Alstom's Third-Quarter 2018-19 Sales Slightly Better Than Expectations; Fair Value Estimate Intact
Alstom reported third-quarter 2019 revenue modestly better than expectations, and we are maintaining our EUR 42 fair value estimate and no-moat rating. Sales in the first nine months reached 75% of management's full-year EUR 8 billion guidance. We expect the company to meet 2018-19 guidance on both its revenue and EBIT margin target of 7%.The company's order book grew to EUR 10 billion with a book-to-bill of 1.75 times, well above the 0.94 times at the end of 2017-18. Order growth came from, a...
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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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.
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