SIEGY · Forward model · Siemens Financial Services and reconciliation · Bear case
What has to happen in Siemens Financial Services and reconciliation
Model as of
This page changes Siemens Financial Services and reconciliation inside the complete SIEGY model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
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Siemens Financial Services and reconciliation
The residual reconciling line: Siemens Financial Services, plus Innovation, Governance, group purchase-price-allocation amortization, eliminations and divestment gains. It is not an operating business; it is what turns four segment revenue lines into the consolidated total, and it has to be modelled because the consolidated total is the number every series on the stock page is built from. Revenue is small and shrinking, EUR 467m in the basis quarter against EUR 640m two years ago, while its EBITDA swings between -$534m and +$660m a quarter on divestment gains and PPA add-backs.
Latest: $372M (2031Q3E)
| Period | Value |
|---|---|
| 2024Q1 | $516M |
| 2024Q2 | $611M |
| 2024Q3 | $602M |
| 2024Q4 | $703M |
| 2025Q1 | $597M |
| 2025Q2 | $670M |
| 2025Q3 | $580M |
| 2025Q4 | $714M |
| 2026Q1 | $586M |
| 2026Q2 | $568M |
| 2026Q3 | $543M |
| 2026Q4E | $527M |
| 2027Q1E | $512M |
| 2027Q2E | $499M |
| 2027Q3E | $487M |
| 2027Q4E | $476M |
| 2028Q1E | $465M |
| 2028Q2E | $456M |
| 2028Q3E | $447M |
| 2028Q4E | $439M |
| 2029Q1E | $431M |
| 2029Q2E | $424M |
| 2029Q3E | $417M |
| 2029Q4E | $410M |
| 2030Q1E | $404M |
| 2030Q2E | $398M |
| 2030Q3E | $393M |
| 2030Q4E | $387M |
| 2031Q1E | $382M |
| 2031Q2E | $377M |
| 2031Q3E | $372M |
Assumptions & reasoning
- Not an operating business. This is Siemens' own disclosed Siemens Financial Services line plus its Reconciliation to Consolidated Financial Statements line - Innovation, Governance, group purchase-price-allocation amortisation, eliminations and divestment gains - and it exists here so the four operating verticals foot to consolidated revenue exactly, which they do in all eleven quarters.
- Its EBITDA does not scale with its revenue and never will: the line has printed anything from -$534m to +$660m of EBITDA on revenue between $516m and $714m. The 12.9% margin is the trailing four quarters, $310m of EBITDA on $2,410m of revenue, and it is a placeholder for a residual rather than an operating rate. It is 1.8% of group EBITDA.
- Capex intensity is exactly zero. A reconciling line buys no property, plant or equipment; all of Siemens' EUR 636m of quarterly additions to intangible assets and PP&E sits inside the four operating verticals.