Report
Delphine Brault

Alstom : Full-year earnings preview (12 May) and combined figures for newco: a very promising group

>Adjusted forecasts for March 2021, with two months of BT - Bombardier Transportation (BT) was consolidated in February and March 2021, adding revenues but impacting on margins, FCF and the balance sheet. Alstom alone could have posted revenues of around € 7.7bn, a margin of 7.8% and slightly positive FCF, by our estimates. With BT over two months, we forecast revenues of € 8.8bn, a margin of 7.0% and negative FCF of around € 200m, including cash-outs for problem proj...
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
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Delphine Brault

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