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Equities

Berenberg Ups Estimates, Price Target for Siemens Energy on Electricity Demand Boost

Berenberg raised its estimates and price target for Siemens Energy (ENR.F), noting the revamp of ageing grid infrastructure and the broader push for electrification as key drivers for the German energy technology company."We increase our estimates slightly for organic revenue growth within the Grid Technologies segment. We now forecast revenue of EUR14bn, EUR16.9bn and EUR20bn for 2026, 2027 and 2028 respectively. This moves our estimates a low-single-digit percentage above consensus for these years," analysts said in a Monday note focused on the electrical sector. "We also forecast above-guidance profit margins of c20-21% for the 2026-28 period. This is driven, in our view, by the expected strength in orders translating through to greater top-line volumes and from pricing benefits supporting profit margins. We make minor changes to our estimates across the rest of the business."As such, Berenberg's sales, EPS and EBITA estimates for the group were increased over 2026 to 2028.The price target increased to 205 euros from 200 euros, with an unchanged buy rating.

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Asia Markets

DAX Index Climbs; German Producer Prices Up

Germany's blue-chip DAX closed 1.38% higher on Wednesday, as investors assessed fresh economic data alongside the latest updates on the European Union-US trade front.Destatis reported that producer prices rose 1.7% year over year in April 2026, compared with a 0.2% decrease earlier and the market forecast of a 1.5% rise. The reading marks the highest increase since May 2023. The German Federal Statistical Office attributed the growth to higher energy prices, intermediate goods, and capital and durable goods."Today's producer price inflation confirms that a first inflation wave is in full swing. An inflation wave that remains mainly limited to energy prices but is gradually broadening. It won't be long before higher energy prices lead to knock-on effects on transportation and food costs. Needless to say, the longer the war in the Middle East and the blockade of the Strait of Hormuz last, the higher the likelihood that the initial energy price shock will not only have knock-on effects but could also be accompanied by additional supply chain frictions and, in turn, a self-enhancing inflationary spiral," ING wrote.Markets also tracked the US-Iran conflict after Tehran warned of broader retaliation if the US resumes strikes, while continued disruptions in Hormuz kept oil prices volatile.Meanwhile, in a bid to avoid higher US tariffs, the European Council and Parliament reached a preliminary agreement on regulations to scrap remaining duties on US industrial imports and grant preferential market access to select goods. The legislation is intended to fulfill the EU's obligations under the July 2025 trade pact.The VDMA industry association, representing the European machinery and equipment manufacturing sector, said the EU should continue negotiations aimed at securing the same 15% tariff ceiling for remaining steel and aluminum derivative products, adding that planning certainty was crucial for manufacturers.In corporate news, Infineon Technologies (IFX.F) was the top gainer on the index, climbing 5.11%, after it launched Moore4Power, an EU-backed semiconductor research and development project focused on smart power electronics, with 62 partners across 15 European countries.Siemens Energy (ENR.F) gained 3.95% after announcing the early extension of its supply agreement with Austria-based energy infrastructure company Asta Group. Asta will continue supplying specialized copper and custom conductor components to all of the German energy technology company's European transformer plants through 2032.

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Asia Markets

German DAX Index Blinks Green; Commerzbank Down After Rejecting Takeover Offer

German equities rose on Monday, with the blue-chip DAX index closing 1.49% higher, as investors assessed the possibilities of renewed escalation in the Middle East alongside Commerzbank's (CBK.F) formal rejection of UniCredit's takeover bid.On Sunday, US President Donald Trump urged Iran to fast-track a peace deal in a post on his social media platform Truth Social. Axios reported, citing two unnamed US officials, that Trump is planning to meet his top national security team on Tuesday to discuss potential military options.Sentiment was further dampened by reports of a drone-induced fire at a nuclear site in the United Arab Emirates on Sunday and the interception of three drones by Saudi Arabian forces."For markets, the ongoing closure of the Strait of Hormuz and the prospect of a fresh escalation [have] pushed oil prices higher this morning. Brent crude is up +1.77% to a two-week high of $111.19 [per barrel]. And it's clear that investors are pricing in a more protracted conflict, as the 6-month Brent future is also up to $92.14/bbl this morning, which would be its highest closing level since the conflict began," Deutsche Bank Research wrote.On the economic front, key updates coming later in the week include Germany's April producer price index data due on Wednesday, euro area preliminary S&P Global PMIs for May coming on Thursday, and Friday's GfK consumer confidence and ifo business climate survey results for the eurozone's largest economy.In corporate news, Commerzbank (CBK.F) urged shareholders to reject Italian lender UniCredit's unsolicited exchange offer. It added that the implied value of the bid, offering 0.485 UniCredit shares per Commerzbank share, remains uncertain, with settlement not expected until 2027 and dependent on UniCredit's share performance. The German bank lost 1.48% at the end of the session.Meanwhile, BofA Global said it is "more bullish" on Siemens Energy (ENR.F) following the publication of the company's fiscal second-quarter performance."We view last week's results as incrementally bullish, vs mixed investor feedback, reinforcing ENR as one of our top picks: (1) ENR's slot strategy implies mgmt are more bullish on Gas [original equipment] demand, (2) this is supported by datapoints incl. new backlog guidance, (3) extra EUR1bn buyback confirms proactive capital allocation. Stepping back, we think caution based on a possible 'peak' in Gas OE GW orders ignores backlog duration is still rising, and group orders will keep growing. Our EUR250 PO implies >45% upside potential. Maintain Buy," the research firm wrote. The German energy technology company was up 0.21%.

