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Siemens

Siemens is a diversified conglomerate serving a range of industries and end-markets. It has eight industrial segments: Power and Gas (18% of FY17 industrial revenues, 16% of adj. industrial EBITA); Energy Management (15%, 10%); Building Technologies (8%, 8%), Mobility (10%, 8%), Digital Factory (13%, 21%); Process Industries and Drives (11%, 6%); Healthineers (16%, 25%); and Siemens Gamesa Renewable Energy (9%, 6%). Siemens also has a captive financing arm, Siemens Financial Services, which finances customers and serves as the treasury function for the company. Siemens reports revenue mix from three main regions – Europe, CIS, Africa and Middle-East (52% of FY17 consolidated revenues), Americas (28%), and Asia and Australia (19%). Within that, the US accounted for 20% of revenues, Germany represented 13% of revenues, and 9% of revenues came from China. (20 Feb 2018)

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Siemens 4Q18: One For All and All For One

Earnings Note: 11 Nov 2018, 10:22 PM ET - Siemens reported a solid fourth quarter excluding the continued weakness at Power and Gas. The balance sheet remains robust and event risk appears to be low at the credit, although the Vision 2020+ plan is worth keeping an eye on.

Prysmian 1H18: Time to Integrate GC - Move to M/P

Earnings Note: 20 Sep 2018, 9:40 PM ET - Prysmian reported good underlying 1H18 results and over the period, it completed the transformational General Cable acquisition of General Cable. We move to a Market perform recommendation on PRYIM's bonds.
Focused

Siemens: Issuing Bonds Post Vision 2020+ Plan

IG Note: 28 Aug 2018, 6:37 AM ET - Siemens is in the euro market with 5Y, 9Y and 1Y bonds. The new issues follows a mixed Q3 results and, more importantly, comes after the unveiling of the Vision 2020+ plan which sees a lot of oncoming changes at SIEGR.

Industrials 2Q18 Review: Tariffs Tame for Now

Sector Analysis: 07 Aug 2018, 4:43 AM ET - It was a strong 2Q18 earnings season for our Industrial credits. We share the salient takeaways and touch on hot button topics such as end-market trends, tariffs and event risk.

Schneider Electric 1H18: Growth from All Segments

Earnings Note: 30 Jul 2018, 9:03 PM ET - SUFP reported a solid 1H18 with LFL revenue growth at all segments including Medium Voltage. We are of the view that Schneider will benefit from a lack of exposure to the traditional power generation segment vs close cap goods peers.

Valeo 1H18: Uncertainties Ahead?

Earnings Note: 26 Jul 2018, 9:31 AM ET - Valeo reported mixed results although a key positive was the strength of the order book, largely thanks to the JV with Siemens. That said, a number of factors could serve as near term headwinds including raw material costs, WLTP and trade.
Focused

Alstom: 1Q18/19 Sales & Siemens-Alstom Progress

Worth Watching: 19 Jul 2018, 10:40 AM ET - Alstom kicked off its FY18/19 with solid sales and order growth in the first quarter (ending 30 June 2018) with strong results across most regions and product segments. The results allowed Alstom to confirm its FY18/19 outlook of sales of ~€8 b ..

Asia IG News: Alibaba, CMB International, NAB, KDB

Worth Watching: 10 Jul 2018, 5:55 AM ET - Asia IG News (Click the hyperlinks to see CreditSights research). Greater China: Alibaba will be collaborating with German electrical engineering and electronics conglomerate, Siemens, in a landmark deal. This collaboration involves hosting the Ge ..
Focused

Siemens: Large Turbines Staying on Fleet of Ships?

IG Note: 18 Jun 2018, 9:42 PM ET - Press rumours indicated that Siemens is considering strategic options for its large gas turbines business, although further rumours issued later on suggested otherwise. We discuss SIEGR’s options for the business going forwards.

US Industrials: Macro Data Points

Sector Analysis: 12 Jun 2018, 1:59 AM ET - In this report, we tied the positive tone from Industrial management teams to select economic data points.

Alstom FY17/18: A Solid Year Before The Merger

Earnings Note: 16 May 2018, 10:31 PM ET - Alstom reported a solid year with improvements to the top- and bottom-line, as well as net leverage edging lower. The oncoming year is likely  to be ALOFP's last year before its merger with Siemens.
Focused

Siemens 2Q18: Let’s Talk About Power and Gas

Earnings Note: 09 May 2018, 8:25 PM ET - Siemens reported a soft second quarter with Power and Gas continuing to be a burden for the group. Nonetheless, credit metrics remained robust and we maintain our U/P recommendation on SIEGR's EUR bonds and M/P on its USD bonds.

Schneider Electric: Finally Gets Around to L&T

IG Note: 02 May 2018, 12:11 PM ET - Schneider Electric announced that it has reached an agreement to acquire the Electrical and Automation business from Larsen & Toubro (L&T), with limited impact on credit metrics. Bearing this in mind, we move to a M/P on SUFP's bonds.

Parker: 3Q18 | Shifting to Market perform

Earnings Note: 26 Apr 2018, 9:13 PM ET - PH’s earnings were strong, but with the equity now under pressure and debt reduction plans nearing completion we anticipate a capital allocation change soon. We take our Outperform on the credit to a Market perform.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.
Focused

Siemens: Healthineers IPO

Worth Watching: 04 Mar 2018, 8:54 PM ET - Siemens (A1/A+) has announced that the partial listing of its healthcare unit, Healthineers (HC), is scheduled to occur on Friday, 16 March 2018, with offers to commence from Tuesday, 6 March 2018 until Thursday, 15 March 2018. Siemens intends t ..

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

ABB 4Q17: Mixed End to Transition Year

Earnings Note: 11 Feb 2018, 9:55 PM ET - ABB reported a mixed 4Q17 with weakness at some divisions, although credit metrics improved YoY.  Execution risk is on the cards during 2018, while ABB integrates recent and oncoming acquisitions. We maintain our M/P view on ABB.
Focused

Siemens 1Q18: Unlike Others?

Earnings Note: 31 Jan 2018, 10:03 PM ET - Siemens reported mixed results with revenues up but adj EBITA margins down while credit quality remained solid. Execution risk remains high but we view SIEGR as a core holding and maintain our U/P on its eur-bonds and M/P on its usd-bonds.

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