Siemens Energy (ENR1n.DE): Capital Market Day to outline higher growth & returns of value

Goldman Sachs reiterates Buy on Siemens Energy (ENR1n.DE) with a 12-month price target of €212, implying 78.6% upside from €118.68. The report frames the Capital Markets Day on 11 November as the next step in the re-rating story and details a checklist of items for the day, including thoughts on 2030 targets. Group EBITA is forecast to rise c.6x between FY2025 and FY2030, putting the FY2030 estimate c.11% ahead of Bloomberg consensus and leaving shares trading on c.5x 2030E EV/EBITDA, a c.57% discount to GE Vernova. Growth is driven by higher profitability in Gas Services (38% of group profit growth), solid long-duration top-line growth and higher margins in Grid Technologies (36%), and improved margins at Siemens Gamesa (20%). The stronger profit outlook points to a material acceleration in cash flow, with scope for c.€30bn of cumulative returns of value via dividends and buybacks over FY2026-30E (c.30% of current market cap). The analysts also look for confirmation of FCF breakeven a