AG ADS (NYSE: SI) reports preliminary financial results for the year ended 2012-09-30.Siemens AG ADS recently reported its preliminary financial results based on which we provide a unique peer-based analysis of the company. Our analysis is based on the company's performance over the last twelve months (unless stated otherwise). For a more detailed analysis of this company (and over 40,000 other global equities) please visit www.capitalcube.com.Siemens AG ADS's analysis versus peers uses the following peer-set: General Electric Co. (GE), 3M Co. (MMM), ABB Ltd. ADS (ABB), Koninklijke Philips Electronics N.V. ADS (PHG), Hitachi Ltd ADR (HTHIY), Motorola Solutions Inc. (MSI) and Nokia Corp. ADR (NOK). The table below shows the preliminary results along with the recent trend for revenues, net income and returns.Annual (USD million)2012-09-302011-09-302010-09-302009-09-302008-09-30Revenues101,949.2102,884.2102,822.5103,887.4116,528.7Revenue Growth %(0.9)0.1(1.0)(10.8)20.0Net Income6,579.59,565.65,336.13,052.22,558.8Net Income Growth %(31.2)79.374.819.3(48.6)Net Margin %126.96.36.199.92.2ROE %16.123.613.78.06.5ROA %188.8.131.52.21.9Valuation DriversSiemens AG ADS currently trades at a higher Price/Book ratio (2.2) than its peer median (1.6). The market expects SI-US to grow at about the same rate as its chosen peers (PE of 15.2 compared to peer median of 15.2) and to maintain the peer median return (ROE of 15.8%) it currently generates.The company's asset efficiency (asset turns of 0.7x) and net profit margins of 6.4% are both median for its peer group. SI-US's net margin has declined 2.9 percentage points from last year's high but remains above its five-year average net margin of 4.9.Economic MoatThe company has achieved better revenues growth than its chosen peers (year-on-year change in revenues of -0.9%) but its earnings growth performance has been below the median (change in annual reported earnings of -31.2% compared to the peer median of 8.2%). This suggests that, compared to its peers, the company is focused more on top-line revenues. SI-US is currently converting every 1% of change in revenue into 34.3% change in annual reported earnings.SI-US's return on assets currently is around peer median (4.6% vs. peer median 4.0%) -- similar to its returns over the past five years (3.9% vs. peer median 3.4%). This performance suggests that the company has no specific competitive advantages relative to its peers.The ...
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