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
Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/03/2020

...

Alfred Glaser ...
  • Delphine Brault

Alstom : EU green light for Bombardier Transportation takeover: the stock has upside

>Takeover cleared without phase II review - On 31 July, the European Commission announced the clearance of Alstom’s takeover of Bombardier Transportation (BT) without a full phase II investigation. Completion of the deal is still slated for H1 2021. Notably, Alstom will have to get it approved at an EGM, probably in October, in addition to obtaining other regulatory approvals. But the announcement removes the uncertainties of a long investigation, as well as the risks...

Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/08/2020

...

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 €.

Alfred Glaser ...
  • Delphine Brault

Alstom : EU green light for Bombardier Transportation takeover: the stock has upside

>Takeover cleared without phase II review - On 31 July, the European Commission announced the clearance of Alstom’s takeover of Bombardier Transportation (BT) without a full phase II investigation. Completion of the deal is still slated for H1 2021. Notably, Alstom will have to get it approved at an EGM, probably in October, in addition to obtaining other regulatory approvals. But the announcement removes the uncertainties of a long investigation, as well as the risks...

Alfred Glaser ...
  • Delphine Brault

Alstom : Feu vert de l’UE au rachat de Bombardier Transport : le titre a du potentiel

>Le rachat est autorisé sans phase II - Le 31 juillet la commission européenne a annoncé qu’elle autorisera le rachat de Bombardier Transport (BT) par Alstom sans enquête approfondie de phase II. La finalisation du projet est toujours prévue pour le S1 2021. Alstom devra notamment le faire approuver en AGE, probablement en octobre, et attendra aussi d’autres approbations réglementaires. Mais les incertitudes d’une enquête longue sont évitées, de même que les risques q...

Alfred Glaser ...
  • Delphine Brault

Alstom : We confirm our Buy rating after Q1. Target price lifted to € 55.0

>We have adjusted our forecasts upwards - With orders of € 1.651bn and sales of € 1.507bn, Q1 exceeded our expectations of € 1.03bn and € 1.32bn respectively. The backlog stands at € 41bn. Despite the sharp quarterly decline in volumes (-25% on an organic basis), the mix is fairly favourable, with a more resilient showing from the services segment (-19%) and from signalling (-7%). At mid-July, the group is showing substantially better trends, with ‘operations close t...

Alfred Glaser ...
  • Delphine Brault

Alstom : Nous confirmons notre Achat après le T1. OC relevé à 55.0 €

>Nos chiffres ajustés à la hausse - Avec des commandes de 1651 M€ et un CA de 1507 M€, le T1 a dépassé nos attentes de 1030 M€ et 1320 M€ resp. Le backlog s’élève à 41 Md€. Malgré le fort recul trimestriel en volume (-25% organiques), le mix est plutôt favorable avec une meilleure résistance des services (-19%) et de la signalisation (-7%). A mi-juillet, le groupe s’est bien remis en ordre de marche avec des « opérations proches d’un niveau normalisé ». Le S1 sera di...

Alfred Glaser ...
  • Delphine Brault

Alstom : Solid Q1 amid the crisis. Recovery outlook confirmed

>Orders and revenues ahead of expectations - After the big scare in March and April, the figures are better than expected with sales down -25% on an organic basis versus -35% expected (€ 1.5bn vs € 1.3bn est.) and a book-to-bill ratio of 1.10x that no-one anticipated. The group’s activity was probably down by more than 50% at the low point, which suggests a very strong recovery at the end of the quarter. The crisis affected rolling stock (and systems, which were alre...

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.

Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/03/2020

...

Bruno Cavalier ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/08/2020

...

Ahmed Ben Salem

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/17/2020

We are forecasting an historically low H1 2020, penalised by the lockdown effects. On the basis of our H1 estimates and the full-year consensus, several stocks are likely to disappoint (Imerys and Vicat). Conversely, the full-year consensus seems to incorporate a margin for error and, possibly, potential for upward revision for LafargeHolcim, Getlink and Eiffage. Saint-Gobain and Eiffage remain our favourite stocks, particularly as the market and investors are already looking to 2021....

Ahmed Ben Salem

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/07/2020

Nous tablons sur un S1 2020 historiquement bas, pénalisé par les effets du confinement. Sur la base de nos estimations S1 et du consensus annuel, plusieurs valeurs nous semblent susceptibles de décevoir (Imerys et Vicat). A l’inverse, le consensus annuel nous semble intégrer une marge d’erreur, voire un potentiel de révision à la hausse pour LafargeHolcim, Getlink et Eiffage. Saint-Gobain et Eiffage restent nos valeurs préférées d’autant que le marché et les investisseurs ont déjà tou...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/16/2020

Based on the new air traffic scenario of the ODDO BHF aerospace team (-60% in 2020 and +40% in 2021), we have lowered our EBITDA estimates by close to 30% for ADP and Fraport, which puts us 30% below the consensus for 2021. We are maintaining our Reduce ratings on both stocks, as cash generation is set to remain negative and the valuation is not attractive enough. Cf. sector report published last evening. - ...

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...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch