Independent equity research
Is Siemens AG (SIE) a Buy, Hold or Sell?
Siemens AG — our independent, AI-built valuation and rating, in brief.
BUY (accumulate)
12-mo fair value
€313.00
To fair value
+18%
By · report dated 2026-08-23 · fair value derived independently of the market price.
The thesis, in brief
Siemens trades at 15.8x FY2027E EBIT for its three industrial businesses once the 67% Healthineers and c.6.5% Siemens Energy stakes are stripped out at market, against 26.3x for peers; the February 2027 spin vote removes the consolidation that causes the discount. Falsified if Smart Infrastructure orders turn negative
How we value it
We value Siemens AG using Sum-of-the-parts on FY2027E segment EBIT; listed stakes at market less holdco discount. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Siemens AG report
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