Alstom : Slight upward adjustment after Q3. Buy recommendation maintained
>A very positive conference call on the business activity - The CEO underlined the very positive performance in Q3 (sales of € 2,010m, around +8% organic, orders of € 3,386m, book-to-bill of 1.7x) and the solidity of the order book at € 39.7bn. Global demand remains on an uptrend and we see no reason why Alstom should not end the year at the high end of its forecasts (“for the fiscal year 2018-19, sales are expected to reach around €8 billion and adjusted EBIT margin ...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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