External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We roll forward our valuation (35x) to Sep-23E and arrive at a target price of INR 1,860 vs INR 1,811 Mar-23E. Given punchy valuations, we maintain REDUCE on SIL. We have cut our FY21/22/23E EPS estimates by 22.5/7.8/1.7% respectively on account of weak execution. Siemens: Siemens India Ltd (SIL) delivered revenue/EBITDA/APAT miss of 14%/38/40%, impacted by disruptions induced by the second wave and the lockdown that followed. Margins across all segments increased YoY on a low base and dipped sequentially except for mobility.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We roll forward our valuation (35x) to Sep-23E and arrive at a target price of INR 1,860 vs INR 1,811 Mar-23E. Given punchy valuations, we maintain REDUCE on SIL. We have cut our FY21/22/23E EPS estimates by 22.5/7.8/1.7% respectively on account of weak execution. Siemens: Siemens India Ltd (SIL) delivered revenue/EBITDA/APAT miss of 14%/38/40%, impacted by disruptions induced by the second wave and the lockdown that followed. Margins across all segments increased YoY on a low base and dipped sequentially except for mobility.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Siemens Ltd

HSIE Results Daily: Siemens