Report
Delphine Brault

Alstom : Un deal Bombardier prometteur et proche des attentes

>Un prix raisonnable - Alstom propose un prix autour de 6 Md€ pour les fonds propres de Bombardier Transport (5.8-6.2 Md€ selon le closing). La VE apparente se situe à 7.45 Md€ selon Bombardier, incluant environ 900 M€ d'obligations retraite et d'autres passifs à reprendre. Il faut toutefois déduire environ 900 M€ de cash net prévu chez Bombardier au closing, ramenant la VE effective à environ 6.5 Md€. Bombardier Transport a réalisé un CA de 8.3 Md$ en 2019; la marge ...
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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