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Asia Markets

Correction: German Closer

(Corrects throughout to remove reference to story published in error)

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Asia Markets

German Closer

German DAX Index Blinks [Red/Green]; Commerzbank [Up/Down] After Rejecting Takeover OfferGerman equities [fell/rose] on Monday, with the blue-chip DAX index closing XX% [higher/lower], as investors assessed the possibilities of renewed escalation in the Middle East alongside Commerzbank's (CBK.F) formal rejection of UniCredit's takeover bid.On Sunday, US President Donald Trump urged Iran to fast-track a peace deal in a post on his social media platform Truth Social. Axios reported, citing two unnamed US officials, that Trump is planning to meet his top national security team on Tuesday to discuss potential military options.Sentiment was further dampened by reports of a drone-induced fire at a nuclear site in the United Arab Emirates on Sunday and the interception of three drones by Saudi Arabian forces."For markets, the ongoing closure of the Strait of Hormuz and the prospect of a fresh escalation [have] pushed oil prices higher this morning. Brent crude is up +1.77% to a two-week high of $111.19 [per barrel]. And it's clear that investors are pricing in a more protracted conflict, as the 6-month Brent future is also up to $92.14/bbl this morning, which would be its highest closing level since the conflict began," Deutsche Bank Research wrote.On the economic front, key updates coming later in the week include Germany's April producer price index data due on Wednesday, euro area preliminary S&P Global PMIs for May coming on Thursday, and Friday's Gfk consumer confidence and ifo business climate survey results for the eurozone's largest economy.In corporate news, Commerzbank (CBK.F) urged shareholders to reject Italian lender UniCredit's unsolicited exchange offer. It added that the implied value of the bid, offering 0.485 UniCredit shares per Commerzbank share, remains uncertain, with settlement not expected until 2027 and dependent on UniCredit's share performance. The German bank [gained/lost] XX% at the end of the session.Meanwhile, BofA Global said it is "more bullish" on Siemens Energy (ENR.F) following the publication of the company's fiscal second-quarter performance."We view last week's results as incrementally bullish, vs mixed investor feedback, reinforcing ENR as one of our top picks: (1) ENR's slot strategy implies mgmt are more bullish on Gas [original equipment] demand, (2) this is supported by datapoints incl. new backlog guidance, (3) extra EUR1bn buyback confirms proactive capital allocation. Stepping back, we think caution based on a possible 'peak' in Gas OE GW orders ignores backlog duration is still rising, and group orders will keep growing. Our EUR250 PO implies >45% upside potential. Maintain Buy," the research firm wrote. The German energy technology company [climbed/shed] XX%.

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Siemens Energy Boosts Fiscal 2026 Outlook as Net Income, Free Cash Flow Surge in First Half
US Markets

Siemens Energy Boosts Fiscal 2026 Outlook as Net Income, Free Cash Flow Surge in First Half

Siemens Energy (ENR.F) on Tuesday raised its outlook for fiscal 2026 following a surge in net income for the first half.The German energy technology group increased its net income projections for the full year to 4 billion euros from the previously provided range of 3 billion euros to 4 billion euros. The company also now expects comparable revenue growth to range between 14% and 16%, compared with the range of 11% to 13%.For the six months ended March 31, the company's net income attributable to shareholders more than doubled to 1.44 billion euros from 632 million euros a year earlier. Revenue climbed to nearly 20 billion euros from 18.9 billion euros. Siemens saw record high order bookings in the second quarter at 17.7 billion euros, backed by a record level of orders in the gas services segment and a sharp increase in the grid technologies area.Free cash flow before tax increased to 4.84 billion euros, compared with 2.92 billion euros a year ago. This was mainly due to increased profits and advance payments from customers. The company raised its fiscal-year outlook for pre-tax free cash flow to 8 billion euros from the previously provided guidance of 4 billion euros to 5 billion euros.The company accelerated its stock buyback plan for the fiscal year to 3 billion euros from 2 billion euros, Reuters reported the same day. The overall buyback plan's size remains unchanged at 6 billion euros.Siemens Energy shares were down more than 1% by Tuesday midday.

