Siemens stock: New all-time high after quarterly earnings?

Last Updated: 8. Februar 2024By

The Siemens share was a big winner in the end-of-year rally of 2023. At the turn of the year, the stock had reached a new all-time high of around 171 euros after a two-month rally of 40 percent. After the correction at the beginning of the year, the DAX stock is now trading at around 169 euros – and thus just before a new record high (as of February 08, 2024, around 11 a.m.).

One reason for the boost is Siemens‘ latest quarterly report. The DAX giant has achieved a significant increase in profits in the first quarter of the current fiscal year 2023/2024, as of the end of December. And Siemens was able to convince in Q1 overall, with the goals for the entire year being confirmed.

Siemens increases sales and profits in Q1 With 18.4 billion euros, Siemens has achieved an increase in sales of around 6 percent in the first quarter on a comparable basis (i.e. without currency and portfolio effects) compared to the previous year period. Profit was able to increase even by 56 percent, reaching 2.5 billion euros in Q1 of 2023/2024.

Order intake and order backlog also developed positively: with 22.3 billion euros, order intake without currency and portfolio effects was 2 percent above the previous year’s value. Especially in the Mobility division, a significantly higher number of major orders were received in Q1. The order backlog reached a record level of 113 billion euros as of the end of December.

After the quarterly results, Siemens has confirmed its goals for the fiscal year 2023/2024. Among other things, sales – without currency and portfolio effects – is expected to increase by 4 to 8 percent compared to the previous year. The dividend is expected to be raised by 45 cents to 4.70 euros.

Siemens share: A new record high is within reach It is unclear whether the Siemens share will reach a new all-time high today. However, one thing is certain: after a strong fiscal year 2022/2023, the start of the new year has also been successful and the outlook for Siemens remains positive. This is also the view of most analysts – following the Q1 results, several have already confirmed their price targets.

For example, Berenberg Bank sees the price target for the Siemens share at 180 euros, Jefferies (185 euros), Bernstein Research (190 euros) or Deutsche Bank (195 euros) are even more optimistic. The DAX giant Siemens remains interesting for investors even after the end-of-year rally.