From Breakingviews - Siemens Energy’s green windfall fades over horizon
a major profit warning, and scrapped its profit guidance this year. At the core of the problem is Siemens Gamesa, the wind turbine producer that was taken private last year: the existing installed base of onshore wind turbines has shown quality issues, which might end up costing more than 1 billion euros. That adds to long-standing issues of the company’s offshore installations, which are still losing money. Siemens Energy’s stock dropped by more than 30% on Friday morning, wiping some 5.
That pretty much equals what JPMorgan analysts reckon Siemens Gamesa is worth. The company had a slew of profit warnings before Chief Executive Christian Bruch took it private, with the aim of fixing the issue through the deal. After Friday’s hit, Siemens Energy is trading at 0.4 times sales, way below rival Vestas Wind Systems’
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