Alstom S.A.

Alstom serves the power generation and transmission markets, and rail transport market. Co.'s activities are divided into four sectors: the Thermal Power Sector (Co. offers power generation solutions using gas or coal to services including plant modernization, maintenance and operational support); the Renewable Power sector offers EPC solutions, turbines and generators, control equipment and maintenance for Hydropower and Wind power activities; the Grid Sector designs and manufactures equipment and turnkey solutions to manage power grids and transmit electricity from the power plant to the large end-user; and the Transport Sector provides rail transport products, systems and services.
  • TickerALO
  • ISINFR0010220475
  • ExchangeEuronext Paris
  • SectorIndustrial Engineering
  • CountryFrance

Analysts

Jean-Louis Sempé

INVEST SECURITIES - Alstom : Un S1 encore en progrès, au-dessus des attentes - NEUTRE, OC 41,7€ vs 40,7€

Le S1 2018/19 montre une activité moins soutenue au T2 après un T1 exceptionnel. Au S1, le CA est néanmoins en ligne et l'EBITA ressort en avance avec une marge qui dépasse 7%, déjà au-dessus de la guidance 18/19. Nous relevons en conséquence notre marge d'EBITA à 7% vs 6,7% préc. Notre BNA est ainsi relevé de +3,8%. La direction confirme la date du «closing» du rapprochement Siemens-Alstom « au S1 2019 ». Cela nous permet de garder notre hypothèse de clôture à fin mars. Notre OC est relevé à 41,7€ vs 40,7€ préc. Dans cette période d'attente d'autorisation qui perdure, avec, à la clé, la persp...

Jeffrey Vonk

Morningstar | Alstom First-Half 2018/2019 Results Slightly Ahead of Expectations

Alstom's first-half results were slightly ahead of expectations, particularly on the EBIT side. We are maintaining our no moat rating and EUR 42 fair value estimate. First-half orders more than doubled year over year, increasing the order backlog by 11% organically. Sales grew by 23%, and the company exited the first half with a book-to-bill well above 1 times at 1.8. The adjusted EBIT margin expanded by 170 basis points to 7.1% relative to the first half of 2017, benefiting from operating leverage. Among the key drivers behind the outsize order growth were a contract with a Canadian metro s...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2018

Finally, an agreement has been reached. But the most difficult task is just beginning for the UK prime minister because she will need to secure parliamentary approval for the deal. But right now, this is another story. What can we expect if parliament approves the deal? 1/ A rise in gilt yields (fall in the price of the UK sovereign bond). 2/ An appreciation in sterling against the US dollar and the euro. Favour financials, construction, retail and spending linked to consumer confiden...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/11/2018

Finalement, un accord a été trouvé. Le plus dur commence maintenant pour le PM britannique puisqu’il faudra trouver une majorité parlementaire pour le valider. A ce stade c’est une autre histoire. Qu’attendre en cas de vote positif du parlement ? 1/ une hausse des rendements du Gilt (baisse du prix de l’obligation souveraine) - 2/ une appréciation de la livre vs USD et EUR. Privilégier les financières, la construction, la distribution et les dépenses liées à la confiance du consommateu...

Alfred Glaser ...
  • Delphine Brault

Alstom : Excellent H1 earnings and FCF - FY guidance slightly hiked on margins

>Excellent profits and FCF - Today, Alstom published H1 profits that were much better than expected (with a margin of 7.1%) and robust free cash generation (FCF of € 172m vs € 124m expected). The operating margin (adj. EBIT) came in at a record 7.1%, up 90bp vs last year on a reported basis (we forecast +35bp) and up 150bp! vs last year on a restated basis (IFRS 15&9). The improvement was essentially driven by volumes, but also by cost-cutting / productivity measures...

