell 4.4%, the company said, adding operating profit -- adjusted earnings before interest, tax and amortisation -- more than doubled to 197 million euros.

($1 = 0.8319 euros)

(Reporting by Christoph Steitz; Editing by Emma Thomasson)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) -0.12% 6.404 Delayed Quote.1.05%
SIEMENS AG 2.96% 144.48 Delayed Quote.22.94%
SIEMENS ENERGY AG 4.91% 25.45 Delayed Quote.-15.95%
SIEMENS GAMESA RENEWABLE ENERGY, S.A. 3.18% 25.95 Delayed Quote.-21.58%
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Financials
Sales 2021 28 955 M 35 166 M 35 166 M
Net income 2021 -0,54 M -0,66 M -0,66 M
Net cash 2021 2 239 M 2 720 M 2 720 M
P/E ratio 2021 2 560x
Yield 2021 0,73%
Capitalization 18 062 M 21 923 M 21 937 M
EV / Sales 2021 0,55x
EV / Sales 2022 0,50x
Nbr of Employees 93 000
Free-Float 53,7%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 16
Average target price 36,48 €
Last Close Price 25,45 €
Spread / Highest target 69,0%
Spread / Average Target 43,3%
Spread / Lowest Target 13,9%
EPS Revisions
Managers and Directors
NameTitle
Christian Bruch President & Chief Executive Officer
Maria Ferraro Chief Financial & Diversity Officer
Josef Kaeser Chairman-Supervisory Board
Günter Augustat Member-Supervisory Board
Manfred Bäreis Member-Supervisory Board
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