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Alstom: Oddo BHF still buying stock
(CercleFinance.com) - Oddo BHF anticipates orders of nearly E3.
6bn, down 8% y-o-y for Q1 2024/25. Ahead of this publication, the analyst confirms his Outperform recommendation, with a target price of E22.
The analyst expects 5% organic sales growth to E4.4bn: the 2024/25 targets should be confirmed, Oddo BHF adds.
The Group should confirm all its 2024/25 targets: i/ book-to-bill > 1, ii/ organic sales growth of around 5%, iii/ adjusted EBIT margin of around 6.5%, iv/ FCF E300m-E500m (including negative FCF of -E300m-E500m in H1), Oddo says.
After a cash outflow of over E2bn in 4 years, we forecast E1.64bn in cumulative FCF over 3 years (including E377m in 2024/25). We anticipate zero debt (including financial leases of E645m) within 3 years (compared with E3.6bn of net debt at end-March 2024).
Copyright (c) 2024 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.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
6bn, down 8% y-o-y for Q1 2024/25. Ahead of this publication, the analyst confirms his Outperform recommendation, with a target price of E22.
The analyst expects 5% organic sales growth to E4.4bn: the 2024/25 targets should be confirmed, Oddo BHF adds.
The Group should confirm all its 2024/25 targets: i/ book-to-bill > 1, ii/ organic sales growth of around 5%, iii/ adjusted EBIT margin of around 6.5%, iv/ FCF E300m-E500m (including negative FCF of -E300m-E500m in H1), Oddo says.
After a cash outflow of over E2bn in 4 years, we forecast E1.64bn in cumulative FCF over 3 years (including E377m in 2024/25). We anticipate zero debt (including financial leases of E645m) within 3 years (compared with E3.6bn of net debt at end-March 2024).
Copyright (c) 2024 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.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.