Siemens Energy’s €12.4 Billion Hidden Gem: The Spin-Off That Could Reshape the Stock
Veröffentlicht: 26.06.2026 um 03:03 Uhr, Redaktion boerse-global.de
A quiet valuation battle is brewing inside Siemens Energy. While the market has long focused on the sprawling conglomerate’s wind-turbine headache at Siemens Gamesa, analysts and activist investors are zeroing in on a far more lucrative piece: the Transformation of Industry division. At an estimated €12.4 billion, Jefferies reckons this unit alone is worth far more than the market currently prices in — and that disconnect is driving a fresh wave of calls for a breakup.
The division, which employs roughly 17,000 people and churns out about €5.7 billion in annual revenue, bundles compressors, steam turbines, and hydrogen technologies. It’s a high-margin, high-demand business at a time when industrial decarbonisation is accelerating. Activist investor Ananym Capital has been pushing for a clean separation of this profitable core from the loss-making Gamesa unit, arguing that the conglomerate discount has been punishing the stock for too long.
That argument gained concrete evidence this week as the company’s operational muscle flexed with a major new order. Fermi Inc. has tapped Spanish engineering firm TSK to handle preliminary work on “Project Matador,” a large energy project in Texas that will deploy three Siemens gas turbines. The contract underscores the still-vibrant demand for efficient gas-fired power plants, particularly in regions scrambling to stabilise grids amid rising electricity consumption.
The order flow doesn’t stop there. Siemens Energy booked €17.7 billion in new orders during its second quarter, pushing the total order backlog to a record €154 billion. Management has set ambitious targets for fiscal 2026: revenue growth between 14% and 16%, a net profit of around €4 billion, and free cash flow of roughly €8 billion. Those numbers, combined with the hidden valuation of the industrial division, have prompted Jefferies to lift its price target to €215 a share.
Should investors sell immediately? Or is it worth buying Siemens Energy?
On the market, the stock has responded with a mix of euphoria and caution. Over the past twelve months, the shares have surged roughly 78%. Year to date, the gain stands at about 34%, though the stock has pulled back more than 16% from its April high of €195.54. Thursday’s close of €164.68 came after a 3.38% advance that lifted the stock to €163.86 in early Friday trading — a sign that the spin-off narrative is still gaining traction.
Technical indicators paint a nuanced picture. The 50-day moving average sits at €168.89, just above the current price, while the 200-day average at €139.67 confirms that the long-term uptrend remains intact. The Relative Strength Index of 51.6 suggests a neutral posture, and with an annualised volatility of 55%, the stock is clearly not for the faint-hearted. Yet analysts at JPMorgan and Deutsche Bank have joined Jefferies in keeping a bullish tone, betting that a cleaner structure will eventually unlock a higher multiple.
The structural transformation is not limited to portfolio reshuffling. Siemens Energy is also forging partnerships in next-generation climate tech, such as its collaboration with startup Ucaneo on direct air capture. That venture may not move the needle on near-term earnings, but it strengthens the company’s positioning as a technological enabler in the energy transition — a narrative that dovetails neatly with the “pure play” logic behind the spin-off push.
Siemens Energy at a turning point? This analysis reveals what investors need to know now.
For all the optimism, the biggest wildcard remains Siemens Gamesa. Activist investors want it gone, but the company has not yet signalled a full exit. If the restructuring stalls or if Gamesa’s losses continue to drag, the recent consolidation could extend. The market is betting that the management team can execute a surgical separation of the industrial jewel, but the proof will come only when the transformation of the entire portfolio is more than a blueprint.
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