RBC Forecasts 'Strong' Fiscal Q4 for Siemens Energy, In-line Midterm Guidance

05:52 AM EST, 11/09/2026 (MT Newswires) -- RBC Capital Markets expects Siemens Energy (ENR.F) to finish fiscal 2026 with a "strong" final quarter when it reports its latest results on Wednesday, while midterm guidance is projected to be broadly in line with market forecasts. "The focus at Q4 will include 1) 2027E and mid-term targets, 2) the post-2030E outlook and 3) capital allocation. We expect financial targets will broadly support consensus, and should help soothe investors given ongoing cycle worries. Similarly, a focus on Gas Services' aftermarket activity and Grid Tech's non-datacenter post-2030E growth drivers should also help," analysts said Monday. "The other key highlight we expect is a EUR15-20bn buyback program, supported by strong FCF generation and limited M&A opportunities." For the fiscal fourth quarter, RBC anticipates the German energy technology group to post an organic sales growth of 17.9% and a 14.8% organic increase in orders, against the consensus estimates of 18.4% and 10.2%, respectively. "By analysing pricing developments and installed base modelling, we forecast 2030E Gas Service margins at 33% (vs cons: 25%). Even in our conservative base case (i.e., cycle turns immediately and aggressively), we forecast 2035E margins stabilising at 23% -supporting an NPV that is ~75% of current group valuation," the research firm added. RBC reaffirmed its outperform rating on the stock, with a price target of 200 euros.