After withdrawn forecasts from Siemens Energy, the share price of the energy technology group crashed on Friday. At the start they lost more than a third and at a good 15 euros cost less than they did in November. Trading was interrupted several times due to excessive fluctuations. A price slide of 37 percent is a rarity for a Dax value.
The share price of the major shareholder Siemens also came under pressure with minus three percent in the wake of Energy. Siemens still owns around a third of the shares in Siemens Energy. The leading index Dax continued its weak week by losing almost one percent to 15,850 points.
The wind turbine manufacturer Siemens Gamesa remains the problem child of the Dax group. There have been significantly increased failure rates for wind turbine components, according to Siemens Energy. A technical review suggests that fixing problems with certain onshore platforms will cost significantly more than previously thought. Siemens Energy is currently assuming additional costs of probably more than one billion euros. In January, the costs were still estimated at 472 million euros.
Company re-evaluation needed
This is very bad news, a trader said. If you don’t have any clues as to where the costs are going, how is the market supposed to assess that, the retailer worries. He spoke of “total insecurity”. The new problems at the subsidiary Gamesa pushed a dark cloud in front of the group’s revaluation story, Goldman Sachs analyst Ajay Patel wrote in a first reaction. He rates the report as “clearly negative”.
Marcus Theurer Published/Updated: , Recommendations: 11 Ilka Kopplin, Munich Published/Updated: , Recommendations: 21 Johannes Winterhagen Published/Updated: , Recommendations: 35
If the price loss for Siemens Energy remains in the current magnitude at the end of trading, Siemens Energy would be in the extended circle of the biggest daily losers that there has ever been in the Dax. Measured in terms of market value, the loss is currently around six billion euros.
Up until the previous day, the papers had been among the biggest winners in the Dax since the beginning of the year. They started the rally in mid-October and posted a peak gain of 140 percent through the end of May. But now they are in the red at around nine percent since the beginning of the year and are therefore in the rear of the Dax field.
The wind power subsidiary Gamesa is a well-known problem for Siemens Energy. After the complete takeover at the beginning of the year, Gamesa has so far turned out to be a black hole in the balance sheet, said capital market expert Jürgen Molnar from the broker Robo Markets. “The future of Siemens Energy depends more and more on whether it can get the problem child under control.” The bitter thing about the current sell-off in Energy shares is that the strong recovery since last October has come to an abrupt end, he said professional.