Alstom : H1 2023-24 preview: orders will reassure and help FCF
>Good Q2 in terms of orders, FCF should benefit - We expect the group to report a solid Q2 in terms of orders. We look for € 7.1bn in orders, including € 5.1bn in major orders (signalling in Australia, regional trains in Germany and TGVs in France). The book-to-bill should be around 1.6x in Q2 and 1.2x in H1 2024-25.Sales are expected to grow by 5.5% on an organic basis (unchanged) in Q2 (after 5.3% in Q1), currency effects will have an impact of -2% (€/$ mainly)...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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