ICICI Direct has given Buy recommendation for Siemens with a target price of Rs. 2210 in its research report issued on Mar 31, 2021

ICICI Direct’s research report on Siemens

Siemens Ltd (Siemens) is a leader in technology solutions for smart, intelligent, sustainable cities, building technologies, mobility and power transmission & distribution (T&D). Siemens operates mainly in five key business verticals like energy/gas & power (40%), smart infrastructure (27%), digital industries (19%), mobility (9%), portfolio of companies (4%). Key products include transformers, turbines, medium/low voltage switchgears, motors, mechanical drives and railway electrification equipment & control systems. Siemens’s product portfolio, debt free status, highly underpenetrated market, strong global parentage (Siemens AG) augur well.


We value Siemens at Rs 2210/share with a BUY rating, implying multiple of 49x on FY23E EPS for core business and adding recently acquired C&S business valuing at 1.7x on FY23E sales.