Alstom : Prévisions réduites, mais le pire semble désormais derrière nous
>Révisions en baisse après le CMD - Le groupe a présenté des perspectives 2021-22 très basses, qui intègrent notamment un FCF négatif de -1.6/-1.9 Md€ au S1, puis un FCF positif au S2 mais non chiffré. La marge de cette année risque également d’être sous celle de l’année 2020-21 pro forma (5%) d’après le CFO. La remontée des chiffres doit être progressive pour atteindre une marge de 8-10% en 2024-25 et un taux de conversion du RN ajusté en FCF d’au moins 80%. Nous avo...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.
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.
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