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Nov 29, 2017 12:49 PM IST | Source: Moneycontrol.com

Siemens falls 2%; Deutsche Bank retains Sell, cuts target to Rs 1,030 as valuations remain high

Deutsche also cut order inflow assumption by 3/7 percent for FY18/19 and reduced revenue growth estimate by 4.5/3.8 percent for FY18/19.

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Siemens shares fell more than 2 percent intraday Wednesday after Deutsche Bank has retained its sell rating on the stock and slashed target price to Rs 1,030 (from Rs 1,100 per share) as valuations remain elevated at 42x PE for March 2019.

FY17 orders are strong, but outlook is still concerning, the research house said, adding the opportunity size remains stagnant for FY18 over FY17.

Deutsche also cut order inflow assumption by 3/7 percent for FY18/19 and reduced revenue growth estimate by 4.5/3.8 percent for FY18/19.

Brokerage house Edelweiss, too, trimmed FY18/19 EPS 3 percent each factoring in muted Q4, while maintaining hold rating on the stock with reduced target price at Rs 1,400 (from Rs 1,450 earlier).

Siemens reported 2 percent growth in Q4FY17 revenue. Growth in energy (up 11 percent YoY) was negated by decline in power & gas (down 14 percent YoY), mobility (down 25 percent YoY) and process industry (down 19 percent YoY).

Dip in other expenses (10 percent) resulted in 120bps EBITDA margin expansion to 10.1 percent. Order inflow at Rs 2,700 crore (up 10 percent YoY) resulted in closing order book of Rs 12,300 crore (up 26 percent YoY).

At 12:35 hours IST, the stock price was quoting at Rs 1,192.75, down Rs 22.20, or 1.83 percent on the BSE.
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