08:37 AM EDT, 09/04/2026 (MT Newswires) -- Mwb Research reaffirmed its sell rating on Siemens Energy (ENR.F), noting that the German energy technology company's shares are still trading at a "demanding" valuation. "Demand for gas turbines, grids and power infrastructure remains exceptionally strong, but with [fiscal nine-month results] now fully reflected and management targeting the upper end of its 10-12% FY26 margin guidance, the main question is how much upside remains from here," analysts wrote Friday. "The share price has declined by over 20% from its recent highs, but in our view, the risk-reward is still unattractive. At around 21x EV/EBIT 2026E, the stock continues to trade at a demanding valuation that leaves little room for operational disappointments or a normalization in market expectations. In our view, the current multiple effectively reflects an almost endless energy investment super cycle across gas turbines, grids and AI-related power demand, with sustained high growth and elevated margins far into the future." The research firm added that the group's planned separation of its Transformation of Industry business has a "limited" impact on the investment case, noting that Siemens Energy's financial position is already strong. Key details of the move, such as timing and the exact stake the group intends to sell, also remain open, although analysts acknowledged that the separation could streamline the group's portfolio. The stock's price target remains unchanged at 100 euros.

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