Good Execution on Large Metro Systems Drives Alstom’s Growth in 1H 2018; FVE Raised to EUR 37
We raise our fair value estimate for Alstom to EUR 37 from EUR 30 due to modest changes to our fiscal 2018 revenue and profitability estimates after good first-half 2018 results, adjustment for time value of money, and (to a large extent) revised estimates for the energy joint venture with GE (now valued at a put option exercise price of EUR 2.6 billion, versus going-concern value of EUR 1.5 billion previously). We retain our no-moat rating. We are positively surprised by the timing of exit of t...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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