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Siemens

SWX:SIN
Snowflake Description

6 star dividend payer and undervalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SIN
SWX
€61B
Market Cap
  1. Home
  2. CH
  3. Capital Goods
Company description

Siemens Aktiengesellschaft operates in the fields of electrification, automation, and digitalization worldwide. The last earnings update was 58 days ago. More info.


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SIN Share Price and Events
7 Day Returns
0%
SWX:SIN
2.9%
Europe Industrials
1.4%
CH Market
1 Year Returns
0.8%
SWX:SIN
-25%
Europe Industrials
-5.2%
CH Market
SIN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Siemens (SIN) 0% 0% -7.4% 0.8% -15.1% 8.4%
Europe Industrials 2.9% -18.2% -33.5% -25% -35.8% -17.1%
CH Market 1.4% -9% -13.7% -5.2% 3.7% -2.6%
1 Year Return vs Industry and Market
  • SIN outperformed the Industrials industry which returned -25% over the past year.
  • SIN outperformed the Market in Switzerland which returned -5.2% over the past year.
Price Volatility
SIN
Industry
5yr Volatility vs Market

Value

 Is Siemens undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Siemens to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Siemens.

SWX:SIN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 20 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.7%
Perpetual Growth Rate 10-Year CH Government Bond Rate -0.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:SIN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate -0.6%
Equity Risk Premium S&P Global 5.4%
Industrials Unlevered Beta Simply Wall St/ S&P Global 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.844 (1 + (1- 30%) (65.66%))
1.156
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.16
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.55% + (1.156 * 5.44%)
5.74%

Discounted Cash Flow Calculation for SWX:SIN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Siemens is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SWX:SIN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 5.74%)
2020 4,734.07 Analyst x12 4,477.21
2021 6,159.54 Analyst x12 5,509.25
2022 7,087.70 Analyst x7 5,995.44
2023 7,483.32 Est @ 5.58% 5,986.64
2024 7,763.37 Est @ 3.74% 5,873.69
2025 7,953.94 Est @ 2.45% 5,691.34
2026 8,077.48 Est @ 1.55% 5,466.14
2027 8,151.97 Est @ 0.92% 5,217.23
2028 8,191.15 Est @ 0.48% 4,957.86
2029 8,205.19 Est @ 0.17% 4,696.89
Present value of next 10 years cash flows €53,871.00
SWX:SIN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €8,205.19 × (1 + -0.55%) ÷ (5.74% – -0.55%)
€129,788.14
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €129,788.14 ÷ (1 + 5.74%)10
€74,294.42
SWX:SIN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €53,871.00 + €74,294.42
€128,165.42
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €128,165.42 / 799.76
€160.26
SWX:SIN Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in SWX:SIN represents 1.51683x of XTRA:SIE
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.51683x
Value per Share
(Listing Adjusted, CHF)
= Value per Share (EUR) x Listing Adjustment Factor
= € 160.26 x 1.51683
CHF243.08
Value per share (CHF) From above. CHF243.08
Current discount Discount to share price of CHF115.78
= -1 x (CHF115.78 - CHF243.08) / CHF243.08
52.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Siemens is available for.
Intrinsic value
>50%
Share price is CHF115.78 vs Future cash flow value of CHF243.08
Current Discount Checks
For Siemens to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Siemens's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Siemens's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Siemens's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Siemens's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:SIN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in EUR €6.47
XTRA:SIE Share Price ** XTRA (2020-04-03) in EUR €76.33
Europe Industrials Industry PE Ratio Median Figure of 21 Publicly-Listed Industrials Companies 11.8x
Switzerland Market PE Ratio Median Figure of 175 Publicly-Listed Companies 16.43x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Siemens.

