Alstom and Siemens in Discussion to Tie-Up Rail Activities to Cope With Strong Asian Competition
On 22 Sept. 2017, Alstom confirmed discussions with Siemens to create the largest manufacturer of rolling stock. As the talks are ongoing and we have limited insight at outcomes of the negotiations at this stage, we maintain our Alstom fair value estimate of EUR 30 per share. We also retain our no-moat rating for Alstom. This announcement does not alter our narrow moat rating or our fair value estimate of EUR 125 per share for the local shares ($68 per share for the ADR) of Siemens.After streng...
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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