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MarketScreener Homepage  >  Equities  >  Xetra  >  Siemens AG    SIE   DE0007236101

SIEMENS AG

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Siemens : Orascom sign deal to rebuild Iraq power plant

09/14/2019 | 11:58am EST
Logo of German industrial group Siemens is seen in Zurich

BERLIN (Reuters) - Siemens and Orascom Construction signed an agreement on Saturday with the Iraqi government to rebuild two power plants in the north of the country that will have a combined capacity of 1.6 gigawatts.

Siemens said that work at the Baiji facility, 250 km (155 miles) north of Baghdad, will commence once Iraq's Council of Ministers approve the deal and a financial agreement is reached with the Finance Ministry.

Iraq signed five-year "roadmap" agreements with GE and Siemens AG last October under which the country plans to spend about $14 billion (£11.20 billion) on new plants, repairs, power lines and, eventually, equipment to capture for use natural gas that is now being flared off.

In awarding projects to Siemens in April, however, Iraq's prime minister said the German company was well-placed to win the bulk of future deals.

But under pressure from the United States, Iraq asked both Siemens and GE to bid on contracts, sources told Reuters in June.

Siemens and GE have supplied generation plants and other electrical equipment to Iraq for decades. Many of these assets need to be refurbished and upgraded after years of war, creating substantial scope for work by both companies.

Siemens' chief executive Joe Kaeser, Iraq's Electricity Minister Luay al-Khateeb and Orascom Construction's chief Osama Bishai attended the ceremony in Baghdad where the construction deal for the Baiji plant was signed.

(Reporting by Joseph Nasr, editing by Louise Heavens)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ORASCOM CONSTRUCTION PLC End-of-day quote.
SIEMENS AG -2.09% 119.78 Delayed Quote.1.92%
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Financials
Sales 2021 58 094 M 70 148 M 70 148 M
Net income 2021 4 475 M 5 404 M 5 404 M
Net Debt 2021 28 201 M 34 052 M 34 052 M
P/E ratio 2021 21,4x
Yield 2021 3,02%
Capitalization 95 724 M 116 B 116 B
EV / Sales 2021 2,13x
EV / Sales 2022 1,99x
Nbr of Employees 293 000
Free-Float 88,0%
Chart SIEMENS AG
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Technical analysis trends SIEMENS AG
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 128,19 €
Last Close Price 119,78 €
Spread / Highest target 27,7%
Spread / Average Target 7,02%
Spread / Lowest Target -30,7%
EPS Revisions
Managers and Directors
NameTitle
Josef Kaeser President & Chief Executive Officer
Jim Hagemann Snabe Chairman-Supervisory Board
Roland Emil Busch Deputy CEO, COO, CTO & Labour Director
Ralf Peter Thomas Chief Financial Officer
Hanna Hennig Chief Information Officer
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