Alstom: Oddo BHF still a buyer, but cuts TP
(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on Alstom shares, while reducing its target price for them from E34 to E32, the day after the company's preliminary H1 results fell well short of expectations in terms of FCF, which was heavily in the red at -E1.
15bn.
Alstom has reduced its 2023/24 FCF target, now expecting negative FCF of -E500m to -E750m, compared with the very positive figure previously expected (consensus +E313m), the analyst says.
The broker has to admit that this represents a major warning - it's not the first, and that it means it is now less confident in its ability to generate FCF over the long term, Oddo BHF says, which now expects 2023/24 FCF of -E616m.
Copyright (c) 2023 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.
15bn.
Alstom has reduced its 2023/24 FCF target, now expecting negative FCF of -E500m to -E750m, compared with the very positive figure previously expected (consensus +E313m), the analyst says.
The broker has to admit that this represents a major warning - it's not the first, and that it means it is now less confident in its ability to generate FCF over the long term, Oddo BHF says, which now expects 2023/24 FCF of -E616m.
Copyright (c) 2023 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.