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Prabhudas Lilladher’s analysis report on Siemens
We lately attended analyst meet of Siemens India, hosted by Mr. Sunil Mathur- MD & CEO and Mr. Daniel Spindler- CFO & Government Director. Administration highlighted that the present demand situation continues to stay wholesome led by continued traction briefly cycle orders, massive tasks (from authorities in addition to personal gamers) witnessing an uptick and inexperienced area capex choosing up in segments like information middle, intralogistics (warehouse automation), batteries and so on. Order inflows for H1SY22 got here in at ~Rs106bn, up 63.3% YoY, pushed by quick and medium cycle orders. Regardless of difficult atmosphere (increased commodity price, rising rate of interest and so on.) administration indicated that the demand will seemingly proceed for subsequent 2-3 quarters. Traction continues from industries like Cement, Chemical substances, Pharma, F&B, Metal, and so on. Moreover, segments similar to information middle, e-commerce, waste warmth restoration, sensible infra, digitalization, automation, TBCB, intralogistics, charging infrastructure, decarbonisation, sensible metering, sensible grids and so on. can be key progress driver going forward. Regardless of close to time period challenges from provide chain disruption (semiconductor scarcity), increased commodity value and freight price, we stay optimistic on SIEM from a long-term perspective given its 1) robust and diversified presence throughout industries, 2) concentrate on product localization, 3) stable stability sheet and 4) excessive money movement. Contemplating their wholesome demand outlook, concentrate on price management and pickup in mobility phase we count on income/PAT CAGR of 14%/23% from SY21-SY24.
Outlook
At CMP inventory trades at 67.5x/51.9x/43.6x SY22/23/24E. We preserve ‘Accumulate’ ranking on inventory with TP of Rs2,602 (similar as earlier) (PE of 52x annualized Mar’24E EPS).
Extra Data
At 14:28 hrs Siemens was quoting at Rs 2,370.10, down Rs 9.95, or 0.42 %.
It has touched an intraday excessive of Rs 2,402.65 and an intraday low of Rs 2,317.35.
It was buying and selling with volumes of 8,436 shares, in comparison with its thirty day common of 12,336 shares, a lower of -31.61 %.
Within the earlier buying and selling session, the share closed up 0.47 % or Rs 11.25 at Rs 2,380.05.
The share touched its 52-week excessive Rs 2,577.45 and 52-week low Rs 1,919.50 on 13 December, 2021 and 28 July, 2021, respectively.
At the moment, it’s buying and selling 8.04 % beneath its 52-week excessive and 23.47 % above its 52-week low.
Market capitalisation stands at Rs 84,404.06 crore.
For all suggestions report, click here
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