SWX:SIN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:SIE Share Price ÷ EPS (both in EUR)

= 76.33 ÷ 6.47

11.79x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Siemens is good value based on earnings compared to the Europe Industrials industry average.
  • Siemens is good value based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Siemens's expected growth come at a high price?
Raw Data
SWX:SIN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.79x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
16.4%per year
Europe Industrials Industry PEG Ratio Median Figure of 10 Publicly-Listed Industrials Companies 1.7x
Switzerland Market PEG Ratio Median Figure of 125 Publicly-Listed Companies 1.81x

*Line of best fit is calculated by linear regression .

SWX:SIN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.79x ÷ 16.4%

0.72x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Siemens is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Siemens's assets?
Raw Data
SWX:SIN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in EUR €60.54
XTRA:SIE Share Price * XTRA (2020-04-03) in EUR €76.33
Europe Industrials Industry PB Ratio Median Figure of 28 Publicly-Listed Industrials Companies 0.74x
Switzerland Market PB Ratio Median Figure of 216 Publicly-Listed Companies 1.33x
SWX:SIN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:SIE Share Price ÷ Book Value per Share (both in EUR)

= 76.33 ÷ 60.54

1.26x

* Primary Listing of Siemens.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Siemens is overvalued based on assets compared to the Europe Industrials industry average.
X
Value checks
We assess Siemens's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Industrials industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Industrials industry average (and greater than 0)? (1 check)
  5. Siemens has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Siemens expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
16.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Siemens expected to grow at an attractive rate?
  • Siemens's earnings growth is expected to exceed the low risk savings rate of -0.6%.
Growth vs Market Checks
  • Siemens's earnings growth is expected to exceed the Switzerland market average.
  • Siemens's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:SIN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:SIN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts 16.4%
SWX:SIN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 3.9%
Europe Industrials Industry Earnings Growth Rate Market Cap Weighted Average 15.3%
Europe Industrials Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 8.3%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 2.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:SIN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:SIN Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-09-30
2022-09-30 93,262 10,471 6,642 14
2021-09-30 89,884 9,216 5,753 20
2020-09-30 86,083 7,470 4,658 20
2020-04-03
SWX:SIN Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-12-31 87,050 8,799 5,236
2019-09-30 86,849 8,456 5,171
2019-06-30 84,934 6,601 4,391
2019-03-31 84,132 6,993 4,423
2018-12-31 83,337 7,239 4,520
2018-09-30 83,044 8,425 5,683
2018-06-30 82,654 7,428 6,352
2018-03-31 83,479 7,534 6,665
2017-12-31 83,473 7,415 6,150
2017-09-30 82,863 7,176 5,908
2017-06-30 82,599 8,322 5,860
2017-03-31 81,105 9,061 5,781

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Siemens's earnings are expected to grow by 16.4% yearly, however this is not considered high growth (20% yearly).
  • Siemens's revenue is expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:SIN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from Siemens Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:SIN Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-09-30
2022-09-30 8.36 9.89 6.81 7.00
2021-09-30 6.99 8.30 5.88 11.00
2020-09-30 5.72 7.16 4.23 10.00
2020-04-03
SWX:SIN Past Financials Data
Date (Data in EUR Millions) EPS *
2019-12-31 6.47
2019-09-30 6.41
2019-06-30 5.44
2019-03-31 5.46
2018-12-31 5.56
2018-09-30 6.97
2018-06-30 7.78
2018-03-31 8.17
2017-12-31 7.55
2017-09-30 7.27
2017-06-30 7.23
2017-03-31 7.15

