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- Siemens AG's (OTC:SIEGY) new CEO Roland Busch aims to raise the manufacturer's valuation by doubling down on software, Bloomberg reports.
- Siemens is eyeing acquisitions of software-focused companies to foray into new markets adjacent to its existing businesses that offer up to $143 billion in potential revenue.
- Busch estimated FY20 software revenue of €5.3 billion to grow at a CAGR of 10% until 2025, beating Siemens's hardware revenue growth.
- Siemens now views Silicon Valley giants pioneered cloud-based software suites as the path to a higher valuation.
- Siemens raised financial targets and announced its first share buyback since 2015. It will purchase up to €3 billion of stock over five years from 2022.
- The share price has gained since Busch assumed office in Feb. amid the spinoffs of Siemens Healthineers AG and Siemens Energy AG. However, the profit margins continue to lag versus peers like Schneider Electric SE (OTC:SBGSF) (OTC:SBGSY).
- Siemens agreed to acquire supply-chain management firm SupplyFrame in May for $700 million. SupplyFrame provides intelligence on factory outages and material-cost changes.
- Siemens on Thursday confirmed its FY21 earnings guidance and raised profit targets for its Smart Infrastructure unit and its Mobility business.
- Siemens raised its targets in May on the back of a booming Chinese economy and a recovery in the global automotive sector.
- Price action: SIEGY shares closed lower by 0.02% at $81.64 on Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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