Alstom - September 2017 (LTM): Peer Snapshot

Peer Snapshot:  Alstom - September 2017 (LTM) 21 December 2017 (in US millions) FYE Mar-16 FYE Mar-17 LTM Sep-17 FYE Dec-15 FYE Dec-16 LTM Sep-17 FYE Sep-15 FYE Sep-16 LTM Sep-17

Alstom's Tie-Up with Siemens' Rail Operations Creates Global Number 2, a Credit Positive

    ISSUER COMMENT  CORPORATES    OCTOBER 2, 2017    Alstom’s Tie-Up with Siemens’ Rail  Operations Creates Global Number 2, a  Credit Positive  From  Credit Outlook   Last Wednesday, France-based  Alstom  (Baa2 stable) and Germany-based  S

Moody's Affirms Alstom's Baa2/P-2 ratings; stable outlook

Rating Action: Moody's Affirms Alstom's Baa2/P-2 ratings; stable outlook. Global Credit Research- 28 Sep 2017. Frankfurt am Main, September 28, 2017-- Moody's Investors Service today affirmed Alstom's Baa2 long-term issuer rating and the P-2 short-term commercial paper rating.

Jean-Louis Sempé

INVEST SECURITIES - Alstom : Un S1 encore en progrès, au-dessus des attentes - NEUTRE, OC 41,7€ vs 40,7€

Le S1 2018/19 montre une activité moins soutenue au T2 après un T1 exceptionnel. Au S1, le CA est néanmoins en ligne et l'EBITA ressort en avance avec une marge qui dépasse 7%, déjà au-dessus de la guidance 18/19. Nous relevons en conséquence notre marge d'EBITA à 7% vs 6,7% préc. Notre BNA est ainsi relevé de +3,8%. La direction confirme la date du «closing» du rapprochement Siemens-Alstom « au S1 2019 ». Cela nous permet de garder notre hypothèse de clôture à fin mars. Notre OC est relevé à 41,7€ vs 40,7€ préc. Dans cette période d'attente d'autorisation qui perdure, avec, à la clé, la persp...

Jeffrey Vonk

Morningstar | Alstom First-Half 2018/2019 Results Slightly Ahead of Expectations

Alstom's first-half results were slightly ahead of expectations, particularly on the EBIT side. We are maintaining our no moat rating and EUR 42 fair value estimate. First-half orders more than doubled year over year, increasing the order backlog by 11% organically. Sales grew by 23%, and the company exited the first half with a book-to-bill well above 1 times at 1.8. The adjusted EBIT margin expanded by 170 basis points to 7.1% relative to the first half of 2017, benefiting from operating leverage. Among the key drivers behind the outsize order growth were a contract with a Canadian metro s...

Alfred Glaser ...
  • Delphine Brault

Alstom : Excellent H1 earnings and FCF - FY guidance slightly hiked on margins

>Excellent profits and FCF - Today, Alstom published H1 profits that were much better than expected (with a margin of 7.1%) and robust free cash generation (FCF of € 172m vs € 124m expected). The operating margin (adj. EBIT) came in at a record 7.1%, up 90bp vs last year on a reported basis (we forecast +35bp) and up 150bp! vs last year on a restated basis (IFRS 15&9). The improvement was essentially driven by volumes, but also by cost-cutting / productivity measures...

Alfred Glaser ...
  • Delphine Brault

Alstom : Excellent H1 earnings and FCF - FY guidance slightly hiked on margins

>Excellent profits and FCF - Today, Alstom published H1 profits that were much better than expected (with a margin of 7.1%) and robust free cash generation (FCF of € 172m vs € 124m expected). The operating margin (adj. EBIT) came in at a record 7.1%, up 90bp vs last year on a reported basis (we forecast +35bp) and up 150bp! vs last year on a restated basis (IFRS 15&9). The improvement was essentially driven by volumes, but also by cost-cutting / productivity measures...

Jeffrey Vonk

Alstom First-Half 2018/2019 Results Slightly Ahead of Expectations

Alstom's first-half results were slightly ahead of expectations, particularly on the EBIT side. We are maintaining our no moat rating and EUR 42 fair value estimate. First-half orders more than doubled year over year, increasing the order backlog by 11% organically. Sales grew by 23%, and the company exited the first half with a book-to-bill well above 1 times at 1.8. The adjusted EBIT margin expanded by 170 basis points to 7.1% relative to the first half of 2017, benefiting from operating lever...

