SIEGY - Siemens sees market value of energy spin-off over $20B - Reuters

Siemens' Energy unit is expected to reach a market value of over €17B ($20B) when it begins trading on the Frankfurt stock exchange next week (Sept. 28).The consensus forecasts for the value of the business, is €21-€22B, and based on the number of Siemens Energy shares, it may be equivalent to share price of €28.90-€30.28/piece.Siemens (SIEGY) will cut its stake over the next 12 to 18 months after the listing. The pension fund is also likely to offload its stake.Recently, Siemens Energy raised its annual cost savings target to more than €300M by 2023, as well as announced close some production sites, in an effort to raise profit margins.In July, shareholders approved the 55% spinoff of Siemens Energy into an independent company.

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Siemens sees market value of energy spin-off over $20B - Reuters