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FRANKFURT, Sept 28 (Reuters) – Shares in Siemens Energy ENR1n.DEopened lower than expected on their first day of trading on Frankfurt’s stock exchange, as the business gears up for a standalone future independent from parent Siemens SIEGn.DE.
Shares in the division opened at 22.01 euros ($25.59) apiece on Monday, giving the company a market value of 16 billion euros. A source had previously said estimates were for a market valuation of between 21-22 billion euros.
By 0728 GMT shares were trading lower at 20.72 euros.
The division, which makes gas turbines and power transmission systems and owns a 67% stake in the world’s second-largest wind turbine maker Siemens Gamesa SGREN.MC, was spun off from Siemens due to weak profit margins.
Siemens Energy is expecting an adjusted margin of up to 1% in 2020 on earnings before interest, tax and amortisation before special