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Siemens is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Siemens's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Siemens has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Siemens performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Siemens's growth in the last year to its industry (Industrials).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Siemens's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Siemens's 1-year earnings growth exceeds its 5-year average (15.8% vs -1.3%)
  • Siemens's earnings growth has exceeded the Europe Industrials industry average in the past year (15.8% vs 9.8%).
Earnings and Revenue History
Siemens's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Siemens Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:SIN Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 87,050.00 5,236.00 13,642.00 5,704.00
2019-09-30 86,849.00 5,171.00 13,345.00 5,670.00
2019-06-30 84,934.00 4,391.00 13,290.00 5,636.00
2019-03-31 84,132.00 4,423.00 13,183.00 5,618.00
2018-12-31 83,337.00 4,520.00 13,054.00 5,640.00
2018-09-30 83,044.00 5,683.00 12,941.00 5,558.00
2018-06-30 82,654.00 6,352.00 12,756.00 5,467.00
2018-03-31 83,479.00 6,665.00 12,723.00 5,442.00
2017-12-31 83,473.00 6,150.00 12,597.00 5,261.00
2017-09-30 82,863.00 5,908.00 12,360.00 5,164.00
2017-06-30 82,599.00 5,860.00 12,077.00 5,010.00
2017-03-31 81,105.00 5,781.00 11,783.00 4,862.00
2016-12-31 79,966.00 5,744.00 11,720.00 4,798.00
2016-09-30 79,644.00 5,262.00 11,669.00 4,732.00
2016-06-30 79,019.00 5,064.00 11,738.00 4,674.00
2016-03-31 78,059.00 4,996.00 11,763.00 4,597.00
2015-12-31 77,112.00 5,614.00 11,641.00 4,559.00
2015-09-30 75,636.00 5,251.00 11,409.00 4,483.00
2015-06-30 75,439.00 5,814.00 11,660.00 4,402.00
2015-03-31 73,420.00 5,798.00 10,662.00 4,229.00
2014-12-31 72,759.00 5,032.00 10,894.00 4,156.00
2014-09-30 71,227.00 5,158.00 10,190.00 4,020.00
2014-06-30 70,621.00 4,767.00 10,291.00 3,867.00
2014-03-31 71,714.00 4,429.00 10,724.00 3,933.00
2013-12-31 72,096.00 4,243.00 10,928.00 3,948.00
2013-09-30 73,445.00 4,053.00 11,160.00 4,048.00
2013-06-30 74,267.00 4,200.00 11,250.00 4,171.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Siemens has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Siemens used its assets less efficiently than the Europe Industrials industry average last year based on Return on Assets.
  • Siemens's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Siemens's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Industrials industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Siemens has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Siemens's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Siemens's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Siemens is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Siemens's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Siemens's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Siemens Company Filings, last reported 3 months ago.

SWX:SIN Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 51,997.00 40,080.00 11,350.00
2019-09-30 50,983.00 36,342.00 14,391.00
2019-06-30 47,465.00 35,874.00 8,022.00
2019-03-31 47,113.00 36,362.00 8,885.00
2018-12-31 47,636.00 35,589.00 12,389.00
2018-09-30 48,047.00 32,068.00 13,036.00
2018-06-30 47,991.00 29,169.00 8,288.00
2018-03-31 46,098.00 30,826.00 10,752.00
2017-12-31 45,384.00 31,923.00 11,148.00
2017-09-30 44,619.00 32,109.00 10,766.00
2017-06-30 43,521.00 34,383.00 17,180.00
2017-03-31 38,543.00 37,052.00 18,473.00
2016-12-31 39,221.00 30,597.00 18,078.00
2016-09-30 34,816.00 30,829.00 13,029.00
2016-06-30 33,525.00 28,702.00 13,714.00
2016-03-31 33,316.00 29,246.00 13,711.00
2015-12-31 36,685.00 31,762.00 17,383.00
2015-09-30 35,055.00 29,515.00 12,331.00
2015-06-30 35,273.00 30,931.00 13,824.00
2015-03-31 33,786.00 24,467.00 14,673.00
2014-12-31 31,563.00 23,053.00 11,965.00
2014-09-30 31,514.00 20,789.00 10,079.00
2014-06-30 28,633.00 22,331.00 12,254.00
2014-03-31 28,336.00 22,221.00 12,386.00
2013-12-31 30,372.00 21,129.00 12,777.00
2013-09-30 28,625.00 20,323.00 10,745.00
2013-06-30 27,909.00 22,665.00 9,949.00
  • Siemens's level of debt (76.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (72.9% vs 76.9% today).
  • Debt is well covered by operating cash flow (22%, greater than 20% of total debt).
  • Siemens earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Siemens's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Siemens has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Siemens's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.11%
Current annual income from Siemens dividends. Estimated to be 5.32% next year.
If you bought CHF2,000 of Siemens shares you are expected to receive CHF102 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Siemens's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (2.08%).
  • Siemens's dividend is above the markets top 25% of dividend payers in Switzerland (4.36%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:SIN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
Europe Industrials Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 4.7%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 159 Stocks 3.3%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 2.1%
Switzerland Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:SIN Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-09-30 4.20 1.00
2022-09-30 4.26 16.00
2021-09-30 4.09 21.00
2020-09-30 3.88 21.00
2020-04-03
SWX:SIN Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2020-02-05 3.900 4.574
2018-12-04 3.800 3.731
2018-01-16 3.700 3.378
2016-12-14 3.600 3.005
2016-01-26 3.500 3.615
2015-01-28 3.300 3.570
2014-01-30 3.000 3.192
2012-11-28 3.000 3.526
2012-11-08 3.000 3.825
2012-07-30 3.000 3.924
2011-11-30 3.000 4.207
2011-11-10 3.000 4.198
2011-01-25 2.700 3.206
2010-01-28 1.600 2.097

