Equity Analysis /
India

IN : Siemens Ltd - Positives likely priced in

    CGS-CIMB
    4 December 2021
    Published byCGS-CIMB

    Siemens’ 4QFY21 EBITDA missed on higher input & logistic costs, but expects the trend to improve with pricing actions and higher share of short cycle orders. Government’s continued thrust on infrastructure and uptick in the private sector should drive growth, but valuations likely factor in the positives, in our view. We reiterate our Hold rating, with a higher TP of Rs2,200.