On Friday, Siemens Energy shares posted their biggest intraday loss after Siemens Gamesa, in which it owns a 67% stake, cut its financial outlook for the third time in nine months due to supply chain and cost issues. related to a new generation of ‘onshore’ wind turbines.
The move has also forced Siemens Energy to cut its outlook and exposed the problematic shareholder structure that gives Siemens Energy a majority stake in a business it cannot effectively control.
Since the profit warning, Siemens Energy has lost €3.6bn in market value, about the same amount it would currently cost to buy the third of Siemens Gamesa it does not already own.
“Investors are increasingly frustrated by the challenges posed by Siemens Energy’s portfolio,” wrote HSBC, which downgraded Siemens Energy to “hold.”
Shares of Siemens Gamesa, meanwhile, rose 2% after Deutsche Bank raised the value to “buy” on hopes Siemens Energy would buy out minority shareholders. (Reporting by Christoph Steitz. Editing in Spanish by Flora Gómez)
Source From: Ambito
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