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Siemens - Q4 FY20 Result Update - YES Securities

Posted On: 2020-11-30 22:13:10 (Time Zone: Arizona, USA)


Siemens (Q4 FY20) - ADD (Target Rs1,610, Upside 6%)

While consumption-facing sectors such as F&B, Pharma, Data Centers and Chemicals continue to perform, we assume a staggered demand recovery in cement, metals and infra. SIEM's strategy is to align with digitalization trends, preserve margin & generate FCF while remaining selective in case of project biz. Industrial steam turbines, electrification of railway network, metro rail projects & Smart Infra offer significantly large biz prospects for SIEM over medium to long term. Under digitalization theme, SIEM's cloud based open Internet of Things (IoT) platform 'MindSphere' is expected to gain momentum leading to new orders over medium term. Scope for margin expansion in segments like Building Technologies, Digital Factory and Process Industries, predictable cashflows from digitization and short-cycle demand would aid in sustainable growth. Raise FY21/FY22 EPS est. by 7%/12% as we believe improving short cycle ordering traction, focus on optimization capex by industrials & sustainable internal cost rejig augur well for the Company. SIEM is trading at 54x to Sept'21 EPS. We believe companies with a future-ready business model, backed by structural tailwinds that are positive cash & holistic product offerings (Digital & Automation solutions & core infra products) will revive faster than peers. Retain 'ADD' with TP of Rs1,610 at 45x (earlier 40x) Sep'22E EPS.

YES Securities - Siemens (Q4 FY20) - 20201201

Shares of SIEMENS LTD. was last trading in BSE at Rs.1514 as compared to the previous close of Rs. 1520.9. The total number of shares traded during the day was 138205 in over 5871 trades.

The stock hit an intraday high of Rs. 1532.8 and intraday low of 1492. The net turnover during the day was Rs. 209129725.


Source: Equity Bulls

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