Dolat Capital Market has given Buy recommendation for Siemens with a target price of Rs. 2300 in its research report issued on May 11, 2021

Dolat Capital Market’s research report on Siemens

Siemens reported a strong set of numbers. Revenue increased by 18.2% YoY to Rs33.5bn while EBITDA was up by 85.9% YoY at Rs4.4bn with margin expansion of 479bps YoY to 13.2%. Adj. PAT grew by 79.7% to Rs3.2bn. Siemens is expected to benefit from automation capex by industries. The company has a strong business model backed by structural tailwinds and product offerings in digital & automation solutions along with core infra products. Besides, there is also scope for margin expansion from the short cycle demand that would help sustain recovery.


We raise our FY21e EPS estimates by 8.1% to factor in the robust Q2 performance, though retain our FY22e/FY23e estimates. We retain BUY with the target price of Rs2300 based on 55x Mar’23E EPS.