Toujours sur les rails malgré un T3 faible - ACHAT - OC 29€
Après un T2 très fort en CA et prises de commandes, les chiffres publiés au T3 sont en dessous des attentes avec un CA de 1 655m€ (+2,8% et +2% lfl) et des prises de commandes de 1 023m€ (après 5 023m€ au T2). Cette situation sur un trimestre n’est pas révélatrice des tendances annuelles d’autant que le groupe a réitéré ses guidances 2020 précisant que l’objectif de croissance lfl de +5% est également valable pour l’exercice en cours. Ceci conforte nos estimations que nous maintenons inchangées. Nos valorisations par comparables et DCF donnent un objectif inchangé de 29€ (+11%). Notre opinion ACHAT est 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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