Alstom: Invest Securities on hold, adjusts target price

(CercleFinance.com) - Yesterday evening, Alstom announced the results of its capital increase of 2 billion euros, launched on 16 November.


The broker says that this will be supplemented by a second capital increase of approximately 3 billion euros, reserved for the Caisse des Dépôts du Québec, and by the issue of a bond of approximately 400 million euros, both of which are due to be finalised on 29 January, the date that the Group is now considering for the closing of the acquisition of Bombardier Transport (BT).

These capital increases lead to a change in the number of shares and therefore in the broker's 2021/22/23e EPS estimates - 0%/-7.5%/-7.8% respectively. However, its reduced EPS estimates are still above the consensus, the broker adds.

The analyst has nudged up the corresponding target price to 45.4 euros (vs. 45.3 euros), and has confirmed its neutral rating on the stock.

The Alstom share is down 0.8% on Friday morning, underperforming the CAC 40, which remains afloat (+0.4%).



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