L’histoire Alstom est toujours sur les rails - ACHAT - OC 35,3€
Au S1 2015/16, le groupe a réalisé une performance opérationnelle au-dessus des attentes, tout en restant dans le bas des guidances MT. Les perspectives ne sont pas remises en cause et le guidances réitérées pour les exercices suivants. Depuis la clôture des comptes S1 (fin septembre) la finalisation de la cession des activités Energie à GE est intervenue le 2 novembre, ouvrant la période de préparation et de mise en place de l’OPRA de 3,2Mds€ (à 35€ par action). Celle-ci se déroulera du 23 décembre 2015 au 20 janvier 2016. A la suite de la publication S1, nous avons mis à jour notre modèle, essentiellement sur la trésorerie nette post-opérations. Notre objectif de cours est maintenu à 35,3€. Opinion ACHAT réitérée.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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