Dernière ligne droite avant le verdict de la Commission - ACHAT - OC 35,3€
A l’occasion de la publication du CA T1 2015/16, l’attention reste fixée sur la décision de la Commission européenne de la concurrence. En support de General Electric, qui a annoncé avoir fait de nouvelles concessions, le Président P.Kron montre une confiance réaffirmée sur la décision finale. La commission reporte la date de celle-ci au 11 septembre. Dans ce contexte, les chiffres trimestriels n’ont que peu d’importance, d’autant que le CA T1 2015/16, les prises de commandes et le carnet de commandes sont sans surprise et en ligne avec les guidances et nos attentes inchangées. Pas de surprise donc, et nous réitérons nos estimations en tablant sur la réalisation de la cession des activités Energie à l’automne, finalement dans le timing initialement prévu. Notre objectif de cours est inchangé à 35,3€. Nous maintenons notre opinion ACHAT.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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Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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