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Siemens's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.2x coverage).
X
Income/ dividend checks
We assess Siemens's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Siemens afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Siemens has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Siemens's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joe Kaeser
COMPENSATION €8,126,000
AGE 62
TENURE AS CEO 6.7 years
CEO Bio

Mr. Josef Kaeser, also known as Joe, serves as the Chief Executive Officer and President at Siemens A.E. Mr. Kaeser has been the Chief Executive Officer and President for Siemens Aktiengesellschaft (Alternate Name: Siemens AG) since August 1, 2013 and serves as its Chairman of Managing Board. Mr. Kaeser had served as Siemen’s Chief Financial Officer for seven years. Mr. Kaeser is a Member of Supervisory Board at Allianz Deutschland AG. He serves as a Member of Management Board at Siemens Metering, Communications and Services, The Siemens Automation and Drives Group and Siemens Oil & Gas Consulting and Siemens Metering Services Ltd. He serves as the Chief Executive Officer of Siemens at Atos IT Solutions And Services Limited. He has been a Member of Supervisory Board at Mercedes-Benz AG since November 1, 2019. He served as the Chief Financial Officer at Siemens Aktiengesellschaft since May 1, 2006 and served as its Head of Corporate Finance & Controlling, Chief Strategy Officer from 2004 to May 2006 and Executive Vice President since May 1, 2006. He served as Head of Corporate Finance at Nokia Solutions and Networks Oy. Mr. Kaeser served as the Chief Financial Officer for Nokia Siemens Networks Oy. He served as the Chief Financial Officer at Siemens Real Estate GmbH & Co. OHG. He also served as Head of Corporate Finance at Siemens Ltd. (subsidiary of Siemens AG). He served as Chief Financial Officer for the mobile communications group from 2001 to 2004, Head of Corporate Strategies (CDS) since October 2004 and Member of the Group Executive Management, Information and Communication Mobile since April 2001. He served as Head of Performance Controlling of Siemens AG since 1999. He has held variety of leading management positions in the Siemens including finance and strategy both in and out Germany. He served as the Chief Financial Officer and Executive Vice President of Siemens Microelectronics Inc., San Jose, California since 1995. Mr. Kaeser joined Siemens AG, Components Group in 1980 and also served as its Head of Business Administration, Semiconductor Facility, Head of Business Administration Tasks and Cost Accounting Office, Product Planning. He served as Head of Business Administration for Opto Semiconductors of Siemens AG since 1990, Head of Business Administration for Discrete Semiconductors since 1988 and Head of Business Administration Projects of Siemens Semiconducters, Malacca, Malaysia since 1987. Mr. Kaeser has been a Member of Managing Board of Siemens AG since May 1, 2006. He serves as the Chairman of Board of Siemens A.E. He serves as Member of Board at Siemens A.E. He serves as a Non-Executive Director of NXP B.V. and NXP Semiconductors NV since September 1, 2010. He has been a Member of Supervisory Board at Daimler AG. since April 09, 2014. He has been a Non-Executive Director at Siemens Limited since October 1, 2006. He serves as a Director of Nokia Siemens Networks Nederland BV, Nokia Networks Nederland BV, Nokia Networks, Inc., Nokia Siemens Networks Oy, Bayerische Börse AG and Siemens Enterprise Communications. He has been a Member of Supervisory Board at Bosch-Siemens Hausgeraete GmbH since April 30, 2008. He serves as a Member of Supervisory Board at Siemens Aktiengesellschaft Österreich, Allianz Deutschland AG and Siemens AG Oesterreich. He has been the Chairman of the Supervisory Board of Bosch-Siemens Hausgeraete GmbH since December 15, 2010. He served as the Chairman of the Supervisory Board at BSH Bosch und Siemens Hausgeräte GmbH from December 15, 2010 to October 6, 2013 and as its Member of Supervisory Board from April 30, 2008 to October 06, 2013. He served as Member of the Managing Board at Siemens Real Estate GmbH & Co. OHG. He served as a Director of Nokia Solutions and Networks B.V. and Nokia Solutions and Networks Oy. He is experienced in Corporate Finance and Business Management. Mr. Kaeser studied Business Administration at Fachhochschule Regensburg and Dipl.-Betriebswirt.

