Very mixed news was reported by investors in the past week from several DAX companies. In the course of the expiring reporting season, the energy giant RWE, the Siemens Group and its spin-off Siemens Energy presented their quarterly balance sheets – and they had a lot to offer.

Siemens Energy: Federal Government Rushing to Help While things couldn’t be better for RWE, Siemens Energy is increasingly getting into trouble. In particular, the Spanish wind power company Gamesa is causing the company lasting worries. Shortly before the balance sheet was presented, it became known that the federal government is coming to the aid of the troubled Siemens subsidiary: A guarantee of 7.5 billion euros is intended to secure the required guarantee lines in a total volume of 15 billion euros. Of this, 12 billion euros are to be guaranteed by private banks, the remaining 3 billion euros must be organized by Siemens Energy elsewhere.

The problems with the product quality of wind turbines in the context of the Spanish Gamesa, which were announced in September, had put the Siemens Energy share price under massive pressure. The now known support of the federal government supported the rate, it went up in the short term by 6 percentage points. However, this has by no means filled the deep trough in the course of events – especially since a dramatic course crash had preceded in July.

Weak result forecast missed: losses worse than expected Since the beginning of the year, the Siemens Energy share price has lost about 30 percent in value. The deep red quarterly figures presented by Munich last week fit into the overall picture. Thus, sales compared to the same period last year decreased from 9.2 to 8.5 billion euros. Especially drastic, however, was the collapse in profits: For the quarter ended September, which also marked the end of the fiscal year at Siemens Energy, 354 million euros in profit had been booked in the books last year – this time the losses piled up to around 870 million euros.

In the fiscal year 2022/23, the loss of Siemens Energy was a hefty 4.6 billion euros. This made the annual balance sheet even worse than expected by analysts: On average, they had expected a loss of „only“ 4.4 billion euros.

Mixed echo from analysts For the new fiscal year, the company has set itself a number of goals: Not only is the portfolio to be restructured more deeply and faster than planned so far, but partial sales are also planned. For the full year, the management board is targeting sales growth of 3 to 7 percent, with the target for profit at 1 billion euros. However, the weak balance sheet also held a ray of hope: The order intake in the previous quarter totaled 10.6 billion euros. This increases the total order backlog to a record level of 112 billion euros.

Analysts‘ reactions to Siemens‘ presentation of figures were pretty unanimous: Purchase recommendations and price targets were confirmed one after the other, the latter mostly between 167 euros (UBS) and 185 euros (Deutsche Bank, RBC). The two best-known US banks were even more optimistic: JP Morgan raised the price target from 190 to 195 euros, Goldman Sachs confirmed the target at 222 euros. On the other hand, the British Barclays Bank is alone on the open road, recommending that the Siemens share be sold and setting the fair value at 122 euros.

Siemens shines – dividend increases Significantly better was the performance of the parent company Siemens, which also presented its figures for the September quarter and its fiscal year ending at the same time in the past week. The revenue growth in the fiscal year 2022/23 amounts to 11 percent, the Munich-based company achieved a turnover of 77.8 billion euros. For the new fiscal year, the executive board expects somewhat less, the target corridor is for revenue growth between 4 and 8 percent.

Net profit almost doubled from 4.4 to 8.5 billion euros without special effects. Shareholders will also benefit from the booming business with an increasing dividend: After 90 cents in the previous year, 1 euro per share should now be paid out. With the fresh figures in the back, RWE is heading towards the capital market day on 28 November in London. Some analysts also refer to this date in their updated assessments of the RWE share.

That the paper is a buy, the experts agree. The price targets are mostly between 48 euros (UBS) and 54 euros (Barclays, JP Morgan). While the US giants Goldman Sachs and JP Morgan recently raised their price targets for the RWE share by 50 cents each to 49.50 and 54.00 euros, respectively, the Canadian bank RBC (from 53 to 51 euros), the DZ Bank (from 55 to 51 euros) and the US analysis house Jefferies (from 50 to 45 euros) have reduced the price target. However, they also confirmed their previous buy recommendations for the RWE share.

RWE with dream results Record results were also presented by the energy giant RWE last week. The company is one of the beneficiaries of the price increases in the energy sector – and was able to almost meet its own annual targets in the first 9 months. The adjusted result was 6.15 billion euros, almost double the previous year, when RWE had achieved 3.39 billion euros by the end of September.

The company confirmed its forecast for the full year, which is expected to be an EBITDA between 7.1 and 7.7 billion euros. Investors benefit from the booming business of an increasing dividend: After 90 cents in the previous year, 1 euro per share should now be paid out. With the fresh figures in the back, RWE is heading towards the capital market day on 28 November in London. Some analysts also refer to this date in their updated assessments of the RWE share.

That the paper is a buy, the experts agree. The price targets are mostly between 48 euros (UBS) and 54 euros (Barclays, JP Morgan). While the US giants Goldman Sachs and JP Morgan recently raised their price targets for the RWE share by 50 cents each to 49.50 and 54.00 euros, respectively, the Canadian bank RBC (from 53 to 51 euros), the DZ Bank (from 55