Siemen’s Spin-off (Siemens Energy) Notes

Update 11/25/2020

Update 11/19/2020

  • Great article showing the bull case for Siemens Energy.
  • In summary, Siemens Energy owns various stakes that are worth ~$21

  • The stock currently trades at $24.
  • This sum-of-the-parts excludes Siemens Energy’s core business.
  • Using management’s assumptions and assuming a P/E of 12.5, the core business could be worth 15.26 EUR per share, implying significant upside.

  • I need to independently research this, but the thesis makes sense at a high level. The other nice thing is the business is being spun off at a cyclical low so there could be significant upside to net income looking out a few years.

Update 10/1/2020