Riva, CamilloAlves, João Pedro Quintas2024-10-142024-10-142024-01-262023-12-20http://hdl.handle.net/10362/173437This report provides a thorough analysis and a price target on Siemens AG’s stock, a multinational conglomerate headquartered in Germany. The report starts by covering the different segments in which Siemens operates, linking them to macroeconomic variables for financial forecasting purposes. The report then covers different sum-of-the parts valuation methods—APV and multiples—and also tests the sensitivity of the yielded implied share prices with respect to different variables and scenarios. The price target is estimated at €234, yielding an expected return of 41%, thereby rendering a BUY recommendation.engSiemens AgIndustrialEquity researchValuationmaster thesis203604571