CEO Compensation
  • Joe's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Joe's remuneration is higher than average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the Siemens management team in years:

5.3
Average Tenure
55.5
Average Age
  • The average tenure for the Siemens management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Joe Kaeser

TITLE
Chairman of Managing Board
COMPENSATION
€8M
AGE
62
TENURE
6.7 yrs

Ralf Peter Thomas

TITLE
CFO & Member of the Managing Board
COMPENSATION
€4M
AGE
58
TENURE
6.6 yrs

Roland Busch

TITLE
Former President
COMPENSATION
€4M
AGE
55
TENURE
9 yrs

Klaus Helmrich

TITLE
CEO of Digital Industries & Member of Managing Board
COMPENSATION
€4M
AGE
61
TENURE
9 yrs

Cedrik Neike

TITLE
CEO of Smart Infrastructure & Member of Managing Board
COMPENSATION
€4M
AGE
46
TENURE
3 yrs

Helmuth Ludwig

TITLE
Chief Information Officer
AGE
56
TENURE
3.5 yrs

Sabine Reichel

TITLE
Head of Investor Relations
TENURE
4.3 yrs

Andreas Hoffmann

TITLE
General Counsel
AGE
55
TENURE
6.3 yrs

Martina Maier

TITLE
Chief Compliance Officer
AGE
52
TENURE
1.3 yrs

Leslie Bodnar

TITLE
Chief Marketing Officer
TENURE
2.1 yrs
Board of Directors Tenure

Average tenure and age of the Siemens board of directors in years:

7.8
Average Tenure
59.5
Average Age
  • The tenure for the Siemens board of directors is about average.
Board of Directors

Jim Snabe

TITLE
Independent Chairman of Supervisory Board
COMPENSATION
€613K
AGE
54
TENURE
2.3 yrs

Birgit Steinborn

TITLE
First Deputy Chairwoman of Supervisory Board
COMPENSATION
€471K
AGE
59
TENURE
5.3 yrs

Werner Wenning

TITLE
Independent Second Deputy Chairman of the Supervisory Board
COMPENSATION
€398K
AGE
73
TENURE
6.5 yrs

Werner Brandt

TITLE
Independent Member of Supervisory Board
COMPENSATION
€324K
AGE
65
TENURE
2.3 yrs

