Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for two things: a business that gets stronger every year without heroic effort, and a price that pays us to wait. Siemens Energy today offers neither in sufficient measure. What it offers is a genuinely important company — one of only three enterprises on Earth that can build a heavy-duty gas turbine, and one of a handful that can equip a modern power grid — riding the most powerful order cycle its industry has seen in decades, priced as though that cycle were a permanent condition of nature. The market capitalization is roughly €127 billion against guided fiscal 2026 net income of about €4 billion — call it 32 times earnings that sit at or near a cyclical crest. Three years ago this same company lost €4.6 billion in a single year and needed the German government to backstop its guarantee lines.
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