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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.
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At the CMD in June the management announced ambitious but achievable targets for FY 2022-23, allowing us to forecast 17% EBIT growth per year. The share is inexpensive (adjusted EV/Sales of 0.8x and adjusted EV/EBIT of 10.9x for March 2020e). We maintain our Buy rating with a new target price of € 43.5 after last week’s payment of the dividend of € 5.50. - - >Fine prospects confirmed by the CMD - Alstom is a leader in the rail segment and the world’s third-largest play...
Le CMD de juin nous a donné des objectifs 2022/23 ambitieux mais atteignables, nous permettant de prévoir 17% de croissance de l’EBIT par an. Le titre reste peu cher (VE/CA ajusté 0.8x et VE/EBIT ajusté 10.9x pour mars 2020e). Nous restons à l’Achat avec un nouvel OC de 43.5 € après versement du dividende de 5.50 € en juillet. - - >De belles perspectives confirmées par le CMD - Alstom est un groupe leader du ferroviaire, numéro 3 mondial en taille, avec une part de mar...
Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
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