Alstom: Invest Securities still a buyer, trims target price
(CercleFinance.com) - Invest Securities confirms its "buy" rating on Alstom shares, shaving a fraction off its target price from 34.
4 euros to 34.1 euros.
The analyst was reassured by the group's annual publication and its CMD, which reinforced his view that the difficulties relating to Bombardier are well under control.
The broker said that the year ended in line with guidance and well above it in terms of FCF. This will ultimately reassure investors after an erratic session that ended with a 5% drop after opening up 5%.
Invest Securities nevertheless (mainly) reduces its 2021/22-24e EPS estimates by -11%/-1%/+15%.
It maintains its M/LT guidance of a rebound in the group's EBITA margin to 8% to 10%, with a positive bias on synergies as Bombardier now becomes a lever.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
4 euros to 34.1 euros.
The analyst was reassured by the group's annual publication and its CMD, which reinforced his view that the difficulties relating to Bombardier are well under control.
The broker said that the year ended in line with guidance and well above it in terms of FCF. This will ultimately reassure investors after an erratic session that ended with a 5% drop after opening up 5%.
Invest Securities nevertheless (mainly) reduces its 2021/22-24e EPS estimates by -11%/-1%/+15%.
It maintains its M/LT guidance of a rebound in the group's EBITA margin to 8% to 10%, with a positive bias on synergies as Bombardier now becomes a lever.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.