Results: Siemens Healthineers AG Beat Earnings Expectations And Analysts Now Have New Forecasts

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2 days ago

A week ago, Siemens Healthineers AG (ETR:SHL) came out with a strong set of quarterly numbers that could potentially lead to a re-rate of the stock. It was overall a positive result, with revenues beating expectations by 2.0% to hit €5.7b. Siemens Healthineers reported statutory earnings per share (EPS) €0.49, which was a notable 17% above what the analysts had forecast. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.
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After the latest results, the 18 analysts covering Siemens Healthineers are now predicting revenues of €24.6b in 2026. If met, this would reflect a modest 5.4% improvement in revenue compared to the last 12 months. Per-share earnings are expected to climb 17% to €2.29. In the lead-up to this report, the analysts had been modelling revenues of €24.8b and earnings per share (EPS) of €2.34 in 2026. So it looks like there's been a small decline in overall sentiment after the recent results - there's been no major change to revenue estimates, but the analysts did make a small dip in their earnings per share forecasts.
See our latest analysis for Siemens Healthineers
The consensus price target held steady at €59.86, with the analysts seemingly voting that their lower forecast earnings are not expected to lead to a lower stock price in the foreseeable future. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on Siemens Healthineers, with the most bullish analyst valuing it at €65.00 and the most bearish at €50.00 per share. This is a very narrow spread of estimates, implying either that Siemens Healthineers is an easy company to value, or - more likely - the analysts are relying heavily on some key assumptions.
These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Siemens Healthineers' past performance and to peers in the same industry. It's pretty clear that there is an expectation that Siemens Healthineers' revenue growth will slow down substantially, with revenues to the end of 2026 expected to display 4.3% growth on an annualised basis. This is compared to a historical growth rate of 9.0% over the past five years. Compare this against other companies (with analyst forecasts) in the industry, which are in aggregate expected to see revenue growth of 5.6% annually. So it's pretty clear that, while revenue growth is expected to slow down, the wider industry is also expected to grow faster than Siemens Healthineers.
The Bottom Line
The biggest concern is that the analysts reduced their earnings per share estimates, suggesting business headwinds could lay ahead for Siemens Healthineers. On the plus side, there were no major changes to revenue estimates; although forecasts imply they will perform worse than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.
Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have forecasts for Siemens Healthineers going out to 2027, and you can see them free on our platform here.
And what about risks? Every company has them, and we've spotted 1 warning sign for Siemens Healthineers you should know about.
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