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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsubishi Heavy Industries, Ltd.    7011   JP3900000005

MITSUBISHI HEAVY INDUSTRIES, LTD.

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Siemens Energy drops most coal business following spin-off

11/10/2020 | 04:57am EST
FILE PHOTO: Siemens Energy AG starts trading after IPO

FRANKFURT (Reuters) - Siemens Energy, which builds steam turbines for power plants, will no longer take on new business to supply coal-fired powered stations, it said on Tuesday, making it the latest firm to scale back fossil fuel-related operations.

Selling turbines to coal-fired power plants accounts for a low single-digit percentage of the company's sales, or roughly 820 million euros (730.5 million pounds) based on 2020 figures. It has said the business is profitable.

Siemens Energy will still meet existing commitments, including placed bids, and honour service contracts for combined heat and power stations.

The group, which also released fourth-quarter results for the first time since its spin-off from former parent Siemens AG in September, said it would now review the impact of its decision on employees and sites.

"Accompanying its customers on the path of energy transformation and providing the necessary technologies and solutions - that is the mission of the company," it said.

"With this step, Siemens Energy continues its transformation towards a more sustainable and growth-oriented portfolio."

Siemens Energy, which owns 67% of wind turbine maker Siemens Gamesa, makes about 30% of its sales by catering to fossil-fuel power stations, mostly gas, where it competes with General Electric and Mitsubishi Heavy Industries.

Fourth-quarter earnings before interest, tax and amortisation (EBITA) before special items fell 87% to 70 million euros due to impairments and restructuring costs.

Shares in the company, which have lost 6.8% since the spin-off, traded 2.9% lower at 0926 GMT, with traders pointing to the quarterly results.

Siemens Energy, in which Siemens AG and its pension fund retain 45%, still expects 2021 sales to grow 2%-12% and adjusted EBITA before special items to rise by 3%-5%.

(Editing by Michelle Adair and Kirsten Donovan)

By Christoph Steitz


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GENERAL ELECTRIC COMPANY -0.35% 11.39 Delayed Quote.5.46%
MITSUBISHI HEAVY INDUSTRIES, LTD. -0.81% 3189 End-of-day quote.1.05%
SIEMENS AG 0.94% 122.36 Delayed Quote.4.12%
SIEMENS ENERGY AG 0.06% 31.72 Delayed Quote.4.76%
SIEMENS GAMESA RENEWABLE ENERGY, S.A. -1.00% 34.63 Delayed Quote.4.65%
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Financials
Sales 2021 3 685 B 35 549 M 35 549 M
Net income 2021 15 089 M 146 M 146 M
Net Debt 2021 1 330 B 12 833 M 12 833 M
P/E ratio 2021 52,4x
Yield 2021 2,35%
Capitalization 1 072 B 10 343 M 10 339 M
EV / Sales 2021 0,65x
EV / Sales 2022 0,62x
Nbr of Employees 81 631
Free-Float 91,4%
Chart MITSUBISHI HEAVY INDUSTRIES, LTD.
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Mitsubishi Heavy Industries, Ltd. Technical Analysis Chart | 7011 | JP3900000005 | MarketScreener
Technical analysis trends MITSUBISHI HEAVY INDUSTRIES, LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 2 886,00 JPY
Last Close Price 3 189,00 JPY
Spread / Highest target 12,3%
Spread / Average Target -9,50%
Spread / Lowest Target -37,3%
EPS Revisions
Managers and Directors
NameTitle
Seiji Izumisawa President, CEO, Director & Chief Strategy Officer
Shunichi Miyanaga Chairman
Hisato Kozawa CFO, Representative Director & Executive Officer
Michisuke Nayama Chief Technology Officer & Executive VP
Eisaku Ito CTO, Executive Officer & GM-ICT Solutions
Sector and Competitors
1st jan.Capitalization (M$)
MITSUBISHI HEAVY INDUSTRIES, LTD.1.05%10 399
HONEYWELL INTERNATIONAL INC.-2.79%145 081
SIEMENS AG3.15%117 423
GENERAL ELECTRIC COMPANY5.83%100 125
3M COMPANY-3.24%97 552
ILLINOIS TOOL WORKS INC.0.46%64 827