Siemens AG (SIE.DE)

Is streamlining, spinning off energy operations in 2020, but will reduce their healthcare business. They will focus on automation for manufacturing and design, where there's strong growth. Their infrastructure segment is benefitting from the data centre build-out. In rail, they are the leader; margins are slimmer, but the backlog growth is strong. Germany wants to double spending on rails in the next 5 years. SI maintains or grows its dividend each year.

(Analysts’ price target is $183.67)

It has been an ADR holding it back. He has been writing some calls against it. There are four units with one in healthcare which it is spinning out. It does not have much of a premium and is not that volatile. Some catalysts should help it break out eventually.      Buy 3  Hold 0  Sell 0

AI was really embedded in its processes. You could add some here, more around $128, and again around $122.

Are streamlining, having spun off their energy business and will spin off their healthcare division. Are focusing on high-margin automation, where they are a leading player, and electrification which enjoys strong demand from the data centre build. They have the biggest mobility business. Pays a 2.4% dividend.

A new name in his portfolios. Out of Germany. Going back to the ecosystem chart from the top of the show, this name is in the second circle (software side). But it's also a hardware company. Massive, $152B company. His 12-month price target is $128.

One of the biggest suppliers (if not the biggest) of software for humanoids (robotics). Huge in healthcare and energy. Reported last Friday, did extremely well. Spinning off robotics division (ETA: Q1 or Q2 of 2026). Yield is 2.44%.

(Market Call Minute.) This is okay. Not a stock he wants to own but they are improving.

Industrial companies in the US are struggling with the high US$. This one is selling in Euros. He is very cautious on the industrials both in the US and in Europe. It’s a good company but he is not interested in the sector.

One of the largest European industrial stocks. This hasn’t done much for several years. Revenue has been kind of flat at about €75 billion for several years. Earnings have kind of bounced around between €5 and €6 for several years. Similar to General Electric (GE-N), an exercise in portfolio pruning and management. Valuation is not bad at about 16.5X PE with a nice dividend at about 3.5%, but can’t see how it could outperform the market.

Reasonable valuation with a good dividend yield. Acquisition a few months ago was not well timed, but it is a rock solid business. He would like to own it at the right price. They are a well run business with a great position in a number of their businesses.