The largest listing case of German Enterprises: Siemens Healthcare enterprises has planned a public offering IPO
Abstract: Siemens is currently going through the independent listing of its healthcare business, Siemens Healthcare enterprises, and plans to conduct an initial public offering (IPO) in the first half of next year. The place of listing has not been determined, and the scale of stock offering may not exceed 20% of the equity of healthcare enterprises
the high-frequency word that has appeared for three consecutive days in the past week is "Siemens", not because I love it too much, but because it moves very big...
let's divide this "Siemens week" into Trilogy: first layoffs, dismantling of power and gas businesses, and then mindsphere holding hands with Microsoft and Amazon, then, Today's "third step" action is also really not small...
Siemens is going through the independent listing of its healthcare business Siemens Healthcare recently, and plans to conduct an initial public offering (IPO) in the first half of next year. The place of listing has not been determined, and the scale of stock offering may not exceed 20% of the equity of healthcare
under mark, the valuation of healthaneers may be as high as 40billion euros (about 47billion dollars). This IPO may become one of the largest listed cases of German enterprises in recent years
now Siemens has hired Goldman Sachs, Deutsche Bank and JPMorgan Chase to lead the organization, although it has not specifically disclosed which banks it is, and this week it has confirmed that it has hired several banks as the global coordinator of the IPO of healthineers
the largest listing case of German Enterprises: Siemens healthliners has planned to publicly issue an IPO
in fact, the move of Siemens to promote the listing of healthliners began last year: in November last year, Siemens said it would split healthliners for listing, and the valuation of the business at that time was about $15billion. It has tripled this year. How much money has it made
let's review the origin of healthaneers with a timeline:
● in 2014, for the need to focus on core business, Siemens sold clinical it, hearing aids and other health care business units, and split other health care business units
● in May 2016, Siemens Medical acquired Neo new oncology AG, a molecular diagnostic company, and changed its name to "healthineers", and the medical business was operated under the unified brand of healthineers. Healthaneers is a medical equipment production branch of Siemens, and its products include X-ray machines and nuclear magnetic resonance (MRI) examination equipment
● in October 2016, healthaneers began to integrate the global strategic layout. After the integration, the business is divided into six parts: bedside diagnosis, laboratory diagnosis, imaging diagnosis, ultrasonic products, advanced treatment department and comprehensive service department
● in November 2016, Siemens said to the public that it would spin off healthaneers. At that time, the valuation of the business was about $15billion
● in December 2016, healthaneers gradually made efforts in the diagnosis business and signed an agreement with meinian health. The two sides plan to jointly establish and operate an independent medical tripartite agreement middle school imaging diagnosis center in Shanghai; It plans to jointly invest in 10 to 20 independent medical imaging diagnosis centers in the next three years
some people say that Siemens wants to make a gamble by splitting the healthcare business, or maintain control over the healthcare business...
Siemens' healthcare business is more competitive with GE and Philips. Siemens Medical's ultrasound and laboratory diagnosis business has always been their weakness, lagging behind their competitors. The following table shows that: from the perspective of the medical business sector, with the long-term strategy of 100% focusing on the medical business, Philips' share of this sector is getting higher and higher; The proportion of Siemens and Ge is relatively low, between 15-17%
chart: GPS revenue and profit comparison (GE's unit is millions of dollars; the other two are millions of euros)
after the successful transformation more than a decade ago, Siemens' health care business has become one of the best performers that Siemens has always adhered to, and Siemens has also invested billions of dollars in acquisitions in the past few years to establish their diagnostic systems
in terms of R & D investment, Siemens Group invested 4.7 billion euros in 2016, a slight increase from 4.5 billion euros in 2015, accounting for 5.9% of the total revenue. It is worth noting that in the medical business, there are more than 300million euros of R & D capitalization operations in 2015 and 2016, which is obviously to make profits for healthaneers and pave the way for listing
now, the focus of the global healthcare market is changing from Siemens' core medical imaging business to molecular diagnosis and patient self-management business. Siemens also hopes that healthineers can use the income from IPO transactions to carry out M & A transactions and investment activities. If it maintains its business independence, it can better achieve growth and promote investment
before January 23
, Siemens further cleaned up the company's intricate business, including price: everyone hopes to buy the most satisfactory products at the lowest price, high-speed trains, wind turbines and medical scanning equipment, in order to make its health care department listed independently. In the past decade, Siemens has largely withdrawn from consumer oriented products, such as, light bulbs and hearing aids, but Siemens said that it was "wrong" to "compare" assets with health care
why is this comparison wrong? Because this measure reflects that Siemens pays more attention to the development of its core business, rather than simply for a certain business
in November 2016, when the news first broke out, Siemens' sales in the fourth quarter increased by 3% to 21.95 billion euros, and the sales of the power and natural gas sector increased by 10%. At that time, Siemens expected earnings per share of € 6.80 to € 7.20 for fiscal 2017. In 2017, the sales growth will be between 1% and 2%, while the profit margin of industrial enterprises will reach 10.5% to 11.5%
and this prediction can indeed be achieved. In the second quarter of fiscal 2017, Siemens' revenue reached 20.2 billion euros, an increase of 6% compared with the same period last year. Thanks to good operation and management, the profit margins of almost all entity businesses have increased significantly, reaching 12.1%. Especially in the manufacturing industry, the acquisition of mentor graphics and the merger with gamesa are expected to have a greater impact on the profit margin of physical business in the second half of the year
therefore, medical treatment is very important, but it's really worthless to say that "four or two thousand catties" are really not worth it...
although this matter has been expected, the divestiture of the medical and health department has begun to take action, which is indeed a "positive surprise". However, will the luminous become gold? It can only be seen that in 2018 or 2019, healthaneers will be deeply rooted in the market segment
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