Alstom's Fair Value Raised Due to Strong Order Intake and Profitability in First-Half Fiscal 2017
We are increasing our fair value estimate for Alstom to EUR 28 from EUR 26 per share due to changes to our fiscal 2017 and 2018 revenue and profitability estimates. We maintain our no-moat rating. The company’s order book is starting to reflect the strong commercial activity that we pointed out in our July note but was not yet visible in the first-quarter results. First-half fiscal 2017 orders jumped 66% year over year to EUR 6.2 billion. A record backlog representing 4.5 years of sales provides...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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