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

Denise Molina

Morningstar | Alstom's Third-Quarter 2018-19 Sales Slightly Better Than Expectations; Fair Value Estimate Intact

Alstom reported third-quarter 2019 revenue modestly better than expectations, and we are maintaining our EUR 42 fair value estimate and no-moat rating. Sales in the first nine months reached 75% of management's full-year EUR 8 billion guidance. We expect the company to meet 2018-19 guidance on both its revenue and EBIT margin target of 7%. The company's order book grew to EUR 10 billion with a book-to-bill of 1.75 times, well above the 0.94 times at the end of 2017-18. Order growth came from, among other things, a number of maintenance and service contracts in Europe, Asia, and the Middle Eas...

Denise Molina

Alstom's Third-Quarter 2018-19 Sales Slightly Better Than Expectations; Fair Value Estimate Intact

Alstom reported third-quarter 2019 revenue modestly better than expectations, and we are maintaining our EUR 42 fair value estimate and no-moat rating. Sales in the first nine months reached 75% of management's full-year EUR 8 billion guidance. We expect the company to meet 2018-19 guidance on both its revenue and EBIT margin target of 7%. The company's order book grew to EUR 10 billion with a book-to-bill of 1.75 times, well above the 0.94 times at the end of 2017-18. Order growth came from, a...

Alfred Glaser ...
  • Delphine Brault
  • Fehmi Ben Naamane
  • Harald Eggeling
  • Jean Sassus
  • Martial Descoutures
  • Matthias Desmarais
  • Olivier Lebrun
  • Pierre Corby
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/17/2019

...

Alfred Glaser ...
  • Delphine Brault
  • Fehmi Ben Naamane
  • Harald Eggeling
  • Jean Sassus
  • Martial Descoutures
  • Matthias Desmarais
  • Olivier Lebrun
  • Pierre Corby
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/01/2019

...

Alfred Glaser ...
  • Delphine Brault

Alstom : Q3 2018-19 shows very strong orders and better than expected sales. Book-to-bill of 1.7x

>Better orders and revenues - The group published a Q3 order intake of € 3.386bn and revenues of € 2.010bn (c. +8% organic). This is well above our estimates of € 2.450bn/€ 1.820bn respectively. The consensus was expecting € 2.475bn (orders) and € 1.909bn (revenues).Large orders totalled around € 1.8bn based on previous individual announcements, which makes Q3 a strong quarter, including notably the € 730m for the Riyadh metro maintenance. The surprise today seem...

Alstom - September 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

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.

Denise Molina

Morningstar | Alstom's Third-Quarter 2018-19 Sales Slightly Better Than Expectations; Fair Value Estimate Intact

Alstom reported third-quarter 2019 revenue modestly better than expectations, and we are maintaining our EUR 42 fair value estimate and no-moat rating. Sales in the first nine months reached 75% of management's full-year EUR 8 billion guidance. We expect the company to meet 2018-19 guidance on both its revenue and EBIT margin target of 7%. The company's order book grew to EUR 10 billion with a book-to-bill of 1.75 times, well above the 0.94 times at the end of 2017-18. Order growth came from, among other things, a number of maintenance and service contracts in Europe, Asia, and the Middle Eas...

Denise Molina

Alstom's Third-Quarter 2018-19 Sales Slightly Better Than Expectations; Fair Value Estimate Intact

Alstom reported third-quarter 2019 revenue modestly better than expectations, and we are maintaining our EUR 42 fair value estimate and no-moat rating. Sales in the first nine months reached 75% of management's full-year EUR 8 billion guidance. We expect the company to meet 2018-19 guidance on both its revenue and EBIT margin target of 7%. The company's order book grew to EUR 10 billion with a book-to-bill of 1.75 times, well above the 0.94 times at the end of 2017-18. Order growth came from, a...

Alfred Glaser ...
  • Delphine Brault
  • Fehmi Ben Naamane
  • Harald Eggeling
  • Jean Sassus
  • Martial Descoutures
  • Matthias Desmarais
  • Olivier Lebrun
  • Pierre Corby
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/17/2019

...

Alfred Glaser ...
  • Delphine Brault
  • Fehmi Ben Naamane
  • Harald Eggeling
  • Jean Sassus
  • Martial Descoutures
  • Matthias Desmarais
  • Olivier Lebrun
  • Pierre Corby
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/01/2019

...

Alfred Glaser ...
  • Delphine Brault

Alstom : Q3 2018-19 shows very strong orders and better than expected sales. Book-to-bill of 1.7x

>Better orders and revenues - The group published a Q3 order intake of € 3.386bn and revenues of € 2.010bn (c. +8% organic). This is well above our estimates of € 2.450bn/€ 1.820bn respectively. The consensus was expecting € 2.475bn (orders) and € 1.909bn (revenues).Large orders totalled around € 1.8bn based on previous individual announcements, which makes Q3 a strong quarter, including notably the € 730m for the Riyadh metro maintenance. The surprise today seem...

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 ...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/12/2018

Are we about to see the deterioration of "actuarial" themes via a repricing linked to the rise in interest rates and therefore a value rotation, or the return to a lacklustre economic environment, resulting in an umpteenth phase where the growth style prevails in 2019? The European equation is particularly complex. While, in the context of monetary normalisation, the macro scenario argues in favour of a hike in interest rates (and therefore value exposure), the reality, which is curre...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Nicolas David
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/12/2018

Va-t-on assister à la dégradation des thématiques « actuarielles » via un repricing lié à la hausse des taux et donc à une rotation value, ou bien au retour d'une conjoncture médiocre menant à une nième phase de domination de la croissance en 2019 ? L’équation européenne est particulièrement compliquée. Alors que le scénario macroéconomique plaide, dans un contexte de normalisation monétaire, pour une hausse des taux (et donc une exposition value), la réalité, pour le moment médiocre ...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/20/2018

...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Matthias Desmarais
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/11/2018

...

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...

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 January 15, 2019, the closing price was EUR 35.13 and its target price was estimated at EUR 32.99.

Ibrahim Firdaus

Alstom

Ibrahim Firdaus

Alstom

Ibrahim Firdaus

Alstom

Ibrahim Firdaus

Alstom

MarketLine Department

BEML Ltd - Strategy, SWOT and Corporate Finance Report

BEML Ltd - Strategy, SWOT and Corporate Finance Report Summary BEML Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights BEML Limited (BEML) is a manufacturer of construction and mining equipment. It specializes in the design and manufacture of heavy equipment including hydraulic excavators, bull dozers, tire handlers, wheel dozers, heavy recovery vehicles, heav...

MarketLine Department

Vossloh AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Vossloh AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Summary Marketline's Vossloh AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Vossloh AG since January2007. Synopsis Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth...

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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