André, RosárioGomes, Margarida Maria André2021-08-172021-08-172021-01-112020-01http://hdl.handle.net/10362/122611The following equity research was conducted from September 2020 until January 2021 and assesses the intrinsic value of Siemens AG’s share price as part of an investment decision. Siemens AG is an industrial company, segmented in several market as digitalization and automation, transportation and parts, and medical imaging. Each one is separately evaluated taking into account the historical performance as well as the market trends and regional dynamics. The valuation method used was a discounted cash flow. The share price target for fiscal 2021 was € 138.99, implying an expected annualized return of 12.5%, which justifies the recommendation to BUY.engValuationDigitalizationAutomationSiemensmaster thesis202741567