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Siemens Gamesa Renewable Energy Valuation

Q: What is the Fair Price of GTQ1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

GTQ1 (€18.1) is trading above our estimate of [[fair value]] (€8.93)

Is GTQ1 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GTQ1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GTQ1 (€18.1) is trading above our estimate of fair value (€8.93)

Significantly Below Fair Value: GTQ1 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GTQ1?

Key metric: As GTQ1 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for GTQ1. This is calculated by dividing GTQ1's market cap by their current revenue.
What is GTQ1's PS Ratio?
PS Ratio	1.2x
Sales	€9.99b
Market Cap	€12.28b

GTQ1 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.4x
Enterprise Value/EBITDA	-28.6x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does GTQ1's PS Ratio compare to its peers?

The above table shows the PS ratio for GTQ1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	2.7x
ENR Siemens Energy	1.1x	7.1%	€36.7b
NDX1 Nordex	0.4x	5.1%	€2.8b
PNE3 PNE	6.8x	19.5%	€842.6m
EKT Energiekontor	2.3x	25.9%	€596.9m
GTQ1 Siemens Gamesa Renewable Energy	1.2x	13.5%	€12.3b

Price-To-Sales vs Peers: GTQ1 is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (4.1x).

Price to Sales Ratio vs Industry

How does GTQ1's PS Ratio compare vs other companies in the DE Electrical Industry?

3 Companies	Price / Sales	Estimated Growth	Market Cap
VAR1 Varta	0.1x	4.3%	US$112.32m
C0M Compleo Charging Solutions	0.1x	27.6%	US$15.58m
LMIA LION E-Mobility	0.2x	30.6%	US$9.17m

No more companies available in this PS range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: GTQ1 is good value based on its Price-To-Sales Ratio (1.2x) compared to the European Electrical industry average (1.9x)

Price to Sales Ratio vs Fair Ratio

What is GTQ1's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GTQ1 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.2x
Fair PS Ratio	0.5x

Price-To-Sales vs Fair Ratio: GTQ1 is expensive based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (0.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GTQ1 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Nov ’25	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Oct ’25	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Sep ’25	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Aug ’25	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Jul ’25	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Jun ’25	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
May ’25	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Apr ’25	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Mar ’25	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Feb ’25	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Jan ’25	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Dec ’24	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Nov ’24	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Oct ’24	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Sep ’24	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Aug ’24	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Jul ’24	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Jun ’24	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
May ’24	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Apr ’24	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Mar ’24	n/a	€17.91 0%	2.1%	€18.10	€17.00	n/a	7
Feb ’24	€18.02	€17.98 -0.2%	1.7%	€18.20	€17.00	n/a	12
Jan ’24	€18.05	€17.62 -2.4%	7.9%	€18.20	€12.50	n/a	15
Dec ’23	€17.99	€17.70 -1.6%	7.5%	€18.50	€12.50	n/a	17
Nov ’23	€17.95	€17.70 -1.4%	7.5%	€18.50	€12.50	n/a	17

Analyst Forecast: Target price is lower than the current share price.

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