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
Expert Corporate Governance Service (ECGS)

Alstom - AGM 08 July 2020

Dividend: Due to the current crisis of Covid-19, "In the context of the current crisis, and in a spirit of responsibility towards all its stakeholders", the Board of Directors decided as an exceptional measure not to propose a dividend distribution after paying €5.5 per share last year. In view of the recent events relating to Covid-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their survival. (resolution 3).   Remuneration: The company's disclosure on the compensation is...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global equities nearing potential resistance Helped by support from global central banks and improving trade headlines, critical support levels have held for major global indexes and therefore our outlook remains constructive. At the same time, just because these indexes are not breaking down does not mean they are headed higher. Rather, we believe global equities remain in a state of purgatory and consolidation is likely to continue as several major indexes approach logical resistance... see charts below and page 2. With global equity markets generally moving sideways, we want to stick with ...

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 €.

Stephane Houri

Accor : Digitisation post-COVID: what consequences for our sectors and stocks?

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. - >Accelerated digitisation, no turning back - The COVID-19 crisis will without a doubt accelerate use of digital in society in general. The effectiveness of teleworking has...

Alfred Glaser ...
  • Delphine Brault

Alstom : We are adjusting our forecasts following the road show. Buy confirmed

>A challenging year in 2020, but the market should rebound quickly - Alstom’s CEO and CFO described a crisis that impacted all of the group's activities in almost all countries. The first quarter of the financial year (April-June) seems very weak, and some months will be needed before production can return to normal, notably because suppliers and partners have also been disrupted by COVID-19. The only area where lost ground cannot be made up is in train services sinc...

Alfred Glaser ...
  • Delphine Brault

Alstom : Nous ajustons nos prévisions après le roadshow. Achat confirmé

>Une année 2020 difficile, mais un marché qui rebondira vite - Les PDG et CFO d’Alstom ont décrit une crise qui touche toutes les activités du groupe dans quasiment tous les pays. Le T1 fiscal (avril-juin) semble très faible, et il faudra quelques mois pour que la production puisse redevenir normale, notamment parce que les fournisseurs et partenaires sont également désorganisés par le COVID-19. Seuls les services ne pourront pas rattraper les prestations non effectu...

Jean-Louis Sempé

INVEST SECURITIES - ALSTOM : Guidances MT maintenues malgré la pandémie - NEUTRE, OC 39,5€ (vs 44,5€)

Alfred Glaser ...
  • Delphine Brault

Alstom : Solid full-year results and FCF, medium-term margin target of 9% confirmed. The Bombardier Transport deal is ongoing

>Solid full-year results, FCF growth over the year - The group ended the financial year with highly respectable order intake of € 9.9bn with sales of € 8.2bn. Organic growth came to 1% as expected and the adjusted EBIT margin 7.7% (+20bp) vs 7.6% expected. Net profit clocked in at € 467m vs our and the consensus forecast of around € 400m. FCF provided a very positive surprise - with a total of € 206m, it rose 35% compared with last year and is 4-5 times higher than ex...

Alstom - March 2020 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Alstom: Alstom's operating performance more resilient than most of its manufacturing peers

Alstom's FY 2019/20 figures and its outlook reflect a relatively strong resilience against the impact of the covid 19 pandemic.

Alstom: Update following rating affirmation, outlook changed to stable

Our credit view of Alstom reflects its strong market position, which is expected to further improve after the proposed acquisition of BT and also takes into account related uncertainties

Moody's changes Alstom's outlook to stable from positive

Rating Action: Moody's changes Alstom's outlook to stable from positive. Global Credit Research- 19 Feb 2020. Frankfurt am Main, February 19, 2020-- Moody's Investors Service has today affirmed Alstom's Baa2 long-term issuer rating, its Baa2 senior unsecured rating and the P-2 short-term commercial paper rating.

Alstom: Alstom continues to benefit from increasing environmental awareness - increase in leverage is a constraining factor

Alstom's Q3 2019/20 sales and order intake indicated the positive trend of its industry, which is supported by increasing environmental awareness.

Alfred Glaser ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Jean Danjou
  • Louis Boujard, CFA
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/18/2020

...

Alfred Glaser ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Jean Danjou
  • Louis Boujard, CFA
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/05/2020

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Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/12/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/05/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Benoit Valleaux
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Pierre Tegner
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/06/2020

Faced with uncertainty as to what shape the next recovery cycle may take, we have attempted to build a sector allocation approach based on three pillars: 1/ buy sectors offering an EY - Bund spread higher than the long-term average) 2/ minimise the risk on earnings expectations by favouring sectors for which the speed of revision is higher than that achieved at the same time stage of the crisis in 2008-2009 3/ favour sectors whose price performance is more severe than the decline in e...

ALSTOM SA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of ALSTOM SA (FR), a company active in the Industrial Machinery industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date June 5, 2020, the closing price was EUR 44.00 and its potential was estimated at EUR 46.20.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Alstom - AGM 08 July 2020

Dividend: Due to the current crisis of Covid-19, "In the context of the current crisis, and in a spirit of responsibility towards all its stakeholders", the Board of Directors decided as an exceptional measure not to propose a dividend distribution after paying €5.5 per share last year. In view of the recent events relating to Covid-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their survival. (resolution 3).   Remuneration: The company's disclosure on the compensation is...

Expert Corporate Governance Service (ECGS)

Alstom, 10 July 2019

ITEM 7: The Company proposes to implement a non-compete clause of 2 years compensated by 18 months of annual remuneration. The company decreased the amount to be granted compared to the non-compete clause that was put to vote in the frame of the Siemens operation, which we appreciate. However, the amount proposed still exceeds our 12-month ceiling. Thus we cannot support it. ITEM 9: The 2018/19 Chairman and CEO remuneration could have been acceptable if the company had heard shareholders’ concerns regarding the LTI performance conditions. Indeed, one of the criteria (the TSR) still allows for...

Jehanne Leroy

Alstom, 10 juillet 2019

Résolution 7 : la société propose la mise en place d’une clause de non-concurrence, d’une durée identique à celle proposée en 2018 dans le cadre de l’opération avec Siemens (clause qui n’a pas pu être mise en place suite à l’échec de l’opération), mais d’un montant moindre (18 mois contre 24 mois précédemment). Proxinvest apprécie vivement la baisse du montant. Cependant, il excède toujours notre plafond de 12 mois de rémunération fixe + variable annuel ; aussi, nous ne soutenons pas cet engagement. Résolution 9 : La rémunération attribuée au titre de 2018/19 au PDG aurait pu être acceptable ...

Alstom - Assemblée générale des actionnaires du 10 juillet 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.  

Alstom – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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