Siemens Energy: Wind power woes continue in Q2; est. / PT down
Siemens Energy posted preliminary Q2 FY22 results. As in Q1, the gas and power segment’s performance was upbeat; however, a major disappointment was the Siemens Gamesa Renewable Energy (SGRE) segment.
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What's it all about ?
Siemens Energy posted preliminary Q2 FY22 results. As in Q1, the gas and power segment’s performance was upbeat; however, a major disappointment was the Siemens Gamesa Renewable Energy (SGRE) segment, which once again reported an operating loss in Q2. The guidance for SGRE was maintained at the low end, however it now includes sizeable positive one-offs from the disposal of assets. The problems at SGRE are leading the management to now reassess the group guidance for FY22. On reduced estimates, we downgrade our PT to EUR 30.50, but maintain the BUY rating.
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