Alstom Reports Solid Sales Growth but Weak Orders in 1Q; Shares Undervalued
Alstom reported good first-quarter sales of EUR 1.6 billion, up 9% on a reported basis and 7% organically compared with the same period last year. However, the firm recorded a low level of orders of EUR 889 million, down 55% from a year earlier, composed only of small contracts and with no order above EUR 100 million. In our view, the low level of orders does not reflect the commercial activity that has been strong and should translate into orders in the coming quarters. For example, recently an...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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