Report
Denise Molina
EUR 100.00 For Business Accounts Only

Alstom Report July 2019

No-moat Alstom reported fiscal 2018/19 revenue and EBIT margin in line with guidance, and slightly better EBIT relative to our forecast, and that of consensus. Revenue was up 11% organically year over year, with decent contributions from all segments. The EBIT margin expanded 170 basis points, with higher volumes and some cost-cutting underpinning the improvement. As EBIT was slightly, but not materially, better than our forecasts, we maintain our EUR 42 fair value estimate. The current share pr...
Underlying
Alstom SA

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Denise Molina

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