Siemen’s Spin-off (Siemens Energy) Notes
- Good article on Siemens Gamesa (Siemens Energy owns 67% of it)
- 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.