The Q1 19 results have been a bit disappointing, with mixed performances amongst the divisions. Management stated that 2018 was particularly strong, while growth in 2019 should be more limited. Indeed, Q1 has been impacted by a tough comparison basis: i) the sale of OSRAM shares for €645m (post tax), and ii) a positive effect from the US tax reform last year (+€437m). We prefer to remain cautious on the stock as 2019 would continue to be impacted by a tough comparison basis.
30 Jan 2019
Mixed performance in Q1 19
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Mixed performance in Q1 19
Siemens Aktiengesellschaft (SIE:WBO) | 0 0 0.4% | Mkt Cap: 93,908m
- Published:
30 Jan 2019 -
Author:
Luis Pereira -
Pages:
3
The Q1 19 results have been a bit disappointing, with mixed performances amongst the divisions. Management stated that 2018 was particularly strong, while growth in 2019 should be more limited. Indeed, Q1 has been impacted by a tough comparison basis: i) the sale of OSRAM shares for €645m (post tax), and ii) a positive effect from the US tax reform last year (+€437m). We prefer to remain cautious on the stock as 2019 would continue to be impacted by a tough comparison basis.