Ever since the announcement of the recent problems in SGRE, Siemens Energy shares have seen a sharp derating. This was further exacerbated after provisions to solve the problems were higher than previously announced. A month on, we revisit the investment case and now believe that there is an opportunity for long-term investors in Siemens Energy. Our reasoning is rooted in the excellent performance of the Gas & Power (G&P) businesses, and the upcoming CMD as a probable catalyst.
