(CercleFinance.com) – Siemens Energy lost nearly 2% in Frankfurt while this morning Oddo announced that it was maintaining its ‘neutral’ rating on the stock, with a price target revised downwards, from 17.9 to 15, 9 euro.
If the analysis office considers that the results of Q4 are ‘solid’ with in particular orders and an FCF ‘which impress’, the SGRE file (Siemens Gamesa Renewable Energy) remains at the center of attention, while the supply acquisition by Siemens Energy of SGRE’s minority shareholders (32.9%) will end on December 13 (offer at €18.05 per share).
Oddo points out that the operational performance of Siemens Energy will remain negatively impacted by SGRE with reduced visibility as to the extent of the losses to be expected (Oddo expects a loss of approximately 200 to 800 ME)
In this context, the analyst indicates that he is revising his forecasts significantly downwards (-26% on 2023 and 2024 EPS).
‘Investors must always arbitrate between the long-term outlook, which is attractive, with an energy market destined to grow significantly and margins recovering, and the short-term outlook, which is very uncertain on SGRE’ , concludes the broker.
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