Fusion attractive mais potentiel limité à CT- NEUTRE vs ACHAT - OC 36€ (vs 35€)
Le nouveau SIEMENS ALSTOM devrait être finalisé fin 2018 avec un CA 2019/20e de 18Mds€ et une marge d’EBITA de 8,2% (vs 7% att. préc.), le FCF étant attendu entre 0,5Md€ et 1Md€/an. Si nos BNA sont relevés, sous l’impact des apports et l’effet des synergies, il nous semble prudent, à ce stade, compte tenu des délais de mise en oeuvre, 15 mois pour le « closing » et 4 ans pour le plein effet des synergies, d’appliquer une décote d’exécution (15%) à notre valorisation par DCF de 33€. Avec les dividendes exceptionnels (8€), notre OC ressort à 36€ (vs 35€ préc.). Nous abaissons notre recommandation à NEUTRE vs ACHAT et retirons le titre de la Sélection IS.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.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
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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