Financials Siemens Healthineers AG Wiener Boerse

Equities

SHL

DE000SHL1006

Advanced Medical Equipment & Technology

Real-time Estimate Tradegate 12:40:00 2024-05-31 pm EDT 5-day change 1st Jan Change
53.34 EUR -0.86% Intraday chart for Siemens Healthineers AG +0.15% +2.01%

Valuation

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 36,067 41,088 63,053 49,516 53,731 59,650 - -
Enterprise Value (EV) 1 39,241 45,979 74,121 61,565 68,749 71,523 70,173 68,712
P/E ratio 23 x 27.4 x 35.8 x 24.5 x 35.8 x 29.7 x 23.4 x 20 x
Yield 2.22% 2.09% 1.51% 1.92% 1.98% 1.91% 2.32% 2.58%
Capitalization / Revenue 2.48 x 2.84 x 3.5 x 2.28 x 2.48 x 2.63 x 2.46 x 2.31 x
EV / Revenue 2.7 x 3.18 x 4.12 x 2.84 x 3.17 x 3.15 x 2.89 x 2.66 x
EV / EBITDA 13.4 x 16.4 x 20.5 x 14.4 x 18.6 x 15.9 x 13.2 x 11.7 x
EV / FCF 37.8 x 33.5 x 32.8 x 37.3 x 53.7 x 28.9 x 23 x 20.9 x
FCF Yield 2.65% 2.98% 3.05% 2.68% 1.86% 3.46% 4.34% 4.8%
Price to Book 3.69 x 3.07 x 3.79 x 2.51 x 2.96 x 3.15 x 2.93 x 2.72 x
Nbr of stocks (in thousands) 999,223 1,072,798 1,122,335 1,118,252 1,119,394 1,115,788 - -
Reference price 2 36.10 38.30 56.18 44.28 48.00 53.46 53.46 53.46
Announcement Date 11/4/19 11/2/20 11/4/21 11/9/22 11/8/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 14,518 14,460 17,997 21,714 21,680 22,676 24,250 25,835
EBITDA 1 2,920 2,796 3,612 4,269 3,692 4,501 5,299 5,862
EBIT 1 2,300 2,230 3,142 3,655 3,081 3,548 4,212 4,742
Operating Margin 15.84% 15.42% 17.46% 16.83% 14.21% 15.64% 17.37% 18.36%
Earnings before Tax (EBT) 1 2,193 1,954 2,404 2,800 1,928 2,734 3,546 4,158
Net income 1 1,567 1,411 1,727 2,038 1,509 2,019 2,555 2,999
Net margin 10.79% 9.76% 9.6% 9.39% 6.96% 8.9% 10.53% 11.61%
EPS 2 1.570 1.400 1.570 1.810 1.340 1.799 2.281 2.677
Free Cash Flow 1 1,038 1,371 2,259 1,652 1,281 2,475 3,048 3,295
FCF margin 7.15% 9.48% 12.55% 7.61% 5.91% 10.91% 12.57% 12.75%
FCF Conversion (EBITDA) 35.55% 49.03% 62.54% 38.7% 34.7% 54.98% 57.52% 56.21%
FCF Conversion (Net income) 66.24% 97.17% 130.8% 81.06% 84.89% 122.56% 119.33% 109.86%
Dividend per Share 2 0.8000 0.8000 0.8500 0.8500 0.9500 1.023 1.240 1.379
Announcement Date 11/4/19 11/2/20 11/4/21 11/9/22 11/8/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3
Net sales 1 5,068 5,460 10,528 5,186 6,000 5,077 5,346 5,201 6,056 5,176 5,435 5,572 6,424 - - -
EBITDA 1 - 1,116 - 938 1,211 - - - - 885 917 1,211 1,492 - - -
EBIT 1 898 980 1,879 765 1,011 647 681 740 1,013 742 822 874.2 1,085 - - -
Operating Margin 17.72% 17.95% 17.85% 14.75% 16.85% 12.74% 12.74% 14.23% 16.73% 14.34% 15.12% 15.69% 16.89% - - -
Earnings before Tax (EBT) 1 661 - - - - - - - - 543 541 637.4 865.7 - - -
Net income 1 466 579 - 363 630 421 105 451 537 431 426 547.4 676.7 - - -
Net margin 9.19% 10.6% - 7% 10.5% 8.29% 1.96% 8.67% 8.87% 8.33% 7.84% 9.82% 10.53% - - -
EPS 2 0.4100 0.5100 - 0.3200 0.5600 0.3800 0.4700 0.4000 0.4800 0.3800 0.3800 0.4815 0.6164 - - -
Dividend per Share 2 - - - - 0.8500 - - - 0.9500 - - - 1.016 - - -
Announcement Date 2/3/22 5/4/22 5/4/22 8/3/22 11/9/22 2/2/23 5/16/23 8/2/23 11/8/23 2/1/24 5/7/24 - - - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: September 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,174 4,891 11,068 12,049 15,018 11,873 10,523 9,062
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.087 x 1.749 x 3.064 x 2.822 x 4.068 x 2.638 x 1.986 x 1.546 x
Free Cash Flow 1 1,038 1,371 2,259 1,652 1,281 2,475 3,048 3,295
ROE (net income / shareholders' equity) 17% 14.3% 15.5% 14.3% 12.8% 12.8% 14.7% 15.6%
ROA (Net income/ Total Assets) 7.61% 6.07% 6.64% 5.65% 4.72% 4.65% 5.69% 6.44%
Assets 1 20,594 23,262 26,009 36,049 32,002 43,461 44,902 46,571
Book Value Per Share 2 9.790 12.50 14.80 17.70 16.20 17.00 18.20 19.70
Cash Flow per Share 2 1.620 1.910 2.670 2.220 1.880 2.940 3.750 3.840
Capex 1 579 557 674 852 838 924 973 1,054
Capex / Sales 3.99% 3.85% 3.75% 3.92% 3.87% 4.08% 4.01% 4.08%
Announcement Date 11/4/19 11/2/20 11/4/21 11/9/22 11/8/23 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
20
Last Close Price
53.46 EUR
Average target price
60.47 EUR
Spread / Average Target
+13.11%
Consensus
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