1 director bought

A director at Alstom bought 600 shares at 38.680EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/14/2018

Finally, an agreement has been reached. But the most difficult task is just beginning for the UK prime minister because she will need to secure parliamentary approval for the deal. But right now, this is another story. What can we expect if parliament approves the deal? 1/ A rise in gilt yields (fall in the price of the UK sovereign bond). 2/ An appreciation in sterling against the US dollar and the euro. Favour financials, construction, retail and spending linked to consumer confiden...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Stephane Houri
  • Steven Gould
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Veysel Taze

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/11/2018

Finalement, un accord a été trouvé. Le plus dur commence maintenant pour le PM britannique puisqu’il faudra trouver une majorité parlementaire pour le valider. A ce stade c’est une autre histoire. Qu’attendre en cas de vote positif du parlement ? 1/ une hausse des rendements du Gilt (baisse du prix de l’obligation souveraine) - 2/ une appréciation de la livre vs USD et EUR. Privilégier les financières, la construction, la distribution et les dépenses liées à la confiance du consommateu...

Alfred Glaser ...
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2018

...

Alfred Glaser ...
  • Anis Zgaya
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Louis Boujard
  • Olivier Lebrun
  • Philippe Ourpatian
  • Roland Pfaender
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2018

...

Alex Koagne ...
  • Alfred Glaser
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/21/2018

All of the risks mentioned are on the agenda. Their development does not contain any unpleasant surprises. On the contrary, the Italian budget could comply with EU regulations, and an agreement on Brexit appears to be within reach. This argues in favour of the completion of a short rotation favourable to cyclicals, the duration of which will be determined by 1/ the credibility that the market will bring to maintaining macroeconomic growth above its potential rate (Oddo BHF’s baseline ...

ALSTOM SA sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of ALSTOM SA (FR), active in the Industrial Machinery industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date October 12, 2018, the closing price was EUR 36.81 and its target price was estimated at EUR 34.97.

Ibrahim Firdaus

Alstom

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Ibrahim Firdaus

Alstom

Ibrahim Firdaus

Alstom

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Ibrahim Firdaus

Alstom

Charles Pinel

proxy report 17/07/2018

The agenda with 48 resolutions proposes to approve the combination between Alstom and Siemens’ mobility business. Originally presented as a merger of equals, Siemens will become the controlling shareholder of the new Group with 50.67% of the capital at the closing of the transaction and may hold 52% four years later. Siemens will have the control over the Board with 6 out 11 directors appointed by Siemens, including the Chairman, and 4 independent directors appointed by Alstom but agreed by Siemens. The strategic interest appears to be real but Alstom shareholders should be granted a higher c...

Charles Pinel

PROXY REPORT 17/07/2018

L'ordre du jour de cette assemble générale de 48 résolutions propose aux actionnaires d'approuver la fusion des activités Mobilité de Siemens avec Alstom. Présentée initialement comme une fusion entre égaux, Siemens deviendra pourtant l’actionnaire de contrôle de la nouvelle entité avec 50,67% du capital au closing de l’opération et pourra posséder 52% quatre ans plus tard. Siemens aura de plus la mainmise sur le conseil puisque le groupe allemand désignera 6 administrateurs sur 11 et son accord préalable sera nécessaire pour la désignation de 4 administrateurs indépendants par Alstom. Enfin, ...

Jehanne Leroy

Etude de l'AG du 04/07/2017

La résolution 4 propose de remplacer le régime de retraite à prestations définies par un second régime à cotisations définies. Si l'année dernière la rémunération de Patrick Kron avait fortement été critiquée par Proxinvest et la résolution Say on Pay rejetée à juste titre par l'assemblée générale, la rémunération du nouveau Président Directeur Général Henri Poupart-Lafarge n'est toujours pas satisfaisante.La réaction du comité des rémunérations et du conseil d’administration suite au rejet de l’assemblée générale a été défaillante : manque de consultation des actionnaires, communiqué tardif ...

Valérie GASTALDY

Short term view - ALSTOM : Prices are still making progress

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at €41.14. Breaking below the support at €36.77 would invalidate the trend.

Valérie GASTALDY

Analyse court terme - ALSTOM : Les cours progressent encore.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 41,14 €. La rupture du support à 36,77 € invaliderait cette tendance.

Valérie GASTALDY

Short term view - ALSTOM : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €36.77.

Valérie GASTALDY

Analyse court terme - ALSTOM : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 36,77 €.

Valérie GASTALDY

Analyse moyen terme - ALSTOM : La correction gagne en vigueur.

La tendance de fond est clairement orientée à la hausse. La correction en cours gagne en vigueur. Il est trop tôt pour parler de retournement baissier. La tendance serait invalidée sous le support à 32,49 €.

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