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Siemens Q2 Results Review: Strong Inflows Amid Weak Execution, Says Motilal Oswal Maintaining 'Neutral' Stance
Valuation multiples for non-energy segment are lower than the energy segment due to lower growth profile vs energy segment, adds Motilal Oswal
14 May 2025, 11:17 AM IST 
Siemens results were below estimates for the combined company as well as the non-energy entity in Q2 FY25.
(Photo Source: Siemens website)
Based on proforma financials of non-energy business Siemens, the stock is currently trading at a P/E of 54x/44x/38x on FY25E/FY26E/FY27E EPS. Motilal Oswal values the stock at 45x on Mar’27E EPS and maintain Neutral rating with a target price of Rs 3,200. Valuation multiples for non-energy segment are lower than the energy segment due to lower growth profile vs energy segment.
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