Bettina Haller

TITLE
Member of Supervisory Board
COMPENSATION
€244K
AGE
60
TENURE
13 yrs

Nicola Leibinger-Kammüller

TITLE
Member of Supervisory Board
COMPENSATION
€246K
AGE
60
TENURE
12.3 yrs

Mike Diekmann

TITLE
Independent Member of Supervisory Board
COMPENSATION
€215K
AGE
65
TENURE
12.3 yrs

Harald Kern

TITLE
Member of Supervisory Board
COMPENSATION
€240K
AGE
59
TENURE
12.3 yrs

Jürgen Kerner

TITLE
Member of Supervisory Board
COMPENSATION
€391K
AGE
50
TENURE
8.3 yrs

Robert Kensbock

TITLE
Member of Supervisory Board
COMPENSATION
€349K
AGE
48
TENURE
7.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess Siemens's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Siemens has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Siemens Aktiengesellschaft operates in the fields of electrification, automation, and digitalization worldwide. Its Digital Industries segment offers automation systems and software for factories, numerical control systems, motors, drives and inverters, and integrated automation systems for machine tools and production machines; process control systems, machine-to-machine communication products, sensors and radio frequency identification systems, and production lifecycle software; mechatronic systems simulation and testing software; and cloud-based industrial Internet of Things operating system. The company’s Smart Infrastructure segment supplies and connects energy systems and building technologies to enhance efficiency and sustainability, as well as supports customers to address technology shifts. Its Gas and Power segment offers gas and steam turbines, generators, compressor trains, reciprocating engines, modular power supply and integrated power plant solutions, and instrumentation and control systems for power generation; transmission products, systems, and solutions, which enables multi-vendor and bidirectional flow of energy and information; and power transformers, high voltage switchgears and components, and high-voltage direct current products. The company’s Mobility segment provides passenger and freight transportation, including rail vehicles, rail automation and electrification systems, road traffic technology, digital solutions, and related services; and mobility system services. Its Siemens Healthineers segment offers medical technology and software solutions; and clinical consulting and training. The company’s Siemens Gamesa Renewable Energy segment provides wind turbines; and develops, constructs, and sells wind farms, as well as provides services for wind farms. Its Financial Services segment offers leasing solutions and equipment; and debt and equity investment products. The company was founded in 1847 and is headquartered in Munich, Germany.

Details
Name: Siemens Aktiengesellschaft
SIN
Exchange: SWX
Founded: 1847
€64,422,158,040
799,757,920
Website: http://www.siemens.com
Address: Siemens Aktiengesellschaft
Werner-von-Siemens-Strasse 1,
Munich,
Bavaria, 80333,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA SIE Common Stock XETRA Trading Platform DE EUR 06. Jan 1975
OTCPK SMAW.F Common Stock Pink Sheets LLC US USD 06. Jan 1975
DB SIE Common Stock Deutsche Boerse AG DE EUR 06. Jan 1975
LSE 0P6M Common Stock London Stock Exchange GB EUR 06. Jan 1975
SWX SIN Common Stock SIX Swiss Exchange CH CHF 06. Jan 1975
ENXTBR SIA Common Stock Euronext Brussels BE EUR 06. Jan 1975
BIT SIE Common Stock Borsa Italiana IT EUR 06. Jan 1975
WBAG SIE Common Stock Wiener Boerse AG AT EUR 06. Jan 1975
BUSE SIEMENS Common Stock Budapest Stock Exchange HU HUF 06. Jan 1975
BMV SIE N Common Stock Bolsa Mexicana de Valores MX MXN 06. Jan 1975
BATS-CHIXE SIED Common Stock BATS 'Chi-X Europe' GB EUR 06. Jan 1975
OTCPK SIEG.Y ADR-EACH CNV INTO 1 ORD NPV Pink Sheets LLC US USD 12. Mar 2001
DB SIEB ADR-EACH CNV INTO 1 ORD NPV Deutsche Boerse AG DE EUR 12. Mar 2001
Number of employees
Current staff
Staff numbers
385
Siemens employees.
Industry
Industrial Conglomerates
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 21:26
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/02/05
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.