Alstom Reports Solid Sales Growth but Weak Orders in Q3; Shares Fairly Valued
Alstom reported solid third-quarter sales of EUR 1.7 billion, up 3% on a reported basis and 2% organically relative to the year-ago period. Sales were mainly fuelled by deliveries of suburban and regional trains in Europe, the progress of the Riyadh metro system in Saudi Arabia, the PRASA project in South Africa, and a maintenance contract in the United Kingdom. The sales numbers were in line with our expectations and showed the underlying strength of the business, in our view. We maintain our f...
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