Alstom and Siemens in Discussion to Tie-Up Rail Activities to Cope With Strong Asian Competition
On 22 Sept. 2017, Alstom confirmed discussions with Siemens to create the largest manufacturer of rolling stock. As the talks are ongoing and we have limited insight at outcomes of the negotiations at this stage, we maintain our Alstom fair value estimate of EUR 30 per share. We also retain our no-moat rating for Alstom. This announcement does not alter our narrow moat rating or our fair value estimate of EUR 125 per share for the local shares ($68 per share for the ADR) of Siemens.After streng...
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