Siemens' Valuation Gap Narrows as Bernstein Sees €300 Target Within Reach
Published on 04/29/2026 at 11:31 | Redaktion boerse-global.de
The disconnect between Siemens' market price and its fundamental worth is becoming harder to ignore. While the industrial conglomerate trades at roughly 13 times expected operating profit, its peers command an average multiple of nearly 19. Bernstein Research sees this gap as an opportunity, reiterating its buy rating and lifting the price target to €300 — a level that implies roughly 20% upside from current levels.
The stock has already begun to close the distance. After touching a three-month high of around €251, Siemens shares have surged more than 21% over the past month. On Wednesday, the stock settled at €247.80, pausing after a strong run that was fueled in part by the Bernstein call. The investment bank's analyst Alasdair Leslie argues the discount is unwarranted, pointing to a series of catalysts that could drive a re-rating in the coming months.
Healthineers Separation Takes Center Stage
A key milestone is the planned deconsolidation of Siemens Healthineers. The medical technology subsidiary is expected to be classified as a discontinued operation in the company's second-quarter results, due May 13. That accounting shift would simplify the group structure and make the industrial core's performance more transparent. By May 2026, the full balance-sheet separation is slated to be complete, sharpening the investment case for a focused "ONE Tech" entity.
Should investors sell immediately? Or is it worth buying Siemens?
Buybacks and a Lithium Bet
The current €6 billion share buyback program is roughly 90% complete, and market watchers anticipate a new, significantly larger tranche — potentially exceeding €10 billion. Strong operating cash flows and possible partial divestments of stakes in Healthineers or Siemens Energy could provide the funding.
In a separate strategic move, Siemens is deepening its involvement in the battery supply chain. The company is committing up to €67 million as a technology partner in Vulcan Energy's "Lionheart" lithium project in the Upper Rhine Graben. The total project carries a price tag of €2.2 billion and aims to produce 24,000 tonnes of lithium hydroxide annually — enough for roughly 500,000 electric vehicles. Siemens will contribute technical expertise through 2035, combining geothermal energy with lithium extraction.
AI Push on the Factory Floor
Operationally, Siemens is accelerating its automation push. At last week's Hanover Messe, the group unveiled the "Eigen Engineering Agent," an industrial AI product designed to boost efficiency by up to 50% in automation tasks. The tool targets the more than 600,000 users of the TIA Portal and is part of a broader billion-euro investment strategy to cement Siemens' position in industrial artificial intelligence.
The May 13 Checkpoint
All eyes now turn to the second-quarter earnings release on May 13. The Smart Infrastructure division will be under particular scrutiny, given its exposure to the global grid expansion and data center buildout. Strong margins in that segment would provide the fundamental backing for the re-rating Bernstein envisions. A capital markets day in the second half of the year, where management is expected to unveil new medium-term targets, will serve as the next major test of whether the valuation gap can be closed — or whether Bernstein's €300 target remains a stretch.
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