Alstom : Target price raised to € 54: a promising Bombardier project
>Deal offers a range of strengths - Alstom is proposing a price of between 0.7-0.8x in terms of EV/Sales 2020 for the coming years, i.e. around 9-12x in terms of EV/EBITDA. Although Bombardier Transport (BT) is facing a number of hard-to-execute projects, this looks to be largely factored into the offer. BT will bring a number of attractive market positions in several countries, including Germany, the UK, the US or China, as well as some complementary products (for e...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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