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Asia Markets

DAX Index Falls; German Manufacturing Growth Slows

German shares lost on Monday after returning from the Labor Day holiday, with investors assessing the latest business survey data on local factory activity against escalating tensions in the Middle East and fresh tariff threats from the US.At close, the blue-chip DAX index was down 1.24%.According to S&P Global, the final Germany manufacturing PMI slipped to 51.4 in April from the 46-month high of 52.2 in the previous month, above the flash estimate of 51.2. The sector's expansion slowed as new orders and production growth were offset by "darkening" business outlook amid the ongoing Middle East conflict."Reflecting growing concerns about both demand and supply-side conditions, businesses expecting activity to fall in the coming year now outweigh those anticipating a rise. There are worries that surging inflation pressures and the associated squeeze on purchasing power will stifle demand, with factory gate price inflation jumping sharply to its highest in over three years in April. At the same time, with supply delays already at a level not seen since mid-2022, there is a risk that production could be scaled back regardless of the demand situation," S&P Global Market Intelligence economics associate director Phil Smith said.Speaking of the Middle East conflict, Iran's navy claimed to have turned back a US warship at the Strait of Hormuz after allegedly striking it with two missiles while sailing near the port of Jask. Reuters, citing state media, reported that Tehran warned foreign navies of a "decisive response" if they enter the strait. The report comes as US President Donald Trump said Sunday that Washington plans to assist neutral commercial vessels stranded in the waterway.On the tariff front, Trump announced on May 1, 2026, that he would increase levies on European Union-made vehicles to 25% from 15% starting this week, asserting that the bloc failed to comply with the July 2025 trade framework. The US President told reporters the move is intended to force European brands to onshore production more quickly.Against this backdrop, German automotive companies Mercedes-Benz Group (MBG.F), BMW (BMW.F), Volkswagen (VOW.F) and Porsche Automobil Holding SE (PAH3.F) lost 3.35%, 2.44%, 2.22% and 0.94%, respectively, on Xetra.Meanwhile, Siemens Energy (ENR.F) fell 2.09%, as the Austrian Federal Ministry of Economy, Energy and Tourism announced that the German energy technology company plans to invest 155 million euros in two projects in the country, including an initiative involving transformer production and the development of a new service plant.

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Asia Markets

Germany's DAX Index Retreats; SAP Surges on Higher Q1 Earnings

Germany's blue-chip DAX index closed Friday lower by 0.11%, as investors weighed the stalled US-Iran peace talks against the latest round of corporate earnings and trading updates.As the Strait of Hormuz remains closed, tensions linger between Washington and Tehran, with no signs of further talks on the horizon. US President Donald Trump said he is willing to wait for an "everlasting" peace deal, even as he authorized the US Navy to fire on mine-laying boats in the embattled waterway.Against this backdrop, the ifo Institute's business climate indicator fell to 84.4 points in April 2026 from the revised 86.3 points earlier, below the consensus estimate of 85.7 points on Investing.com. The latest reading marked the index's lowest level since May 2020, with both the current situation index and expectations indicator falling from a month ago and missing market expectations."The war in the Middle East and soaring energy prices have again exposed the fact that Germany is one of Europe's largest net importers of energy. ... With the war in the Middle East now gradually shifting from a pure energy price shock towards an energy supply and broader supply chain shock, the German economy is once again at the centre of an exogenous, global, disruption," ING said. "All of this said, even if sentiment is suffering enormous setbacks right now and fears of another year of stagnation have returned, it should be clear that the planned investments in defence and infrastructure are still on track and should support the economy this year and beyond. The fiscal impulse is real, it just needs time to reach the real economy."On the corporate front, SAP (SAP.F) gained 4.68%, rising to the top of the blue-chip index, after reporting an increase in first-quarter earnings on robust cloud business performance, with total revenue up 6% year over year to 9.56 billion euros. The German software company maintained its full-year 2026 forecasts, including 23% to 25% cloud revenue growth at constant currencies, while noting the outlook remains contingent on the de-escalation of the Middle East conflict.Meanwhile, BofA Global Research upgraded its price objective and earnings estimates for Siemens Energy (ENR.F) to account for the company's revised fiscal 2026 outlook. The German energy company now projects revenue growth between 14% and 16%, improving upon its previous 11% to 13% estimate, among others."We raise our 2026/27 adj EBITA estimates 8/12% after ENR's guide upgrade yesterday (+10/16% vs consensus) and lift our [free cash flow] estimates 40/11% too (+42/37% vs consensus). As a result, we raise our [price objective] to EUR250 from EUR220. Reiterate Buy," the research firm wrote. Siemens Energy was up 2.64% at the end of the last trading day of the week.

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