Visibilité améliorée, croissance sécurisée - ACHAT - OC 34€ (vs 29€)
Le groupe a publié des résultats 2016/17 solides, malgré un S2 moins fort en termes de prises de commandes reflétant pourtant une bonne exécution des contrats en cours, avec sur 2016/17 une nouvelle progression de la marge d’EBITA et un FCF positif de 182m€ (63% du RN). Le groupe réitère ses guidances 2020, ce qui conforte nos estimations. Nos valorisations sont relevées, soutenues par le décalage d’un an de notre modèle (+1,1€), la détente de la prime de risque (+2,5€) et la réévaluation des JV au bilan (+1,4€), induisant un objectif de 34€ vs 29€ préc. Avec un potentiel retrouvé (+16%), notre opinion ACHAT est réitérée et Alstom est maintenue dans la liste de valeurs Invest Securities.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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